Mixed Data and Holiday Closure Awaited in Global Economic Releases
ICARO Media Group
As the week comes to an end, key economic releases are anticipated across various countries, while the United States observes a holiday. Let's take a closer look at the notable entities, numbers, and dates to watch out for in the upcoming events.
Canada's Consumer Price Index (CPI) is expected to show a decline on a year-on-year basis, falling to 3.2% compared to the previous reading of 3.8%. The month-on-month reading is projected to be at 0.1%, up from the previous -0.1%. Attention will also be on Canada's retail sales data.
In the United States, investors will be eyeing the Durable Goods report and Jobless Claims. The US Jobless Claims figures are anticipated to come in at 225,000, a decrease from the previous reading of 235,000.
Meanwhile, Thursday, being Thanksgiving Day, will witness low liquidity in the markets as the US takes the holiday break. However, market participants will be closely watching the release of Manufacturing and Services Purchasing Managers' Index (PMI) for the Eurozone and the UK. These data points are expected to set the tone for market sentiment. Eurozone PMI is projected to be at 43.4, slightly higher than the previous 43.1. The UK Manufacturing PMI is forecasted at 45.0, while the Services PMI is expected to be at 48.1, a modest increase from the previous 47.8.
Turning to Asia, the People's Bank of China (PBoC) is likely to maintain the Loan Prime Rate (LPR) at 3.45% for one year and 4.20% for five years. This decision comes as the central bank refrained from adjusting the Medium-term Lending Facility (MLF) and LPR recently. Mixed economic data, with contraction in Purchasing Managers' Index and falling inflation rates, has influenced the PBoC's stance.
In Japan, attention will be on the Core Consumer Price Index (CPI) figure, which is expected to rise to 3.0% from the previous 2.8%. However, no consensus is available for other measures at the moment. The release of this inflation report is not expected to significantly alter Japan's economic landscape.
Lastly, the day after Thanksgiving will see another closure in the US markets, with early closure. However, investors will be closely monitoring the release of the latest PMI data, which could have an impact on market movements. The US Manufacturing PMI is projected to contract, falling to 49.8 from the previous 50.0, while the Services PMI is expected to come in at 50.3, a slight decline from the previous 50.6.
As markets brace for these important economic releases, the mixed data and the holiday closure in the US are likely to influence global market sentiment. Investors will be closely observing these reports to gauge the health of various economies amidst ongoing uncertainties.