Week Ahead

Next week the US will be publishing the advance estimate of GDP growth for the first quarter of 2018, alongside durable goods orders, existing and new home sales, flash Markit PMIs and the final reading of Michigan consumer sentiment. Elsewhere, the ECB and Bank of Japan will be deciding on monetary policy. Other important releases include: UK flash Q1 GDP growth and Gfk consumer confidence; Eurozone business survey and Markit PMIs; Japan unemployment, retail trade, industrial output and Nikkei Manufacturing PMI; and Australia inflation rate.

In the US the most important releases are the advance estimate of GDP growth for the first quarter of 2018, alongside durable goods orders, existing and new home sales, flash Markit PMIs and the final reading of Michigan consumer sentiment. Also, investors will be waiting for: employment cost index; home prices from both S&P/Case-Shiller and FHFA; Chicago Fed National Activity Index; Richmond Fed Manufacturing Index; Kansas Fed Manufacturing Index; and advance estimates of goods trade balance and wholesale inventories.

The UK will publish the first estimate of first quarter GDP growth, Gfk consumer confidence, CBI factory orders and UK Finance mortgage approvals. 

Elsewhere in Europe, the ECB will provide an update on monetary policy, with markets anticipating no changes. Regarding the economic calendar, investors will turn their attention to: flash Markit PMIs for the Eurozone, Germany and France; preliminary first quarter GDP growth for France, Spain, Austria and Belgium; business and consumer surveys for the Eurozone, Germany, France and Italy; and April's inflation figures for France and Spain. Other important indicators include: Germany and Spain jobless rates; Turkey, Russia and Sweden interest rate decisions.

The Bank of Japan will hold its monetary policy meeting, but no changes are expected. Analysts are also eyeing the publication of Japan's unemployment, alongside retail trade, the preliminary reading of industrial production, flash Nikkei Manufacturing PMI, housing starts and construction orders. Meanwhile, Australia's most important releases will be inflation, foreign trade prices and producer costs.

Other key highlights include: Brazil jobless rate; Mexico unemployment and foreign trade; South Korea advance estimate of first quarter GDP growth; and Thailand trade balance.



Joana Ferreira | joana.ferreira@tradingeconomics.com
4/20/2018 4:23:29 PM



 


Friday April 20 2018 Actual Previous Consensus
04:30 AM
NL
Consumer Confidence APR 25 24
06:00 AM
DE
PPI MoM MAR 0.1% -0.1%
07:00 AM
TR
Consumer Confidence APR 71.9 71.3
08:00 AM
ES
Balance of Trade FEB €-2.17B €-3.94B
09:10 AM
LU
Unemployment Rate MAR 5.7% 5.7%
09:30 AM
SI
Unemployment Rate FEB 9.1% 9.3%
09:30 AM
GB
BoE Saunders Speech
11:30 AM
DE
Bundesbank Weidmann Speech
12:30 PM
CA
Core Inflation Rate YoY MAR 1.4% 1.5%
12:30 PM
CA
Inflation Rate MoM MAR 0.3% 0.6%
12:30 PM
CA
Retail Sales MoM FEB 0.4% 0.1%
12:30 PM
CA
Inflation Rate YoY MAR 2.3% 2.2%
01:40 PM
US
Fed Evans Speech
02:00 PM
EA
Consumer Confidence Flash APR 0.4 0.1
03:15 PM
US
Fed Williams Speech
SA
OPEC and non-OPEC Ministerial Meeting
US
IMF Meeting
Monday April 23 2018 Actual Previous Consensus
12:30 AM
JP
Nikkei Manufacturing PMI Flash APR 53.3 53.1
04:00 AM
TH
Balance of Trade MAR $1.27B $0.81B
07:00 AM
FR
Markit Services PMI Flash APR 57.4 56.9
07:00 AM
FR
Markit Manufacturing PMI Flash APR 53.4 53.7
07:30 AM
DE
Markit Services PMI Flash APR 54.1 53.9
07:30 AM
DE
Markit Manufacturing PMI Flash APR 58.1 58.2
08:00 AM
EA
Markit Services PMI Flash APR 55.0 54.9
08:00 AM
EA
Markit Manufacturing PMI Flash APR 56.0 56.6
08:00 AM
TW
Unemployment Rate MAR 3.67% 3.7%
09:00 AM
EA
Government Budget to GDP 2017 -0.9% -1.5%
09:00 AM
EA
Government Debt to GDP 2017 86.7% 89% ®
12:30 PM
US
Chicago Fed National Activity Index MAR 0.10 0.98 ®
01:45 PM
US
Markit Composite PMI Flash APR 54.8 54.2
01:45 PM
US
Markit Manufacturing PMI Flash APR 56.5 55.6
01:45 PM
US
Markit Services PMI Flash APR 54.4 54
02:00 PM
EA
ECB Cœuré Speech
02:00 PM
US
Existing Home Sales MoM MAR 1.1% 3%
02:00 PM
US
Existing Home Sales MAR 5.6M 5.54M
07:30 PM
CA
BoC Gov Poloz Speech
10:00 PM
AU
RBA Gov Kent Speech
Tuesday April 24 2018 Actual Previous Consensus
01:30 AM
AU
Inflation Rate QoQ Q1 0.4% 0.6%
01:30 AM
AU
Inflation Rate YoY Q1 1.9% 1.9%
06:00 AM
FI
Unemployment Rate MAR 8.8% 8.6%
06:00 AM
CH
Balance of Trade MAR CHF2.3B CHF3.18B ®
06:45 AM
FR
Business Confidence APR 109 110
07:00 AM
GB
BoE Deputy Gov Woods Speech
07:30 AM
SE
Unemployment Rate MAR 6.5% 6.3%
08:00 AM
DE
Ifo Current Conditions APR 105.7 106.6 ®
08:00 AM
DE
Ifo Expectations APR 98.7 100 ®
08:00 AM
DE
Ifo Business Climate APR 102.1 103.3 ®
08:00 AM
IT
Business Confidence APR 107.7 108.9