Week Ahead


Next week the Federal Reserve will be publishing the minutes of its last monetary policy meeting. Other important releases include: US new and existing home sales, durable goods orders and flash Markit PMIs; UK second estimate of Q1 GDP growth, business investment, consumer and producer inflation rates, and retail trade; Eurozone flash Markit PMIs and consumer confidence; Japan trade balance and preliminary Nikkei Manufacturing PMI.

In the US investors await the release of the FOMC minutes on Wednesday, anticipating further clues on the timing of the next interest rate hike. Important economic data include: new and existing home sales; durable goods orders; flash Markit PMIs; Chicago Fed National Activity Index; Richmond Fed Manufacturing Index; Kansas Fed Manufacturing Index; FHFA house price index; and the final reading of Michigan consumer sentiment.

The UK will publish its second estimate of first quarter GDP growth, alongside business investment, consumer and producer inflation rates, retail trade, CBI factory orders, UK Finance mortgage approvals, and public sector net borrowing. Elsewhere in Europe, investors will turn their attention to flash Markit PMIs for the Eurozone, Germany and France. Other key highlights include: Eurozone flash consumer sentiment; Germany Q1 GDP growth final estimate, and business and consumer confidence; and France unemployment rate and industry morale.

In Japan analysts are eyeing the publication of trade balance and the flash reading of Nikkei Manufacturing PMI. Meanwhile in Australia markets will focus on construction work done for the first quarter of the year.

Other important releases include: Mexico final Q1 GDP growth and trade balance; Thailand Q1 GDP growth rate and foreign trade; South Korea interest rate decision; Malaysia inflation; and South Africa interest rate decision and inflation rate.



Joana Ferreira | joana.ferreira@tradingeconomics.com
5/18/2018 2:45:35 PM



 


Friday May 18 2018 Actual Previous Consensus
06:00 AM
DE
PPI MoM APR 0.5% 0.1%
07:00 AM
US
Fed Mester Speech
08:00 AM
PL
Employment Growth YoY APR 3.7% 3.7%
09:00 AM
EA
Balance of Trade MAR €26.9B €18.9B
12:30 PM
CA
Core Inflation Rate YoY APR 1.5% 1.4%
12:30 PM
CA
Inflation Rate MoM APR 0.3% 0.3%
12:30 PM
CA
Retail Sales MoM MAR 0.6% 0.5% ®
12:30 PM
CA
Inflation Rate YoY APR 2.2% 2.3%
01:15 PM
US
Fed Brainard Speech
01:15 PM
US
Fed Kaplan Speech
Sunday May 20 2018 Actual Previous Consensus
11:50 PM
JP
Balance of Trade APR ¥626B ¥797B
11:50 PM
JP
Exports YoY APR 7.8% 2.1%
Monday May 21 2018 Actual Previous Consensus
02:30 AM
TH
GDP Growth Rate YoY Q1 4.8% 4%
02:30 AM
TH
GDP Growth Rate QoQ Q1 2.0% 0.5%
07:30 AM
NG
GDP Growth Rate YoY Q1 1.9% 2.1% ®
12:30 PM
US
Chicago Fed National Activity Index APR 0.34 0.32 ®
04:15 PM
US
Fed Bostic Speech
06:15 PM
US
Fed Harker Speech
06:30 PM
BR
Business Confidence MAY 55.5 56.7
09:30 PM
US
Fed Kashkari Speech
Tuesday May 22 2018 Actual Previous Consensus
03:30 AM
TH
Balance of Trade APR $-1.28B $1.27B
08:00 AM
ES
Balance of Trade MAR €-0.83B €-2.17B
08:15 AM
GB
BoE Gov Carney Speech
08:15 AM
GB
BoE Ramsden Speech
08:15 AM
GB
BoE Saunders Speech
08:15 AM
GB
BoE Vlieghe Speech
09:00 AM
GB
BoE Inflation Report Hearings
10:00 AM
GB
CBI Industrial Trends Orders MAY -3 4
11:00 AM
DE
Bundesbank Monthly Report
01:00 PM
RU
Unemployment Rate APR 4.9% 5%
08:30 PM
US
API Crude Oil Stock Change 18/MAY -1.3M 4.854M ®
Wednesday May 23 2018 Actual Previous Consensus
12:30 AM
JP
Nikkei Manufacturing PMI Flash MAY 52.5 53.3
01:30 AM
AU
Construction Work Done QoQ Q1 0.2% -18.3% ®
04:00 AM
MY
Inflation Rate YoY APR 1.4% 1.3%
04:30 AM
NL
Consumer Confidence MAY 23 25
05:30 AM
FR
Unemployment Rate Q1 9.2% 9% ®
07:00 AM
FR
Markit Manufacturing PMI Flash MAY 55.1 53.8
07:00 AM
FR
Markit Services PMI Flash MAY 54.3 57.4
07:00 AM
TR
Consumer Confidence MAY 69.9 71.9
07:30 AM
DE
Markit Services PMI Flash MAY 52.1 53
07:30 AM
DE
Markit Manufacturing PMI Flash MAY 56.8 58.1
08:00 AM
AU
RBA Gov Lowe Speech
08:00 AM
EA
Markit Manufacturing PMI Flash MAY 55.5 56.2
08:00 AM
EA
Markit Services PMI Flash MAY 53.9 54.7
08:00 AM
ZA
Inflation Rate YoY APR 4.5% 3.8%
08:30 AM
SE
Financial Stability Report 2018
08:30 AM
GB
Core Inflation Rate YoY APR 2.1% 2.3%
08:30 AM
GB
Inflation Rate YoY APR 2.4% 2.5%
08:30 AM
GB
Inflation Rate MoM APR 0.4% 0.1%
10:00 AM
EA
ECB Angeloni Speech
01:00 PM
MX
GDP Growth Rate YoY Final Q1 1.3% 1.5%
01:00 PM
MX
GDP Growth Rate QoQ Final Q1 1.1% 0.9% ®
01:45 PM
US
Markit Composite PMI Flash MAY 55.7 54.9
01:45 PM
US
Markit Manufacturing PMI Flash MAY 56.6 56.5
01:45 PM
US
Markit Services PMI Flash MAY 55.7 54.6
02:00 PM
EA
Consumer Confidence Flash MAY 0.2 0.3 ®
02:00 PM
US
New Home Sales APR 0.662M 0.672M ®
02:00 PM
US
New Home Sales MoM APR -1.5% 2% ®
02:30 PM
US
EIA Crude Oil Stocks Change 18/MAY 5.778M -1.404M
02:30 PM
US
EIA Gasoline Stocks Change 18/MAY 1.883M -3.79M
05:00 PM
TR
TCMB Interest Rate Decision 8% 8%
06:00 PM
US
FOMC Minutes
06:15 PM
US
Fed Kashkari Speech
EA
European Council Meeting
Thursday May 24 2018 Actual Previous Consensus
01:00 AM
KR
Interest Rate Decision 1.5% 1.5%
01:30 AM
JP
BoJ Sakurai Speech
06:00 AM
DE
GfK Consumer Confidence JUN 10.7 10.8
06:00 AM
DE
GDP Growth Rate YoY Final Q1 2.3% 2.9%
06:00 AM
DE
GDP Growth Rate QoQ Final Q1 0.3% 0.6%
06:45 AM
FR
Business Confidence MAY 109 109
07:00 AM
US
Fed Dudley Speech
08:00 AM
GB
BoE Gov Carney Speech
08:15 AM
US
Fed Dudley Speech
08:30 AM
EA
ECB Praet Speech
08:30 AM
GB
Retail Sales MoM APR 1.6% -1.1% ®
08:30 AM
GB
Retail Sales YoY APR 1.4% 1.3% ®
08:30 AM
GB
Retail Sales ex Fuel MoM APR 1.3% -0.5%
08:30 AM
GB
Retail Sales ex Fuel YoY APR 1.5% 1.3% ®
10:30 AM
EA
ECB Praet Speech
11:30 AM
EA
ECB Monetary Policy Meeting Accounts
01:00 PM
ZA
Interest Rate Decision 6.5% 6.5%
02:00 PM
US
Existing Home Sales MoM APR -2.5% 1.1%
02:00 PM