Next week the FOMC minutes will be keenly watched, alongside US inflation rate, factory orders, the preliminary estimate of Michigan consumer sentiment and JOLTs job openings. Elsewhere, the ECB will meet to set monetary policy, but no changes are expected. Other important releases include: UK monthly GDP, industrial production and trade balance; Eurozone industrial output; Germany foreign trade; China trade balance, inflation rate and producer prices; Japan consumer confidence and machinery orders; Australia consumer morale; and India inflation and industrial output.
4/5/2019 6:30:35 PM
In the US, investors will be waiting for the FOMC minutes due on Wednesday for further clarification on the next monetary policy steps, after policymakers' forecasts suggested there would be no further rate hikes this year. Regarding the economic calendar, the country is scheduled to release its consumer price report for March, which will probably show a pick up in annual inflation from February's two-and-a-half-year low while core inflation is set to remain unchanged. In addition, the preliminary estimate of Michigan consumer sentiment is likely to a deterioration in consumer morale in April while factory orders are set to decline in February. Other notable publications are producer and foreign prices, JOLTs job openings, IBD/TIPP economic optimism and the government's budget statement.
Other highlights for America include: Canada housing starts, building permits and new housing prices; Mexico inflation rate; and Brazil retail trade and inflation rate.
In Europe, traders will be focusing on the latest developments from the UK, ahead of the special European Council meeting next week. Prime Minister Theresa May will seek another extension to the Brexit deadline. The UK will also be publishing monthly GDP figures, industrial production, construction output and trade balance. Elsewhere in Europe, the ECB will be deciding on monetary policy, but no changes are expected. Key economic data include: the Eurozone and France industrial production; Germany trade balance; Italy retail trade and industrial output; and Sweden and Ireland inflation rates.
China will be releasing March's foreign trade data, with markets expecting a rebound in exports and another decline in imports amid ongoing trade tensions with the US. Also, the country's consumer prices will probably rise the most in five months and producer price inflation should pick up from an over two-year low. In Japan, investors will focus on consumer confidence, machinery orders, current account, Eco Watchers Survey and producer inflation. Meanwhile, the Reserve Bank of Australia will publish its Financial Stability Review. The country will also be providing updated figures for Westpac consumer confidence, home loans, investment lending for homes and ANZ job advertisements. Other highlights for the Asia-Pacific region include: India inflation rate and industrial output; New Zealand food inflation, Business NZ PMI and visitor arrivals; South Korea unemployment rate; Singapore preliminary Q1 GDP growth; Taiwan and the Philippines trade balance figures; and Malaysia unemployment rate.
Investors will also react to India's general elections, which are scheduled to start on April 11th; EU-China Summit; and OPEC's monthly report.