Week Ahead

Next week the final estimate of US Q2 GDP growth will be keenly watched, alongside personal income and outlays, PCE price index, durable goods orders, and pending home sales. Elsewhere, important releases include: UK CBI factory orders; Eurozone business survey and monetary indicators; Germany consumer morale; and China industrial profits. Policy decisions in the Philippines, New Zealand and Thailand will also be in the spotlight, as well as flash PMI surveys for the US, Eurozone, Japan and Australia.

Next week the US will be publishing the final estimate of second-quarter GDP, with market forecasts suggesting economic growth was 2.0 percent, down from the previous period's 3.1 percent, as positive contributions from personal consumption expenditures and government spending were partly offset by negative contributions from private inventory investment, exports, and fixed investment. Other notable publications are personal income and outlays, PCE price index, durable goods orders, new and pending home sales, flash Markit PMIs, Chicago Fed National Activity Index, Case-Shiller home prices, advance estimates of wholesale inventories and goods trade balance, and the final reading of Michigan consumer sentiment.

Elsewhere in America, the Bank of Mexico will be deciding on monetary policy. Other important releases include: Canada wholesale sales and budget balance; Mexico retail trade, jobless rate, trade balance and economic activity; and Brazil current account, unemployment rate and consumer confidence.

In the UK, the CBI is set to publish gauges for factory orders and distributive trades, while other data to follow include public finances, UK Finance mortgage approvals and Nationwide housing prices. Elsewhere in Europe, flash Markit PMIs for the Eurozone, Germany and France are set to point to another month of contraction in the bloc's manufacturing sector. Traders will also keep an eye on the Eurozone business survey and monetary indicators; Germany, France and Italy business and consumer morale; France inflation; Spain trade balance and industrial orders; and Turkey manufacturing confidence.

The Bank of Japan will be releasing the minutes of its last monetary policy meeting and the Jibun Bank will be publishing flash figures for September's manufacturing and services PMIs. Other key data include: Tokyo inflation rate and July’s final leading economic index. In Australia, the CommBank will be releasing flash PMIs for September, providing an update on factory and services activity. Meanwhile, the Reserve Bank of New Zealand will deliver its latest monetary policy decision on Wednesday, but no changes are expected. On the economic data front, important releases include trade figures and the ANZ consumer confidence.

Other highlights for the Asia-Pacific region include: China industrial profits; South Korea consumer confidence; Thailand industrial production; Singapore industrial production and inflation rate; Taiwan industrial output and retail sales; Hong Kong current account and trade figures; and Malaysia inflation. Central banks in Thailand and the Philippines will meet to decide on monetary policy.

Investors will also react to any further developments on US-China trade talks, Brexit negotiations and oil price movements.

Week Ahead

Joana Ferreira | joana.ferreira@tradingeconomics.com
9/20/2019 3:23:19 PM