Week Ahead


Next week important releases include the US ISM Non-Manufacturing PMI, trade deficit, Michigan's consumer sentiment, and factory orders; UK Markit Services and Construction PMIs; Eurozone retail sales; Germany factory orders and trade balance; China foreign trade, consumer and producer prices; and Australia retail sales and trade balance. The BoE and RBA will decide on monetary policy, while the BoJ will publish meeting minutes.

In the US, the ISM Non-Manufacturing PMI is expected to rebound from a three-year low, pointing to an acceleration in services activity during October; while the September's trade deficit is seen narrowing from the previous month. The preliminary reading of Michigan's consumer sentiment should point to an improvement in morale during November. Other notable publications are: factory orders; JOLTs Job Openings; IBD/TIPP Economic Optimism; third-quarter nonfarm productivity and labor costs; and the final readings of wholesale inventories and Markit Services PMI.

Elsewhere in America, important releases include: Canada employment figures, foreign trade, Ivey PMI; and Mexico and Brazil inflation rates.

In the UK, the Bank of England will meet to deliver its latest policy decision and to publish its Inflation Report with updated forecasts. Policymakers are widely expected to keep policy on hold while investors await to see whether or not the central bank switches to a dovish stance amid a Brexit deadlock and ongoing political uncertainty. On the economic data front, Markit PMIs are set to point to further contraction in both services and construction sectors during October.

Elsewhere in Europe, the Eurozone, Germany and France will publish final estimates of Markit PMIs while Spain and Italy will release flash readings. Other important releases include: Eurozone and Italy retail sales; Germany factory orders, industrial production, and trade balance; France industrial output and foreign trade; Switzerland consumer confidence and jobless rate; and Turkey inflation rate. 

In the Asia-Pacific region, China's trade figures will be keenly watched, with markets expecting a 3.5 percent drop in exports and an 8.9 percent slump in imports amid ongoing trade tensions with the US. The country will also be publishing Caixin Services PMI and consumer and producer prices. Inflation will probably hit its highest level since February 2013, while producer prices should fall further into deflationary territory. Meanwhile, the Reserve Bank of Australia is likely to hold interest rates at record lows while the Bank of Japan is set to release its monetary policy meeting minutes. Australia's retail sales, trade balance and AIG Services Index will also be in the spotlight.

Other highlights include: New Zealand third-quarter unemployment; Indonesia and the Philippines Q3 GDP growth rates; and Malaysia and Thailand interest rate decisions.

Week Ahead


Joana Ferreira | joana.ferreira@tradingeconomics.com
11/2/2019 5:35:29 PM