Week Ahead

The US is releasing the second estimate of Q1 GDP in the coming week, alongside durable goods orders, personal income and outlays, and PCE price index. Other GDP updates will be keenly watched, including for India, Turkey, Brazil and Canada. Elsewhere, all eyes turn to the Eurozone business survey and inflation rate, Germany retail sales, China industrial profits, and Japan consumer confidence, industrial production and retail trade. Meanwhile, the Bank of Korea will probably cut interest rates when it meets on Thursday.
Joana Ferreira | joana.ferreira@tradingeconomics.com 5/22/2020 10:36:19 PM
The US will be publishing the second estimate of first-quarter GDP on Thursday, with market forecasts suggesting the economy fell deeper into contraction than initially thought. Preliminary figures showed the GDP shrank by an annualized 4.8 percent in the January to March period, the steepest pace of contraction since the last quarter of 2008, as the Covid-19 pandemic forced several states to impose lockdown measures from mid-March. 

Meanwhile, durable goods orders are seen falling in April at the fastest rate since a record slump was recorded in August 2014. Other notable publications include: personal income and outlays; PCE price index; new and pending home sales; Case-Shiller home prices; Chicago Fed National Activity Index; Dallas Fed Manufacturing Index; Chicago PMI; the advance estimates of goods trade balance and wholesale inventories; and the final reading of Michigan consumer sentiment. 

US stock markets will be closed on Monday for Memorial Day.

Other key data to watch for in America include Canada first-quarter GDP and current account; Mexico final first-quarter GDP, unemployment and trade balance; and Brazil first-quarter GDP and jobless rate. The central bank of Mexico is also due to publish its monetary policy meeting minutes.

Across the Atlantic, the UK will publish Nationwide housing prices index, CBI distributive trades and car production. Investors will also keep an eye on the Eurozone business survey, monetary indicators and the flash estimate of May's inflation rate. Meanwhile, Germany's final first-quarter GDP data will most likely confirm the bloc's largest economy contracted the most since the first quarter of 2009. Also, both the Ifo business climate and the Gfk consumer confidence will probably rise from a record lows hit in April, while retail sales are seen falling at an unprecedented pace. 

Other key economic data include: Italy and France final first-quarter GDP figures and business and consumer morale; Spain retail trade and business confidence; Switzerland KOF leading indicators, industrial production and foreign trade; and Turkey first-quarter GDP growth and trade balance. Sweden, Poland, Russia and Norway will be publishing their latest job reports.

Investors in Japan will turn their attention to consumer confidence, unemployment rate, retail sales, industrial production, housing starts and Tokyo inflation. Meanwhile, the Bank of Korea will be deciding on monetary policy, with markets expecting a rate cut amid the coronavirus crisis. On the economic data front, important releases include consumer and business confidence, industrial production and retail sales. Traders in Australia will focus on first-quarter construction work done, private capital expenditure and private sector credit.

Other key data for the Asia-Pacific region include: China industrial profits; India first-quarter GDP data; Hong Kong and New Zealand foreign trade figures; Singapore final first-quarter GDP, inflation and manufacturing output; Taiwan final first-quarter GDP, consumer morale and industrial output; and Thailand industrial production.





 


Friday May 22 2020 Actual Previous
03:00 AM
JP
BoJ Interest Rate Decision -0.1% -0.1%
03:00 AM
TH
Balance of Trade APR $2.46B $1.59B
04:30 AM
IN
RBI Interest Rate Decision 4% 4.4%
04:30 AM
IN
Reverse Repo Rate 3.35% 3.75%
06:00 AM
GB
Retail Sales MoM APR -18.1% -5.2% ®
06:00 AM
GB
Retail Sales YoY APR -22.6% -5.8%
07:00 AM
TR
Business Confidence MAY 76.9 66.8
07:00 AM
TR
Capacity Utilization MAY 62.6% 61.6%
11:30 AM
EA
ECB Monetary Policy Meeting Accounts
12:30 PM
CA
Retail Sales MoM MAR -10% 0.4% ®
CN
National People’s Congress
Monday May 25 2020 Actual Previous
06:00 AM
DE
GDP Growth Rate YoY Final Q1 -2.3% 0.4%
06:00 AM
DE
GDP Growth Rate QoQ Final Q1 -2.2% -0.1%
06:30 AM
CH
Industrial Production YoY Q1 0.8% 1.4% ®
07:30 AM
SE
Unemployment Rate APR 8.2% 7.1%
08:00 AM
DE
Ifo Business Climate MAY 79.5 74.2 ®
08:00 AM
NG
GDP Growth Rate YoY Q1 1.87% 2.55%
08:00 AM
NG
GDP Growth Rate QoQ Q1 -14.3% 5.59%
10:00 AM
IL
GDP Growth Rate QoQ 1st Est Q1 -1.8% 1.1%
11:00 AM
MX
Balance of Trade APR $-3.087B $3.336B ®
11:30 AM
BR
BCB Focus Market Readout
05:30 PM
CA
BoC Gov Poloz Speech
09:00 PM
KR
Consumer Confidence MAY 77.6 70.8
Tuesday May 26 2020 Actual Previous
12:00 AM
SG
GDP Growth Rate YoY Final Q1 -0.7% 1%
12:00 AM
SG
GDP Growth Rate QoQ Final Q1 -4.7% 0.6%
06:00 AM
DE
GfK Consumer Confidence JUN -18.9 -23.1 ®
06:00 AM
CH
Balance of Trade APR CHF4.3B CHF3.1B ®
08:00 AM
PL
Unemployment Rate APR 5.8% 5.4%
10:00 AM
GB
CBI Distributive Trades MAY -50 -55
11:00 AM
MX
GDP Growth Rate YoY Final Q1 -1.4% -0.7% ®
11:00 AM
MX
GDP Growth Rate QoQ Final Q1 -1.2% -0.6% ®
12:30 PM
US
Chicago Fed National Activity Index APR -16.74 -4.97 ®
01:00 PM
EA
ECB Financial Stability Review
01:00 PM
US
S&P/Case-Shiller Home Price YoY MAR 3.9% 3.5%
01:00 PM
US
S&P/Case-Shiller Home Price MoM MAR 1.1% 0.5%
02:00 PM
US
CB Consumer Confidence MAY 86.6 85.7 ®
02:00 PM
US
New Home Sales MoM APR 0.6% -13.7% ®
02:00 PM
US
New Home Sales APR 0.623M 0.619M ®
02:30 PM
US
Dallas Fed Manufacturing Index MAY -49.2 -74 ®
05:00 PM
US
Fed Kashkari Speech
06:00 PM
RU
Unemployment Rate APR 5.8% 4.7%
09:00 PM
CA
BoC Gov Poloz Speech
09:00 PM
CA
BoC Wilkins Speech
09:00 PM
KR
Business Confidence MAY 49 52
Wednesday May 27 2020 Actual Previous
01:30 AM
AU
Construction Work Done QoQ Q1 -1.0% -2.9% ®
05:30 AM
FR
Business Confidence MAY 70 68 ®
05:30 AM
FR
Consumer Confidence MAY 93 95
06:00 AM
NO
Unemployment Rate MAR 3.6% 3.5%
07:30 AM
EA
ECB President Lagarde Speech
08:30 AM
EA
ECB Guindos Speech
01:30 PM
DE
Bundesbank Mauderer Speech
03:00 PM
GB
Prime Minister Johnson Testimony
04:30 PM
US
Fed Bullard Speech
08:30 PM
US
API Crude Oil Stock Change 22/MAY 8.7M -4.8M
EU
European Commission Recovery Fund Proposal
Thursday May 28 2020 Actual Previous
01:00 AM
KR
Interest Rate Decision 0.50% 0.75%
08:00 AM
IT
Business Confidence MAY 71.2 87.2 ®
08:00 AM
IT
Consumer Confidence MAY 94.3 100.1 ®
08:00 AM
TW
GDP Growth Rate YoY Final Q1 1.59% 3.29% ®
09:00 AM
EA
Business Confidence MAY -2.43 -1.99 ®
09:00 AM
EA
Consumer Confidence Final MAY -18.8 -22 ®
09:00 AM
EA
Economic Sentiment MAY 67.5 64.9 ®
10:00 AM
FR
Unemployment Benefit Claims APR 827.1K 243K
11:20 AM