Week Ahead

Investors will closely monitor the spread and impact of the coronavirus pandemic as a spike in the US and China raised fears over a second wave of infections. Meanwhile, central bank policy meetings in China, Turkey, Mexico and New Zealand will be keenly watched as well as GDP data for the US. Elsewhere, flash PMI survey for the US, UK, Eurozone, Japan and Australia will be on the spotlight. Other key data to follow include: US durable goods orders, existing and new home sales; and Eurozone, Germany and South Korea consumer morale.
Stefanie Moya | stefanie.moya@tradingeconomics.com 6/19/2020 11:59:43 PM
The US will be publishing the final estimate of first-quarter GDP on Thursday. Early estimates suggested the economy shrank by an annualized 5.0 percent in the first three months of the year, the most since the last quarter of 2008, as several states were forced to impose lockdown measures from mid-March in response to the coronavirus pandemic. Meanwhile, durable goods orders in May are seen rebounding from the steepest fall in nearly six years the month before. Other notable publications include: flash Markit PMI survey; personal income and outlays; PCE price index; existing and new home sales; Chicago Fed National Activity Index; the advance estimates of goods trade balance and wholesale inventories; and the final reading of Michigan consumer sentiment. 

Other key data to watch for in America include Canada average weekly earnings; Mexico retail sales, economic activity and trade balance; Brazil current account and business morale; and Argentina first-quarter GDP figures and unemployment rate. The central bank of Mexico will be deciding on monetary policy on Thursday.

It will be a soft week in the UK, with investors looking ahead flash Markit PMIs, CBI industrial trends orders and distributive trades. Forecasts point to an improvement in both the manufacturing and the service sector despite remaining in contraction and overall weak.

Elsewhere in Europe, the ECB will publish the account of June’s policy meeting, while flash Markit PMIs for the Eurozone, Germany and France will be in the spotlight. The bloc’s manufacturing and service sector are seen contracting at a softer pace as the economies began to lift coronavirus-related restrictions. Also, the Eurozone flash consumer confidence, Germany Gfk consumer confidence and Ifo business climate are all set to rise to a 3-month high. Other key economic data include: Spain retail sales and producer prices; France jobless data and consumer and business morale; and Italy and Turkey business and consumer survey. In addition, the Central Bank of Turkey will be deciding on interest rates next week, with markets expecting a 25bps cut.   

The People's Bank of China will provide an update on its loan prime rate (LPR) on Monday, which was set at 3.85 percent on May 20th as the economy continues to battle the coronavirus crisis. On the economic data front, important releases include industrial profits. The Bank of Japan will publish the summary of opinions from its June meeting while the Jibun Bank will be releasing its flash PMIs.

Meanwhile in Australia investors will assess June’s flash PMI data for clues of a revival in economic activity as coronavirus restrictions eased. The Reserve Bank of New Zealand will decide on monetary policy, but no changes are expected. Other important releases for New Zealand include: trade balance and ANZ Roy Morgan consumer confidence. 

Other key data for the Asia-Pacific region include: South Korea consumer confidence; Thailand trade balance; Malaysia inflation; and Taiwan unemployment rate and industrial production. The Bank of Thailand will decide on interest rates.





 


Friday June 19 2020 Actual Previous
06:00 AM
DE
PPI MoM MAY -0.4% -0.7%
06:00 AM
GB
Retail Sales MoM MAY 12% -18% ®
06:00 AM
GB
Retail Sales YoY MAY -13.1% -22.7% ®
10:30 AM
RU
Interest Rate Decision 4.5% 5.5%
12:00 PM
RU
CBR Press Conference
12:30 PM
CA
Retail Sales MoM APR -26.4% -10%
12:30 PM
US
Current Account Q1 $-104.2B $-104.3B ®
02:15 PM
US
Fed Rosengren Speech
04:00 PM
RU
Unemployment Rate MAY 6.1% 5.8%
04:00 PM
US
Fed Quarles Speech
05:00 PM
US
Fed Chair Powell Speech
05:00 PM
US
Fed Mester Speech
EU
European Council Video Conference
Sunday June 21 2020 Actual Previous
11:00 PM
AU
RBA Gov Lowe Speech
Monday June 22 2020 Actual Previous
01:30 AM
CN
Loan Prime Rate 1Y 3.85% 3.85%
01:30 AM
CN
Loan Prime Rate 5Y JUN 4.65% 4.65%
04:30 AM
NL
Consumer Confidence JUN -27 -31.0
07:00 AM
TR
Consumer Confidence JUN 62.6 59.5
10:00 AM
GB
CBI Industrial Trends Orders JUN -58 -62
11:30 AM
BR
BCB Focus Market Readout
12:00 PM
DE
Bundesbank Weidmann Speech
12:30 PM
US
Chicago Fed National Activity Index MAY 2.61 -17.89 ®
01:00 PM
DE
Bundesbank Mauderer Speech
02:00 PM
EA
Consumer Confidence Flash JUN -14.7 -18.8
02:00 PM
US
Existing Home Sales MoM MAY -9.7% -17.8%
02:00 PM
US
Existing Home Sales MAY 3.91M 4.33M
02:15 PM
EA
ECB Guindos Speech
03:00 PM
CA
BoC Gov Macklem Speech
10:30 PM
US
Fed Kashkari Speech
11:00 PM
AU
CommBank Manufacturing PMI Flash JUN 49.8 44
11:00 PM
AU
CommBank Services PMI Flash JUN 53.2 26.9
EU
EU-China Summit
Tuesday June 23 2020 Actual Previous
12:30 AM
JP
Jibun Bank Manufacturing PMI Flash JUN 37.8 38.4
12:30 AM
JP
Jibun Bank Services PMI Flash JUN 42.3 26.5
07:15 AM
FR
Markit Manufacturing PMI Flash JUN 52.1 40.6
07:15 AM
FR
Markit Services PMI Flash JUN 50.3 31.1
07:30 AM
DE
Markit Manufacturing PMI Flash JUN 44.6 36.6
07:30 AM
DE
Markit Services PMI Flash JUN 45.8 32.6
08:00 AM
EA
Markit Services PMI Flash JUN 47.3 30.5
08:00 AM
EA
Markit Manufacturing PMI Flash JUN 46.9 39.4
08:30 AM
GB
Markit/CIPS Manufacturing PMI Flash JUN 50.1 40.7
08:30 AM
GB
Markit/CIPS UK Services PMI Flash JUN 47 29.0
09:30 AM
ZA
Unemployment Rate Q1 30.1% 29.1%
11:00 AM
BR
BCB Copom Meeting Minutes
11:30 AM
GB
PM Johnson Announcement on Coronavirus
01:45 PM
US
Markit Composite PMI Flash JUN 46.8 37
01:45 PM
US
Markit Manufacturing PMI Flash JUN 49.6 39.8
01:45 PM
US
Markit Services PMI Flash JUN 46.7 37.5
02:00 PM
US
New Home Sales MoM MAY 16.6% -5.2% ®
02:00 PM
US
New Home Sales MAY 0.676M 0.58M ®
07:00 PM
AR
GDP Growth Rate YoY Q1 -5.4% -1.1%
07:00 PM
AR
GDP Growth Rate QoQ Q1 -4.8% -0.9% ®
07:00 PM
AR
Unemployment Rate Q1 10.4% 8.9%
08:30 PM
US
API Crude Oil Stock Change 19/JUN 1.7M 3.9M
11:50 PM
JP
BoJ Summary of Opinions
Wednesday June 24 2020 Actual Previous
03:30 AM
TH
Balance of Trade MAY $2.69B $2.46B
04:00 AM
MY
Inflation Rate YoY MAY -2.9% -2.9%
04:30 AM
NL
GDP Growth Rate YoY Final Q1 -0.2% 1.6%
04:30 AM
NL
GDP Growth Rate QoQ Final Q1 -1.5% 0.5% ®
06:00 AM
NO
Unemployment Rate APR 4.2% 3.6%
06:45 AM
FR
Business Confidence JUN 77 71 ®
07:00 AM
TR
Business Confidence JUN 92.6 76.9
07:00 AM
TR
Capacity Utilization JUN 66% 62.6%
07:05 AM
TH
Interest Rate Decision 0.5% 0.5%
08:00 AM
DE
Ifo Business Climate JUN 86.2 79.7 ®
08:00 AM
PL
Unemployment Rate MAY 6% 5.8%
08:00 AM
ZA
Inflation Rate YoY APR 3% 4.1%
08:30 AM
GB
BoE FPC Meeting
11:00 AM
ZA
Retail Sales YoY MAR 2.7% 1.9% ®
01:00 PM
CH
SNB Quarterly Bulletin
01:30 PM </
BR