In the Euro Area economy continues looking gloomier and gloomier, with unemployment figures rising at a fast pace and industrial production declining as fast. germany, the main economy in the Euro aresa has seen evidence of the decline of its Industrial sector, manufacturing production flass continuously, and factory orders have weakened to historically low levels.
The situation in the U.S. does not show any considerable improvement. The FOMC minutes have described the current situationin rather negative terms, and the employment report this week has confirmed the worst expectations, 2008 has closed with a loss of 2.3 million jobs in the U.S., the wo4rst number since 1945.
next week we have several important indicators, focus will be, mainly in the ECB's monetary policy decision on thursday, the bank lending key rate in the Euro Area is now at 2.5% and rumosr has that the ECB could follow the BoE and trim rates by some 50 b.p. in yet another attempt to kick start economy.
U.S. retail sales will be published on wednesday, an impotrtant indicator to assess the impact of the whole economic downturn upon consumption.
Monday January 12th
- 00:01 United Kingdom NIESR GDP Estimate - December (Previous: -1)
- 23:50 Japan Trade Balance - BOP Basis - November (Previous: ¥1113.2B)
- 23:50 Japan Adjusted Current Account - November (Previous: ¥145B)
Tuesday January 13th
- 00:01 United Kingdom BRC Retail Sales Monitor - All - December (Previous: -2.6%)
- 09:30 United Kingdom Goods Trade Balance - November (Previous: -£7.8B)
- 09:30 United Kingdom Total Trade Balance - November (Previous: -£3.9B)
- 13:00 United States Bernanke speaks at London School of Economics
- 13:30 Canada International Merchandise Trade - December (Previous: $3.78B)
- 13:30 United States Trade Balance - November (Previous: -$57.1B)
- 21:45 New Zealand Building Permits - November (Previous: -21.9%)
Wednesday January 14th
- 10:00 European Monetary Union Industrial Production w.d.a. - November (Previous: -5.3% y/y)
- 13:30 United States Import Price Index - December (Previous: -6.7% m/m; 4.4% y/y)
- 13:30 United States Retail Sales - December (Previous: -1.8% m/m; Ex Autos -1.6%)
- 19:00 United States Fed's Beige Book
- 23:50 Japan Core Machinery Orders - November (Previous: -4.4%)
Thursday January 15th
- 00:30 Australia Unemployment Rate - December - (Previous: 4.4%)
- 07:00 Germany Consumer Price Index - December (Previous: -0.5% m/m; 1.4% y/y)
- 09:00 European Monetary Union Consumer Price Index - December (Previous: -0.5% m/m; 2.1% y/y)
- 12:45 European Monetary Union ECB Interest Rate Decision (Previous: 2.5%)
- 13:30 European Monetary Union ECB Trichet's Speech
- 13:30 United States NY Empire State Manufacturing Index - December (Previous: -25.76)
- 13:30 United States Producer Price Index - December (Previous: -2.2% m/m; 0.4% y/y)
- 15:00 United States Philadelphia Fed Manufacturing Survey - January (Previous: -32.9%)
Friday January 16th
- 00:30 Japan BoJ's Governor Shirakawa Speech
- 08:15 Switzerland Producer and Import Prices - December (Previous: -1.4% m/m; 1.1% y/y)
- 10:00 European Monetary Union Trade Balance n.s.a. - November (Previous: €0.9B)
- 13:30 United States Consumer Price Index - December (Previous: -1.7% m/m; core CPI: 0.0% m/m; 2.0% y/y)
- 14:00 United States Net Long-term TIC Flows - November (Previous: $1.5B)
- 14:15 United States Industrial Production - December (Previous: -0.6% m/m)
- 15:00 United States Reuters/Michigan Consumer Sentiment Index Preliminary - January (Previous: 60.1)
