The Business News Week Ahead

Chinese trade data open the week in a January report that won't include much of a coronavirus effect but could include early effects of easing US-Chinese trade tensions. Chinese consumer price data will also be out on Monday and pressure at an increasing rate, in contrast to other countries, is January's expectation. In Europe, Italy will post industrial production data on Monday with a December decline the call though one not nearly as severe as drops in France and Germany. GDP and industrial production data from the UK will follow on Tuesday and expectations are for flat to negative results. US data will be heavy in the week beginning Wednesday with the monthly Treasury budget and the latest on government spending, an issue that Federal Reserve Chairman Jerome Powell may well address as he testifies before the House financial services committee on Tuesday. Other news from the US will include consumer prices on Thursday followed by retail sales and industrial production on Friday; flat to moderate are the expectations in sum with outright weakness the call for US production. Weakness is also the expectation for Eurozone industrial production on Wednesday as well as the first estimate of German GDP on Friday where forecasters are calling for a gain, but of only 0.1 percent. Sandwiched in between at midweek will be a monetary policy announcement from the Bank of New Zealand which, like other central banks, was busy cutting rates last year.