GDP icons may stand out on this week's calendar, from Germany to the US to France, but they will be second estimates for the fourth quarter. Immediate data on how February is unfolding will include the Dallas Fed's manufacturing survey on Monday, and with it possible indications on initial storm effects, and also French consumer prices on Friday and the latest developments on the inflation front. But the greatest number of February indications will come from sentiment surveys: Germany's Ifo on Monday, France's INSEE on Wednesday, as well as consumer confidence updates from the US on Tuesday with Germany and the Eurozone both on Thursday. January data will include US new home sales on Wednesday, US durable goods orders on Thursday and US international goods trade on Friday ‒ three reports that will provide initial inputs into first-quarter GDP. Central bank meetings will include the Reserve Bank of New Zealand on Wednesday and Bank of Korea on Thursday which, unless unexpected hints of stimulus adjustments emerge, are not likely to jolt the markets.
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