The biggest market-moving news won't be this week at all, but the very beginning of the next with Chinese updates on fixed asset investment, industrial production and retail sales, all for April and all to be released Monday local time on May 17 (that's Sunday, May 16 for North America). Leading up to the reports will be Chinese consumer and producer prices to be released Wednesday local time in the upcoming week; unexpectedly strong acceleration could encourage further talk of Chinese tightening. Consumer prices from the US will be another Wednesday highlight with Econoday's consensus calling for a 3.6 percent annual rate; this would be a flashy headline that could overshadow more meaningful monthly comparisons where the expectations are soft. Other news to watch will be Tuesday's ZEW survey on German sentiment as well as the UK's first estimate for first-quarter GDP on Wednesday. Note that US retail sales on Friday are certain to be unrecognizably distorted by stimulus effects.
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