The Week Ahead, 28 November – 02 December 2022.
London, Saturday, 26 November 2022
It will be a very busy week in the US with the labour report taking the central stage followed by speeches by several Fed officials, 2nd estimate of GDP growth, ISM manufacturing PMI, CB consumer confidence, and personal income and spending.
Also, attention will be given to inflation rate releases for Euro Area, Germany, France, Italy, Spain, South Korea, and Indonesia. Finally, Q3 GDP growth rates will be published for Canada, Turkey, India, Brazil, and Switzerland, and Manufacturing PMIs for China, Canada, India, South Korea, and Australia.
The US non-farm payrolls report and multiple talks by Fed officials, including Fed Chair Jerome Powell's speech at the Brookings Institution, will be among the many stories for investors in the following week. 200k new jobs are expected to be created by the economy in November, keeping the unemployment rate at 3.7%.
The growth in average hourly wages is predicted to decelerate to 0.3%.
A second estimate for the third-quarter GDP, corporate earnings, JOLTs Job Openings, the PCE Price Index, Personal Income & Spending, ISM Manufacturing PMI, and CB consumer sentiment would also be noteworthy to watch.
Additionally, as Pinduoduo, Intuit, Workday, Salesforce, Synopsys, and Dollar General release earnings, the ongoing earnings season will offer additional insight into corporate America.
Canada will release its third-quarter GDP and unemployment statistics elsewhere in America. Brazil will also present GDP data for the months of June through September.
Preliminary inflation numbers for the Eurozone, Germany, Italy, and Spain will come under focus in Europe.
The Euro Area's consumer price growth probably increased by 10.4% in November, slowing from a 10.6% increase in October and the region's first increase since June 2021.
Producer prices in the area are predicted to decline concurrently for the first time since May 2020. Along with Manufacturing PMIs, unemployment data for significant European economies will also be highlighted. While preliminary readings for Switzerland and Turkey's GDP will be released, several nations including France and Italy will update Q3 GDP statistics.
The Euro Area Business Survey, German internal and foreign trade, and Swiss inflation and retail sales are some of the additional data that will be released.
The Bank of England's monetary indicators, CBI distributive trades, nationwide home prices, and the final manufacturing PMI will be the only economic reports released in the UK this week.
Investors will also be paying attention to a meeting between OPEC and non-OPEC nations after a WSJ article earlier this month hinted that an increase in oil production was being discussed.
As regulators in the second-largest economy in the world ordered widespread pandemic lockdowns in significant industrial hubs, all eyes in Asia are on the Chinese manufacturing PMI statistics for November to see how factory activity is faring.
Important data for Japan includes the unemployment rate, retail sales, and industrial production for October, as well as consumer confidence for November.
The Q3 GDP growth figures will be the main topic of discussion in India, followed by the November manufacturing PMI. The PMI, balance of trade, and inflation rate for South Korea are due out this week, along with Indonesia's November CPI reading and Thailand's October trade figures.
The monthly CPI figure in Australia is anticipated to reveal that inflation increased to 7.4% in October.
Other Australian releases include the October building permits, construction, and house credit data as well as the November Ai Group Manufacturing index.
Investors in New Zealand are eagerly awaiting the November business confidence indicator.
(Report by: The Decision Maker – Finance editors)