Tuesday 23/11
All Day, JPY, Bank Holiday
9:30pm, EUR, German Flash Manufacturing PMI
Forecast 56.6
Previous 57.8
9:30pm, EUR, German Flash Services PMI
Forecast 51.4
Previous 52.4
Wednesday 24/11
2:00pm, NZD, Official Cash Rate
Forecast 0.75%
Previous 0.50%
2:00pm, NZD, RBNZ Monetary Policy Statement
2:00pm, NZD, RBNZ Rate Statement
3:00pm, NZD, RBNZ Press Conference Read more
Key Points:
Worldwide coronavirus cases surpass 256.218 million with over 5.145 million official deaths.
New Zealand has 4163 active cases of coronavirus with 167 new cases today and 2 deaths. Meanwhile, the Australian State of New South Wales reported 262 new cases and 3 deaths yesterday with Victoria reporting 1007 new cases with 12 deaths
NY Fed President Williams sees a broader based lift to inflation, with the Fed supposed to be providing a healthy economy and low stable inflation – he says they are going backwards
US jobless claims 268k vs 260k predicted
Standard & Poor’s says it’s highly likely Evergrande will default on its repayment obligations
Barclays bank expects global growth to expand by 6.0% this year and 4.4% in 2022
Chinese slowing GDP expectations for 2021 are now forecast to be around 7.8% with 4.7% in 2022 mainly based on their ‘zero tolerance” to covid which has hurt activity- any potential fading out of covid will have massive upside for 2022
After being invited to the Beijing Winter Olympics President Biden and his officials have declined the visit
Key Points:
• Worldwide coronavirus cases surpass 254.384 million with over 5.119 million official deaths.
• New Zealand has 3056 active cases of coronavirus with 173 new cases today and 0 deaths. Meanwhile, the Australian State of New South Wales reported 165 new cases and 1 deaths yesterday with Victoria reporting 860 new cases with 5 deaths
• The resurgence of covid 19 in Japan has dented the Japanese economy by around 1.0% in the third quarter of 2021- y/y this is a contraction of 3.0%. Pre covid growth is expected to return (+1.0%) in the first quarter of 2022
• Chinese Industrial Production rises from to 3.5% in October from September’s 3.1%
• UK House prices have posted its biggest monthly fall since January
• Massive rises in energy throughout the eurozone weighs on growth forecasts
• Canada’s rising property market took on more heat rising 8.6% from September to October, y/y 18.2%
• Climate talks in Glasgow (COP26) have agreed on a 1.5 degree cap with a last minute compromise with the phase down of coal production.
• China has warned Australian forces to “back off” in their defence of Taiwan saying they could come under “heavy attack” Read more
Monday 15/11
3pm, CNY, Retail Sales y/y
Forecast: 3.80%
Previous: 4.40%
Tuesday 16/11
2:30am, USD, Empire State Manufacturing Index
Forecast: 20.4
Previous: 19.8
1:30pm, AUD, Monetary Policy Meeting Minutes
3:30pm, AUD, RBA Gov Lowe Speaks Read more
Market Overview
• Worldwide coronavirus cases surpass 250.495 million with over 5.068 million official
deaths.
• New Zealand has 2754 active cases of coronavirus with 190 new cases today and 1 death. Meanwhile, the Australian State of New South Wales reported 187 new cases and 4 deaths yesterday with Victoria reporting 1126 new cases with 5 deaths
• The S&P closed at a record level for the seventh straight day Friday while the NASDAQ has closed at a record level for 43 days this year.
• Federal Reserve’s Bullard expects more than 4% GDP growth in 2022 and 2 rate hikes
• ECB’s Lane says extensive accommodation is needed to build up inflationary pressure
• The New Zealand Dollar was the strongest major currency Monday Read more
Tuesday 08/11
4:30am, USD, Fed Chair Powell Speaks
6am, GBP, BOE Gov Bailey Speaks
Wednesday 09/11
2:30am, USD, PPI m/m
Forecast 0.60%
Previous 0.50%
3am, USD, Fed Chair Powell Speaks
5am, GBP, BOE Gov Bailey Speaks
11:45am, CAD, BOC Gov Macklem Speaks Read more
Key Points:
Tuesday 02/11
3am, USD, ISM Manufacturing PMI
Forecast 60.4
Previous 61.1
Wednesday 03/11
4:30pm, AUD, Cash Rate
Forecast 0.10%
Previous 0.10%
4:30pm, AUD, RBA Rate Statement
Thursday 04/11
1:15am, USD, ADP Non Farm Employment Change
Forecast 400K
Previous 568k
3am, USD, ISM Services PMI
Forecast 61.9
Previous 61.9
7am, USD, FOMC Statement
7am, USD, Federal Funds Rate
Forecast <0.25%
Previous <0.25%
7:30am, USD, FOMC Press Conference
All Day, All, APEC-JMMC Meetings Read more
Key Points:
Worldwide coronavirus cases surpass 246.229 million with over 4.995 million official
deaths.
New Zealand has 891 active cases of coronavirus with 97 new cases yesterday with the first case in over 1 year recorded in the South Island. Meanwhile, the Australian State of New South Wales reported 268 new cases and 2 deaths yesterday with Victoria reporting 1656 new cases with 10 deaths
RBNZ’s Governor Orr said monetary policy easing has done as much as it can amid a very different inflation and interest rate environment
Japan’s Inflation for September comes in at 0.1% vs 0.5% expected with unemployment remaining at 2.8%
A new Delta variant has experts worried in the UK with the new variant possibly more transmissible, it accounts for over 10% of all covid cases at a time when new cases are rising rapidly, the only positive news is that it seems to be less fatal than regular delta
Chinese company Evergrande has made another interest debt payment of 45.2M avoiding default
President Biden is said to announce steps to relieve currency stockpiles of goods caught in supply chain issues to ease inflationary pressures
Market Overview
Key Points:
• Worldwide coronavirus cases surpass 244.753 million with over 4.968 million official deaths.
• New Zealand has 1256 active cases of coronavirus with 109 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 294 new cases and 4 deaths yesterday with Victoria reporting 1461 new cases with 7 deaths
• German economic growth is predicted to slow significantly in the fourth quarter
• Ex-Fed chairman Alan Greenspan has waded in on the US inflation “transitory” debate and views a real threat of inflation remaining above 2% long-term
• A new Delta variant has experts worried in the UK with the new variant possibly more transmissible, it accounts for over 6% of all covid cases at a time when new cases are rising rapidly, the only positive news is that it seems to be less fatal than regular delta
• President Biden is to lift travel bans from November 8th
• Chinese firm Evergrande has made its interest payment obligations by paying more than 83.5M Friday but say they cannot guarantee future payments will be made
• UK Chancellor Sunak is set to raise the minimum wage from 8.91 to 9.45 Pounds Read more