Loading
The Marketplace - 14th November 2016
14/11/2016
US Fed and ECB speakers dominate the calendar today. ECB Vice President Constancio will speak at the start of Euro Finance Week in Frankfurt. President Draghi will appear at the conference on Friday, but will appear at an event in Rome today.
Elsewhere, today’s Fed speeches from Kaplan, Lacker and Williams will take place after the European close. They are part of a deluge of Fed officials on tap this week, with the centrepiece being Chair Yellen’s testimony to the Joint Economic Committee on Thursday. Also, PM Theresa May will speak at the Lord Mayor’s banquet this evening.
Data wise, look for a fall in euro area industrial production of 0.9% in September, based on already-released national figures, including declines of 1.9% in Germany and 1.1% in France.
Have a Great Week!
Busy Week Ahead for the UK
Domestically, UK CPI (Tue), labour market statistics (Wed) and retail sales (Thu) are the principal data releases. They are previewed in more detail on the next page. In short, a further rise in annual CPI inflation to 1.1% is expected, but wage growth is set to remain muted.
Look for an above consensus rise in October retail sales. The main focus, however, is likely to be the testimony of BoE Governor Carney and other MPC members, Shafik and Saunders, on the Inflation Report at the House of Commons Treasury Select Committee (Tue). The context is that, after leaving interest rates unchanged at 0.25% on 3 November, the Bank removed its previous guidance of a further rate cut.
As such, Governor Carney is likely to reiterate that the policy stance is now ‘neutral’. In light of the recent rise in gilt yields, policymakers may be questioned on the efficacy of the decision to extend QE in August, even though this has been partly driven by the US election result.
Economic growth forecasts for this year and next were revised higher. Growth in 2017 is now projected to be 1.4%, compared with 0.8% previously. MPs, however, may look for clarity on the downgrade to medium-term growth, with GDP growth for 2018 revised down from 1.8% to 1.5%.
Busy Week Ahead for the U.S.
The week ahead (and beyond) will remain framed by the potential ramifications of Donald Trump’s ascendancy.
A splash of Fed speakers will opine on policy, with the centrepiece being Chair Yellen’s testimony to Congress (Thu). She is likely to echo recent indications from other Fed policymakers that interest rates remain on track to rise in December, assuming no major downside surprises in forthcoming economic data or a significant tightening of market conditions.
More interesting perhaps will be her perspective on the outlook for policy next year and beyond, given prospects of greater fiscal stimulus by the new administration. The impact of inflation may well be positive in the medium term and markets will no doubt be watching price trends in the economy more closely. US CPI (Thu) will be released next week, along with other reports including retail sales (Tue), industrial production (Wed) and the Philadelphia Fed survey (Thu).
This page will enable you to send a bulk email to all users subscribed to The Marketplace
in the CRM.
- The Frequency drop down list below refers to the how often the user has asked to
recieve The Marketplace.
- Click the Information icon to view a list of recipients.
- If you would like to attach a file to the email, click Browse and select the file
you would like to send. Please ensure you choose the correct file.
- Selecting a file is option so this function can be used to send adhoc updates.
- The Subject and Body fields are mandatory.
- Clicking send will begin the sending process. An email will be sent to each user
addressed specifically to that user.
- The Progess list will be updated below when an email has been sent. If there was
an error sending the email the user name and email address will be highlighted in
red.
- Once you have started a bulk email send process you must wait until the process
has completed until you will be able to begin a new process.
- You do not need to stay on the page and wait for the process to complete.
- If you navigate away from the page and return before the process has finished the
page will not allow you to submit a new request, and it will continue to display
progress from where you left the page.
- Clicking cancel will stop sending any further emails, emails will have already been
sent to names listed in the progess area and are not able to be recalled.
- On completion you will be sent an email listing all recipients.