● On Monday 11th: Australian Westpac Consumer Confidence Change
● On Tuesday 12th: Australian NAB Business Confidence, UK Unemployment Rate and German ZEW Economic Sentiment Index
● On Wednesday 13th: American Core Inflation Rate YoY and American Inflation Rate YoY
● On Thursday 14th: UK GDP Growth Rate YoY Prel, UK GDP MoM, American PPI MoM and Japanese GDP Growth Rate QoQ Prel
● On Friday 15th: Chinese Industrial Production YoY, Chinese Retail Sales YoY and American Retail Sales MoM
Monday 11th of November
Australia's consumer sentiment experienced a significant boost in October 2024, with the Westpac-Melbourne Institute Consumer Sentiment Index surging 6.2% month-over-month to reach a 2.5-year high of 89.8. This sharp turnaround from the previous month's decline was driven by factors such as interest rate cuts abroad and encouraging signs of easing inflation domestically. Market participants anticipate a slight decline in consumer sentiment in November, with the Westpac-Melbourne Institute Consumer Confidence Change forecast to decrease by 0.8% when the data is released at 11:30 PM GMT.
Major Earnings Releases:
● Phoenix
● Continental
● Hannover Rueck
● EBAY
● Tyson Foods
● Canopy Growth
Tuesday 12th of November
Australia's business confidence improved in September 2024, with the NAB Business Confidence Index rising to -2 from -5 in August. While this represents a positive shift, the index remains below the average level, indicating continued caution among businesses. The index was boosted by stronger business conditions and employment growth. However, concerns remain regarding cost pressures, as labor cost growth eased while purchase cost growth slowed. Product price growth and retail price growth also moderated. Forward orders remained unchanged. Market analysts anticipate a further increase in business confidence for October, with the NAB Business Confidence Index expected to reach 2. The data is scheduled to be released at 12:30 AM GMT.
The UK unemployment rate declined to 4.0% in the three months to August 2024, reaching its lowest level since January. This positive trend suggests a tightening labor market. However, market participants expect a slight uptick in the unemployment rate to 4.1% for September when the data is released at 7:00 AM GMT.
The ZEW Indicator of Economic Sentiment for Germany surged to 13.1 in October 2024, significantly surpassing market expectations of 10 and marking a significant improvement from the previous month's low of 3.6. This indicates a boost in economic sentiment among German investors and analysts. Market participants will closely monitor the German ZEW Economic Sentiment Index for November, which is scheduled to be released at 10:00 AM GMT.
Major Earnings Releases:
● Infineon Technologies
● Bayer
● ASTRAZENECA
● HOME DEPOT
Wednesday 13th of November
The annual core consumer price inflation rate in the United States, which excludes volatile food and energy prices, edged up to 3.3% in September 2024. This marked a slight increase from the three-year low of 3.2% recorded in the previous two months. Overall, the annual inflation rate in the US continued its downward trend, slowing to 2.4% in September 2024, down from 2.5% in August. While this is the lowest level since February 2021, it slightly exceeded market expectations of 2.3%. Market participants will closely monitor the release of the American Core Inflation Rate and the overall Inflation YoY for October, scheduled to be released at 1:30 PM GMT.
Major Earnings Releases:
● Porsche
● Sumitomo Mitsui Financial
● Sonae
● EXPERIAN
● Alstom
● Allianz
● RWE
● ABN AMRO
● Distribuidora Internacional de Alimentacion
● CISCO
Thursday 14th of November
The UK economy grew by 0.7% year-on-year in the second quarter of 2024, a slight downward revision from the initial estimate of 0.9%. However, this remained the highest growth rate since the third quarter of 2022. Month-on-month, the UK economy expanded by 0.2% in August 2024, following two consecutive months of stagnation. This was in line with market expectations. Market analysts expect the UK GDP Growth Rate YoY Prel for Q3 to decline to 0.3% and the UK GDP MoM forecast to decrease to 0.1% with both the data scheduled to be released at 7:00 AM GMT.
Factory gate prices in the US remained unchanged in September 2024, marking a decline from the 0.2% increase in August and falling short of market expectations of a 0.1% rise. While prices for services increased by 0.2%, driven by a 3% surge in deposit service costs, the overall trend indicates a moderation in inflationary pressures. Market participants will closely monitor the American PPI MoM for October, which is scheduled to be released at 1:30 PM GMT.
Japan's economy grew by 0.7% quarter-on-quarter in the second quarter of 2024, slightly below the initial estimate of 0.8% and following a marginally revised 0.6% decline in the first quarter. This marked the strongest quarterly growth since the second quarter of 2023, driven by the success of spring wage negotiations and a recovery in the automotive industry. However, market analysts anticipate a slowdown in growth for the third quarter, with the Japanese GDP Growth Rate QoQ Prel for Q3 forecast to decrease to 0.3%. The data is scheduled to be released at 11:50 PM GMT.
Major Earnings Releases:
● Alibaba
● Mizuho Financial
● SBM OFFSHORE
● Swiss Life
● Merck
● Deutsche Telekom
● Siemens
● E.ON
● Mitsubishi UFJ Financial
● Redes Energeticas Nacionais
● 3i Group
Friday 15th of November
China's industrial production surged in September 2024, growing by 5.4% year-over-year. This exceeded market expectations of 4.6% and marked the fastest expansion since May, signaling a turnaround from the recent slowdown. On a monthly basis, industrial output increased by 0.59%, the strongest monthly growth in five months. Market participants will closely monitor the Chinese Industrial Production YoY for October, which is scheduled to be released at 02:00 AM GMT.
China's retail sales also showed strong growth in September 2024, rising by 3.2% year-over-year, surpassing market forecasts of a 2.5% increase. This marked the strongest growth in retail activity since May. On a monthly basis, retail sales increased by 0.39%, accelerating from the previous month. Market participants will follow the Chinese Retail Sales YoY for October. This statistic is scheduled to be released at 02:00 AM GMT.
US retail sales increased by 0.4% month-over-month in September 2024, exceeding market expectations of a 0.3% rise and surpassing the previous month's 0.1% gain. Market participants will monitor the American Retail Sales MoM for October, which is scheduled to be released at 1:30 PM GMT.
Major Earnings Releases:
● JD.com
● AEGON
● Assicurazioni Generali
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