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Japan’s flash PMIs signal sharp contraction in economic output

21 February 2022

Chris Scicluna
, 
Emily Nicol
  • German producer price inflation up to new high of 25.0%Y/Y in January.
  • Euro area sentiment surveys likely to point to some stabilisation in economic activity this month; Friday brings the first flash February CPI estimate from France. 
  • Focus will also be on appearances from various ECB and BoE policy board members.
  • In the US, an upwards revision will be made to Q4 GDP growth on Thursday, and January spending and income numbers and the PCE deflators, as well as durable goods numbers, will be watched on Friday.

 

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Japanese inflation drops further than expected

18 February 2022

Chris Scicluna
, 
Emily Nicol
  • UK retail sales in January reverse less than half of December’s drop to suggest ongoing loss of spending momentum into New Year.
  • French unemployment drops sharply towards year-end; flash French inflation figures for January confirmed with rates well below those elsewhere in Europe.

 

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Japan’s trade deficit widens to an 8-year high

17 February 2022

Chris Scicluna
, 
Emily Nicol
  • Japanese machine orders data for December beat expectations but survey’s Q1 forecast disappoints.
  • EU new car registrations fall a dissapointing 6.0%Y/Y (down 6.9%Y/Y in the euro area) in January weighed by France and Italy.

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UK inflation once again exceeds expectations

16 February 2022

Chris Scicluna
, 
Emily Nicol
  • UK inflation once again exceeds expectations, maintaining the inevitability of another BoE rate hike next month.
  • China’s CPI inflation fell short of expectations to a four-month low in January, on the back of steep declines in food prices.
  • Japan’s Reuters Tankan flagged a further deterioration in business conditions.
  • French retail sales weakened at the start of the year as the latest pandemic wave and tighter restrictions weighed on spending.

 

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ECB speak and FOMC minutes focus this week

14 February 2022

Chris Scicluna
, 
Emily Nicol
  • The first estimate of Japan’s Q4 GDP is expected to report a solid rebound in output at the end of last year; January inflation numbers are expected to have fallen back.
  • Chinese CPI inflation is expected to have fallen further at the start of the year.
  • ECB President Lagarde in action this week, while updated euro area Q4 GDP numbers expected to confirm softer growth, but employment is likely to have risen further in Q4.
  • Key UK releases this week include labour market, inflation and retail sales, with the rise in coronavirus cases and ongoing restrictions adding a greater degree of uncertainty.
  • US retail sales and industrial production data set to confirm ongoing recovery at the start of the year; FOMC minutes to be watched closely for further insights into near-term policy tightening.

 

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