From the Economist: How DM growth expectations stack up:


  • German IFO declined to 110.7 vs 110.9 exp and 111.3 prev
  • UK CPI declined to 1.7% as exp vs 1.9% prev, the lowest level in 4 years. The Core measure, however, ticked higher to 1.7% vs 1.6% exp and prev
  • US Consumer Confidence improved to 82.3 vs 78.5 exp and 78.1 prev
  • New Home Sales declined by -3.3% vs -4.9% exp and +9.6% prev
  • The GPIF won’t have much scope to cut bond holdings as it doesn’t look like the government will change the fund’s risk tolerance. “It’s natural to think GPIF’s share of domestic bonds will decrease, but we probably won’t be able to cut them much.” Bloomberg

Upcoming Data:

  • Wed: Germany GfK Consumer Confidence, Italy Consumer Confidence, US Durable Goods Orders, Markit US Services PMI, NZ Trade Balance
  • Thu: Italy Business Confidence, EU Money Supply, UK Retail Sales, US Jobless Claims, Pending Home Sales, Japan Unemployment, CPI, Retail Sales, UK Consumer Confidence
  • Fri: New ZealandBuilding Permits, Japan PMI, Housing Starts
  • Mon: Month End, EU CPI, Canada GDP, Chicago Fed, AU PMI, China PMI, China HSBC PMI
  • Tue: UK PMI, ItalyPMI, US ISM, AustraliaBuilding Approvals