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Upcoming Week’s Global Economic and Financial Highlights – Nov 5th

Bruno T
Latest News
November 03 2023 10:08AM

In the upcoming week, the United States will see a flurry of activities, including speeches by several Federal Reserve officials, the release of the Michigan Consumer Sentiment index, and foreign trade data. Moreover, the earnings season will continue with reports from prominent companies such as Berkshire Hathaway, Gilead Sciences, Uber, and Walt Disney.

Across the Pacific, China will be closely monitoring inflation rates, new yuan loans, and foreign trade data. Additionally, the Reserve Bank of Australia is poised to make a crucial interest rate decision, while inflation rates from countries like Brazil, Mexico, the Philippines, and Russia will be scrutinized. Meanwhile, the United Kingdom, the Philippines, and Indonesia will unveil their Q3 GDP growth rates. Spain, Italy, Brazil, and Canada will share their service PMIs, and Germany will provide updates on factory orders and industrial production.

Looking ahead, investors will eagerly await the release of updated earnings results from key companies in the following week, including Berkshire Hathaway, Activision Blizzard, Viatris, Gilead Sciences, Lucid Group, Uber, Twilio, Unity Software, The Walt Disney Co, Take-Two Interactive Software, AMC Entertainment, Fiverr International, and Illumina. Additionally, remarks from US policymakers, including Fed Chair Powell, will take center stage as investors seek insights into the future direction of monetary policy. The economic calendar remains relatively light, featuring the preliminary estimate of Michigan consumer sentiment for November, foreign trade figures, IBD/TIPP economic optimism index, and the weekly jobless claims report. US consumer sentiment is expected to stay at October’s five-month low, while the trade deficit is likely to widen to $60.2 billion in September from $58.3 billion in August. In other parts of the Americas, attention will be on updated data regarding Canada’s Ivey PMI and trade balance, Mexico’s inflation rate, consumer morale, and Brazil’s CPI, business survey, retail trade statistics, and S&P Global Services PMI.

The United Kingdom is set to release its preliminary estimate of third-quarter GDP growth, alongside reports on industrial production, foreign trade, and construction output. It is expected that the UK’s economy contracted in Q3, marking a reversal from three consecutive quarters of growth. Elsewhere in Europe, retail sales in the Euro Area are anticipated to decline for the third consecutive month in September. Germany’s factory orders are also forecasted to decrease, and industrial activity in Italy is expected to follow suit. Other data to watch for includes Services and Construction PMIs, final inflation figures for Germany, France’s trade balance, Russia’s inflation rate, Switzerland’s unemployment rate, and Turkey’s foreign trade data, industrial activity, and unemployment rate.

In China, all eyes will be on October’s trade data and inflation figures for further insights into the impact of economic stimulus measures by the government, following unexpected contractions indicated by PMI data. Additionally, new yuan loans for the period will provide insights into the effects of looser lending rules from the PBoC. In Japan, investors await the Tankan index for November and September’s current account, while follow-up documents from the BoJ’s latest policy decision will shed light on the bank’s choice to tweak its yield curve control policy. Elsewhere in Asia, Indonesia, Malaysia, and the Philippines will reveal third-quarter GDP figures, while India will release industrial production data for September.

In Australia, the Reserve Bank of Australia is expected to resume its hiking cycle after four consecutive holds at 4.1%, responding to recent upticks in monthly inflation indicators.