Week ahead - Rabobank
|"This morning already saw the Japanese manufacturing PMI, which came in at 52.6, slightly up from August," Rabobank analysts note in a recent article.
Key quotes:
"Later today the BoJ’s Kuroda will speak, which may be of some interest. Elsewhere, we have the German IFO survey, which is expected to be strong but suddenly looks very rear-view mirror given the shifting political sands in the country. The Fed’s Dudley and Evans are also speaking today, as are ECB President Draghi and Coeure."
"Overnight European time we get Kiwi trade data (again, it’s rear-view mirror stuff, perhaps), then Tuesday sees the BoJ minutes for September, US new home sales and consumer confidence, and the Fed’s Brainard on ‘Labor Market Disparities’ ahead of Yellen speaking on ‘Inflation, Uncertainty, and Monetary Policy’ – which sums up our present situation nicely without going any further."
"Wednesday we get Eurozone M3 numbers and US durable goods orders, and then some Fedspeak from Bullard and Brainard. Then new RBNZ Governor Spencer settles into the somewhat hotter hot seat. What a first day in the office! (“Did you have a good first day, dear?” “Yes, I did.” “Did you make any friends?” “No, because I raised the cost of borrowing for the whole country.”) No change in rates from 1.75% is, of course, expected this time round."
"Thursday has Eurozone confidence surveys and German CPI as well as a second look at US Q2 GDP, the trade balance, and wholesale inventories. The Fed’s George also speaks on the economy and monetary policy."
"Friday sees a slew of Japanese data from unemployment to CPI and retail sales, China’s Caixin PMI, German unemployment, UK Q2 GDP, the Eurozone CPI estimate for September, Canadian July GDP, and then US income and spending, the PCE deflator, and the Chicago PMI."
"Oh, and we can probably expect the US and North Korea to continue to lob threats at each-other all week. Let’s just hope “Rocket Man” doesn’t also lob an H-bomb at the Pacific."
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