Market themes of the Day: The UK retail sales and Canada’s inflation headline

What you need to know before markets open
Main themes:

• The UK parliament will debate and vote on PM May's Brexit “plan B” on January 29.
• Ther Eurozone inflation remained well below the ECB’s 2% inflation target in December on the oil price drop.  
• The UK retail sales are expected to fall -0.8% over the month in December marking the worst December sales in a decade. For detail read my UK retail sales Preview here.
• Canada’s inflation is expected to remain stable at 1.7% y/y in December. For further details read my Canada’s inflation Preview here.                                                                                                                                                  

Europe

• The Eurozone inflation remained below the ECB target of 2% in December rising 1.6% over the year while core inflation is set to remain stagnant at 1.0% y/y.

UK

• The UK retail sales are expected to fall -0.8% over the month in December marking the worst December sales in a decade. For detail read my UK retail sales Preview here..

Canada

• Canada’s inflation is expected to remain stable at 1.7% y/y in December. For further details read my Canada’s inflation Preview here.  

US

• The US weekly jobless claims fell to 213K in the week ending January 10.
• Philadelphia Fed manufacturing index rose to 17.0 vs estimated 10.0 in January.
• Federal Reserve Vice Chairman Randal Quarles said on the real US economic data are very strong with US job creation in December “very big number” while inflation is very well contained, especially with oil prices falling.
• The New York Federal Reserve President John Williams is scheduled to speak about the economic outlook and monetary policy at the New Jersey Bankers Association's Economic Leadership Forum at 14:05 GMT.
• University of Michigan consumer confidence is expected to decelerate to 97.0 in the preliminary reading for January.