Markets: What to expect this week – Deutsche Bank

Analysts at Deutsche Bank suggest that it's a quiet start to the week for data as in Europe, we get the September IFO survey in Germany along with September CBI Trends total orders and selling prices data for the UK.

Key Quotes

“In the US, we'll get the August Chicago Fed national activity index and September Dallas Fed manufacturing activity index. Away from that, ECB President Draghi is due to speak in Brussels. Away from that, German Chancellor Angela Merkel will speak in Hanover, France will unveil its 2019 budget and French President Emmanuel Macron will meet US President Donald Trump in New York.”

“Tuesday: Overnight on Tuesday we get the minutes of July BoJ monetary policy meeting. In Europe, we get September confidence indicators for France while in the US, we get the July FHFA and S&P CoreLogic house price index, September Richmond Fed manufacturing index and September consumer confidence data. Away from that, the BoJ's Kuroda, ECB's Praet and Coeure, and BoE's Vlieghe will be speaking at different times. Japanese PM Shinzo Abe will meet with US President Trump in New York to discuss trade while EU Trade Commissioner Cecilia Malmstrom will meet with US Trade Representative Robert Lighthizer and Japan’s Economy Minister Hiroshige Seko in New York to discuss WTO reform and trade. President Trump will also address the UN General Assembly.”

“Wednesday: The big highlight on Wednesday is the FOMC meeting and Fed Chair Powell press conference. Data-wise there is nothing of note in Asia while in Europe we'll get September consumer confidence for France and September CBI retailing reported sales in the UK. In the US, August new home sales data is due. Also worth highlighting is the EU27 government envoys meeting in Brussels to discuss Brexit.”

“Thursday: It's a pretty busy day on Thursday with lots of data releases lined up including preliminary September CPI for Germany and the final Q2 GDP print for the US. Prior to that we get August industrial profits for China while in Europe we get preliminary October GfK consumer confidence for Germany, August M3 money supply and September confidence indicators for the Euro area. In the US we'll get the August advance goods trade balance, preliminary August wholesale inventories, August retail inventories, preliminary August durable goods and capital goods orders, latest weekly initial jobless claims, August pending home sales and Kansas City Fed manufacturing activity data. Away from that, the BoJ's Kuroda, BoE's Carney and Haldane, ECB's Draghi and Praet, and Fed's Kaplan will all be speaking at different times during the day, with Fed Chair Powell also scheduled to make brief remarks on the US Economy at a Senate event in the evening. Turkish President Erdogan also begins a three-day visit to Germany, where he’ll meet with Chancellor Angela Merkel. The OECD is also due to deliver a press conference on barriers to trade, while Thursday is also the deadline for the 2019 draft budget in Italy.”

“Friday: It's a busy end to a busy week on Friday with the highlights being September CPI for the Euro area and August PCE data for the US. As well as that, overnight we get September GfK consumer confidence for the UK along with summary of opinions of the September BoJ monetary policy meeting, August retail sales and preliminary August industrial production for Japan, and September Caixin manufacturing PMI for China. In Europe, we get preliminary September CPI for France, Spain and Italy, September unemployment for Germany and final Q2 GDP revisions for the UK. In the US we get August personal income and spending data along with the September Chicago PMI and final September University of Michigan survey data. Finally the Fed's Barkin and Williams, BoE's Ramsden, ECB's Lane and Praet will all be speaking at different times during the day.”