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UK Budget likely to focus on further economic support, not tax hikes (12.30 GMT) US ISM services index probably edged up in February (15.00 GMT) We expect the central bank of Poland to cut its policy rate by 10bp, to 0.00% Key Market Themes While the …
2nd March 2021
The RBA may push back against expectations of policy tightening at its meeting (03.30 GMT) We think euro-zone inflation picked up in February (10.00 GMT) Canadian GDP probably continued to grow in December despite lockdowns (13.30 GMT) Key Market Themes …
1st March 2021
The US ISM Manufacturing Index probably remained strong in February (Mon.) The UK Budget is likely to focus on extending support rather than deficit reduction (Wed.) We think that US non-farm payrolls rose by 500,000 in February (Fri.) Key Market Themes …
26th February 2021
India’s economy was probably around 1% smaller than a year earlier in Q4 (12.00 GMT) We think that US personal income and spending surged in January (13.30 GMT) View our highest conviction macro calls and their market implications here Key Market Themes …
25th February 2021
We think the RBNZ will not cut rates tomorrow, and that its easing cycle is over (01.00 GMT) Inflation probably rose in Brazil and Mexico in the first half of February Read our highest conviction macro calls and their market implications here Key Market …
23rd February 2021
Johnson to set out how COVID-19 restrictions in the UK will be eased (Mon.) South Africa’s government not likely to announce end of austerity in budget speech (Wed.) Biden could unveil further details of fiscal plans at State of the Union Address (Wed.) …
19th February 2021
Retail sales in the UK probably edged down in January due to virus restrictions (07.00 GMT) Euro-zone flash PMIs likely to show manufacturing activity remains resilient… (09.00 GMT) …while flash PMIs in the US are likely to point to a strong recovery …
18th February 2021
We expect Bank Indonesia to cut its policy rate by a further 25bp… (07.20 GMT) …but the rally in the lira may convince Turkey’s central bank to stand pat (11.00 GMT) Euro-zone consumer confidence probably remained in the doldrums in February (15.00 GMT) …
17th February 2021
Fed minutes likely to confirm that policy tightening remains some way off (19.00 GMT) We expect US retail sales to have risen by 1.2% m/m in January (13.30 GMT) We think UK headline inflation edged down to 0.5% in January (07.00 GMT) Key Market Themes The …
16th February 2021
We expect euro-zone and UK February flash PMIs to show activity remains subdued… (Mon.) … while euro-zone GDP probably contracted in Q4 (Tue.) FOMC and ECB minutes will shed further light on policymakers’ views next week Key Market Themes Although central …
12th February 2021
The UK probably avoided a contraction in GDP in Q4 despite the lockdowns … (07.00 GMT) … while lockdowns likely deepened Poland’s contraction in GDP last quarter (09.00 GMT) We expect consumer confidence in the US edged up as virus cases receded (15.00 …
11th February 2021
Powell likely to emphasise the Fed is still a long way from withdrawing support We think that Mexico’s central bank will cut its policy rate by 25bp, to 4.0% (Thu,19.00 GMT) Read our highest conviction macro forecasts, and their market implications here …
10th February 2021
We think US headline inflation edged up to 1.5% in January (13.30 GMT) We expect the Riksbank to keep its policy settings unchanged (08.30 GMT) Read our highest conviction macro calls and their market implications here Key Market Themes The MSCI World …
9th February 2021
Progress on a US fiscal stimulus package is likely to be slowed by the impeachment trial We think that headline inflation in Brazil and Mexico rose last month Read our highest conviction macro calls and their market implications here Key Market Themes The …
8th February 2021
US headline inflation probably edged up from 1.4% to 1.5% in January (Wed.) We expect the central bank of Mexico to cut its policy rate by 25bp to 4.00% (Thu.) In contrast, we think the central bank of Russia will keep its policy rate at 4.25% (Fri.) Key …
5th February 2021
We expect the RBI to cut its policy rate in response to lower headline inflation (06.15 GMT) US employment probably changed little in January, but risks lie to the upside (13.30 GMT) We think the US trade deficit narrowed last month as exports recovered …
4th February 2021
We think both the Bank of England and the Czech National Bank will leave policy unchanged Euro-zone retail sales probably rose in December (10.00 GMT) You can check our highest conviction macro calls and their market implications here Key Market Themes A …
3rd February 2021
Euro-zone CPI inflation probably rose in January (10.00 GMT) We think virus-related restrictions weighed on US employment last month… (13.15 GMT) … but that the ISM services index will point to a continued recovery in activity (15.00 GMT) Key Market …
2nd February 2021
RBA likely to revise up its forecasts for GDP and inflation (03.30 GMT) We think euro-zone GDP fell by 1%q/q in the fourth quarter of 2020 (10.00 GMT) Track the latest developments on the pandemic, including vaccine progress, here Key Market Themes Indian …
1st February 2021
January PMIs are likely to point to a slow start to the year in the euro-zone … (Mon.) … while economies in the US, Canada, and the Nordics remained more resilient (Mon.) We expect US non-farm payrolls to show that the virus is still weighing on the …
29th January 2021
The French, Spanish, Austrian and Belgian economies probably all contracted in Q4… … however, we estimate that Germany’s economy grew by 0.5% q/q (07.00 GMT) We think US personal spending fell last month, but incomes probably picked up (13.30 GMT) Key …
28th January 2021
We expect the FOMC to reiterate its commitment to accommodative policy today Economic sentiment may have deteriorated in Europe in January (10:00 GMT) US GDP growth probably slowed in Q4 (13:30 GMT) Key Market Themes It seems very unlikely that the FOMC …
27th January 2021
Fed Chair Powell may push back against talk of normalising policy any time soon (19.00 GMT) We expect Chile’s central bank to keep its policy rate on hold (21.00 GMT) Fresh elections in Italy now appears less likely Key Market Themes One of the salient …
26th January 2021
We think that the UK’s unemployment rate rose to 5.1% in November (07.00 GMT) We expect central banks in Hungary and Nigeria to leave interest rates on hold Track the latest developments on the pandemic, including vaccine progress, here Key Market Themes …
25th January 2021
We expect Fed Chair Powell to push back on talk of tapering at Wednesday’s FOMC meeting Survey data will probably point to the euro-zone economy struggling in January Central banks in Hungary, Chile and Colombia all likely to keep rates on hold Key Market …
22nd January 2021
UK public finances data will probably show a rising deficit for December (07.00 GMT) We expect restrictions continued to weigh on euro-zone and UK flash PMIs (09.00 GMT) Similarly, US flash PMIs will provide a gauge for how the recovery there is faring …
21st January 2021
Focus to turn to the prospects for more fiscal support after Biden’s inauguration Australia’s unemployment rate probably declined in December (09.00 GMT) ECB unlikely to tweak policy again just yet, despite weak inflation data (12.45 GMT) Key Market …
20th January 2021
Fiscal negotiations in the US to get underway following Biden’s inauguration Bank of Canada likely to keep its policy rate on hold and upgrade its forecasts (15.00 GMT) Track the latest developments on the pandemic, including vaccine progress, here Key …
19th January 2021
US fiscal policy in the limelight as Biden inauguration nears ECB survey likely to show euro-zone banks became more cautious about lending in Q4 Track the latest developments on the pandemic, including vaccine progress, here Key Market Themes While the …
18th January 2021
We estimate that the UK’s November lockdown reduced GDP by about 8% m/m (07.00 GMT) US retail sales probably fell in December as virus restrictions took their toll… (13.30 GMT) … but we think that industrial production held up better (14.15 GMT) Key …
14th January 2021
China’s trade data likely to point to a moderation in foreign demand Chair Powell could shed light on how the Fed would react to a stronger rebound in activity President-elect Joe Biden is set to unveil more details of his fiscal stimulus plans Key Market …
13th January 2021
Euro-zone industrial production probably edged up further in November (10:00 GMT) We think US CPI inflation remained subdued in December (13:30 GMT) Read our highest-conviction macro and financial market forecasts on our dedicated page Key Market Themes …
12th January 2021
Brazil’s inflation probably remained above the central bank’s target last month (12.00 GMT) We expect a drop in India’s inflation to pave the way for further interest rate cuts (12.30 GMT) Read our highest-conviction macro and financial market forecasts …
11th January 2021
US headline CPI inflation probably ticked up in December (Wednesday) We think that UK GDP fell by 8% in November due to lockdown restrictions (Friday) Read our highest-conviction macro and financial market forecasts on our dedicated page Key Market Themes …
8th January 2021
Industrial production in Germany probably rose despite renewed lockdowns (07.00 GMT) The unemployment rate in the euro-zone may have edged up to 8.5% (10.00 GMT) We expect US employment in December dropped for the first time since April (13.30 GMT) Key …
7th January 2021
We think inflation in Mexico fell a little last month, paving the way for more monetary easing ISM services index likely to add to evidence that the US economy is slowing (15.00 GMT) You can track the latest developments on the pandemic, including vaccine …
6th January 2021
New UK lockdown imposed, but we still expect a strong economic recovery later in 2021 We think that Italy’s composite PMI rose in December as restrictions were eased (08.45 GMT) FOMC minutes may shed light on the Fed’s plans for large-scale asset …
5th January 2021
Headline inflation in Switzerland likely to have remained negative in December (07.30 GMT) We doubt that US Senate runoff election results will substantially alter the policy outlook ISM manufacturing index probably dropped back last month (15.00 GMT) Key …
4th January 2021
Monthly UK gov’t borrowing will probably reach its highest level since May (07.00 GMT) We expect existing home sales in the US dropped back in November (15.00 GMT) A selection of key data and events through year-end are shown in the calendar below Key …
21st December 2020
We think that euro-zone consumer confidence fell back in December (Monday) US November personal spending figures likely to point to a drop in consumption (Wednesday) We expect Turkey’s central bank to hike its one-week repo rate by 150bp (Thursday) Key …
18th December 2020
We expect Mexico’s c. bank to hold fire for now, but cut again in 2021 (Thu., 19.00 GMT) UK retail sales probably fell last month (Fri., 07.00 GMT) We think that the German Ifo will have declined again in December (Fri., 09.00 GMT) Key Market Themes …
17th December 2020
Fed set to unveil new guidance on its large-scale asset purchases (Wed., 19.00 GMT) BoE may give some clues as to how it would react to a no-deal Brexit (Thu., 12.00 GMT) Mexico’s central bank likely to hold fire for now, but cut again in 2021 (Thu., …
16th December 2020
We think that activity in China continued to improve in November (02.00 GMT) The UK unemployment rate probably ticked up in October (07.00 GMT) The US industrial recovery is likely to have continued last month (15.15 GMT) Key Market Themes The Australian …
14th December 2020
Sunday the new deadline as Brexit talks go down to the wire China’s industrial production and consumer spending probably rose strongly again (Tue.) Fed likely to update its guidance on large-scale asset purchases (Wed.) Key Market Themes With the currency …
11th December 2020
Peru’s central bank will probably keep interest rates on hold later today (23:00 GMT) We expect Korean trade data to show a continued pickup in global demand Consumer confidence in the US may have declined this month (15.00 GMT) Key Market Themes The …
10th December 2020
We expect the ECB to extend and increase the PEPP and announce more TLTROs (12.45 GMT) We think US core CPI inflation rose only a little in November (08.30 GMT) Read our highest-conviction macro and financial market forecasts on our dedicated new page Key …
9th December 2020
Headline consumer price inflation in China probably fell to its lowest since 2010 … … but only due to falling pork prices – core inflation likely to have risen (01.30 GMT) Read our highest-conviction macro and financial market forecasts on our dedicated …
8th December 2020
US fiscal policy in the spotlight with a bipartisan deal on the table We think that South Africa’s economy grew by around 10% q/q in Q3 (09.30 GMT) Read our highest-conviction macro and financial market forecasts on our dedicated new page Key Market …
7th December 2020
We think UK October GDP data will show the recovery stalled prior to lockdowns (Thu.) We expect the ECB to announce an extension to pandemic stimulus measures (Thu.) US fiscal negotiations in the spotlight again next week, with another relief deal on the …
4th December 2020
New restrictions probably meant a smaller rise in November’s non-farm payrolls (13.30 GMT) An uptick in Russia’s inflation might take further rate cuts off the table for now (16.00 GMT) Ireland’s and Greece’s Q3 GDP data likely to show rebounds, but …
3rd December 2020
