This week’s main focus will be dominated by the first round of the French presidential election on Sunday. As it stands, around 33% of voters remain undecided with four candidates fighting for two places in the second round on May 7th.
On the data front, attention will focus on US industrial production growth on Tuesday and in the Eurozone, inflation data is in focus tomorrow. In the UK we see the release of retail sales on Friday which should show a drop in March as rising inflation eats into real income growth. Also due on Friday from the Eurozone are PMI’s for April which could point to moderation.
There are also a few scheduled speakers from the Fed this week including a speech by Vice Chair Stanley Fischer later today.
Data releases for the week ahead:
2.30 pm – US housing starts and building permits (March): starts expected to increase while permits to slow
10.00 am – Eurozone inflation (March, final): expected to fall to 1.5% YoY
1.30 pm – US initial jobless claims (w/e 15 April), Philadelphia Fed index (April): claims expected to be 242K. Philly Fed index expected to fall to 25 from 32.8
3.00 pm – Eurozone consumer confidence (April, flash): forecast to fall to -4.5 from -5
8.00 am – 9.00 am – French, German, Eurozone manufacturing PMI’s (April, flash).
9.30 am – UK retail sales (March): forecast to rise 3.6% YoY and fall -0.2% MoM
2.45 pm – US manufacturing PMI (April, flash): expected to rise to 53.5 from 53.3
3.00 pm – US existing home sales (March): forecast to rise to an annual rate of 5.6 million from 5.48 million
Casco Financial Services Limited