In the week ahead, investors will be awaiting the outcome of Thursday’s ECB policy meeting. On Friday the U.S. is to release the nonfarm payrolls report for October, which will help assess expectations for a possible reduction in Fed stimulus.
Monday, November 4
Markets in Japan are to remain closed for a national holiday. Australia is to release data on house price inflation and retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity. In the euro zone, Spain and Italy are to release data on manufacturing activity. The U.K. is to publish data on construction sector activity, a leading economic indicator. The U.S. is to release data on factory orders, a leading indicator of production. Later Monday, New Zealand is to produce a report on the change in the number of people employed, and the unemployment rate, a leading economic indicator.
Tuesday, November 5
The U.K. is to release private sector data on retail sales, an important economic indicator. The Reserve Bank of Australia is to announce its benchmark interest rate and publish its rate statement, which contains commentary on the economic conditions affecting the monetary policy decision. Spain is to publish data on the change in the number of people unemployed. Elsewhere in Europe, Switzerland is to produce data on consumer price inflation, which accounts for the majority of overall inflation. The U.K. is to publish data on service sector activity, a leading economic indicator. Canada is to release a report on the trade balance, the difference in value between imports and exports. In the U.S., the Institute of Supply Management is to release a report on service sector activity.
Wednesday, November 6
The Bank of Japan is to publish the minutes of its most recent policy setting meeting. Australia is to produce data on the trade balance. The euro zone is to release data on retail sales. Meanwhile, Spain and Italy are to release data on service sector activity and Germany is to publish a report on factory orders. The U.K. is to produce a report on manufacturing and industrial production. Canada is to publish data on building permits and the Ivey purchasing managers’ index.
Thursday, November 7
Australia is to release data on the change in the number of people employed, and the unemployment rate, a leading economic indicator. The Swiss National Bank is to publish data on its foreign currency reserves. This data is closely scrutinized for indications of the size of the bank’s operations in currency markets. Germany is to release a report on industrial production. Later in the day, the ECB is to announce its benchmark interest rate. The announcement is to be followed by a press conference with President Mario Draghi. The Bank of England is also to announce its benchmark interest rate. The U.S. is to publish a preliminary estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims.
Friday, November 8
The RBA is to publish its monetary policy statement, which outlines economic conditions and the inflation outlook from the bank’s perspective. In the euro zone, Germany is to release data on the trade balance, while France is to produce a report on industrial production. Switzerland is to publish data on retail sales. The U.K. is to release data on the trade balance. Canada is to release data on the change in the number of people employed and the unemployment rate. The University of Michigan is to release the preliminary reading of its consumer sentiment index. The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate.