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BoJ consumption activity index points to sharp decline in spending on services

Chris Scicluna
Emily Nicol
  • ECB policy announcements the main economic event from the major economies this week.
  • US CPI inflation data (Thursday) set to highlight continued broad-based price pressures.
  • German factory orders were stronger at the start of the year, and survey data this week will give an indication of euro area investor sentiment since the Russian invasion.
  • UK GDP data for January due at the end of the week.

 

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Japan's unemployment rises

Chris Scicluna
Emily Nicol
  • Japanese unemployment rose at the start of the year as the latest wave of pandemic saw a sharp drop in the number of people in employment.
  • German trade flows weaker but French IP rebounds at the start of the year.
  • UK car registrations to remain subdued.
  • US labour market report the data highlight today.

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ECB policy meeting account superseded by events in Ukraine

Chris Scicluna
Emily Nicol
  • Japanese consumers more downbeat as concerns over prices rise, but services survey suggests firms in the sector continue largely to absorb cost pressures.
  • Euro area PPI inflation to hit record high, but unemployment rate to fall to series low.
  • UK services PMIs and BoE survey data due, with the latter to highlight firms’ high wage and price expectations for the coming year.

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UK shop prices point to inflationary pressures

Chris Scicluna
Emily Nicol
  • Japan’s MoF capital spending survey points to an upwards revision to Q4 GDP.
  • External BoE MPC members Mann and Saunders reaffirm the likelihood that they will vote for another rate hike this month and some further tightening thereafter.
  • Euro area flash inflation to rise to new euro-era high in February.
  • All eyes in the US on Jay Powell’s monetary policy testimony to Congress.

 

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Japanese vehicle sales remain in reverse

Chris Scicluna
Emily Nicol
  • Japan’s manufacturing PMI signals weakness ahead; Chinese PMIs defy expectations of further declines, firming on increased new orders.
  • German and Italian flash inflation data expected to be consistent with a further big jump in euro area inflation; French car registrations at lowest February level in more than fifty years.

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