Busy night for markets as data deluge emanates from Europe
Markets are in for a busy night as there is data aplenty from around the world, with Europe being the main focal point.
Later tonight, the swathe of data being released by Europe includes: UBS Consumption Indicator & Credit Suisse Economic Expectations from Switzerland, German Retail Sales & Unemployment Change, French Prelim CPI, Italian Prelim CPI & Monthly Unemployment Rate, European CPI & Core Flash Estimate and finally, European Unemployment Rate.
The most significant figures published by Europe are the CPI figures. This is because they reflect inflation within the economy, which is vital to economic recovery. Inflation means that there is demand for products and services within the economy. This is crucial to economic growth. These figures can also impact on the strength of the Euro currency itself. Strong figures can strengthen the Euro against other currencies. Conversely, forecast misses with these figures has the potential to weaken the currency. The German Retail Sales data is also significant as it gives an indication of the health of the retail sector in Europe’s largest economy and the economy which is effectively bankrolling the economic recovery in Europe.
Elsewhere around the world, there is still plenty of data set for publication. This includes: Housing Starts from Japan, UK Net Lending to Individuals, M4 Money Supply & Mortgage Approvals, Canadian GDP, US Chicago PMI, Pending Home Sales and their Beige Book. Finally, Fed Reserve Member, Robert Kaplan, is due to speak.