Fed Daly Speech

In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate.

Global Dairy Trade Price Index

The Global Dairy Trade Price Index measures the weighted-average price of nine dairy products sold at auction every two weeks in New Zealand.

Balance of Trade

5609600000

Foreign trade accounts for approximately 70 percent of the Belgium's economy. About 80% of Belgium's trade is with fellow EU member states. The major export commodity in Belgium is the automobile, medicament mixtures put in dosage, not mounted or set diamonds. Belgium imports mainly machinery and equipment, chemicals, diamonds, pharmaceuticals, foodstuffs, transportation equipment and oil products.

Redbook YoY

The Johnson Redbook Index is a sales-weighted of year-over-year same-store sales growth in a sample of large US general merchandise retailers representing about 9,000 stores. Same-store sales are sales in stores continuously open for 12 months or longer. By dollar value, the Index represents over 80% of the equivalent 'official' retail sales series collected and published by the US Department of Commerce. Redbook compiles the Index by collecting and interpreting performance estimates from retailers. The Index and its sub-groups are sales-weighted aggregates of these estimates. Weeks are retail weeks (Sunday to Saturday), and equally weighted within the month.

Core Inflation Rate MoM

-0.1%

Core Inflation Rate YoY

1.5%

In Canada, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes eight of the most volatile components identified by the Bank of Canada including: fruit, fruit preparations and nuts; vegetables and vegetable preparations; mortgage interest cost; natural gas; fuel oil and other fuels; gasoline; inter-city transportation; and tobacco products and smokers' supplies. It also excludes the effect of changes in indirect taxes.

Inflation Rate MoM

-0.2%

Inflation Rate MoM measures month over month change in the price of goods and services.

Inflation Rate YoY

In Canada, the most important categories in the CPI basket are Shelter (30 percent of the total weight) and Transportation (17 percent). Food accounts for 16 percent; Household Operations, Furnishings and Equipment for 15 percent; Recreation, Education and Reading for 9 percent; Health and Personal Care for 5 percent; Alcoholic Beverages and Tobacco Products for 5 percent and Clothing and Footwear for the remaining 4 percent. The CPI basket is reviewed every four years on the basis of household surveys. The current weights are based on spending patterns in 2002.

Wholesale Sales MoM

0.4%

The Monthly Wholesale Trade Survey presents estimates of monthly sales for wholesale merchants in Canada, providing information on the performance of the wholesale trade sector as an important indicator of the health of the Canadian economy. In addition, the business community uses the data to analyse market performance.

CPI Median YoY

2.3%

CPI median is a measure of core inflation corresponding to the price change located at the 50th percentile (in terms of the CPI basket weights) of the distribution of price changes in a given month. This measure helps filter out extreme price movements specific to certain components. This approach is similar to CPI-trim as it eliminates all the weighted monthly price variations at both the bottom and top of the distribution of price changes in any given month, except the price change for the component that is the midpoint of that distribution.

CPI Trimmed-Mean YoY

2.4%

CPI Trimmed is a measure of core inflation that excludes CPI components whose rates of change in a given month are located in the tails of the distribution of price changes. This measure helps filter out extreme price movements that might be caused by factors specific to certain components. In particular, CPI-trim excludes 20 percent of the weighted monthly price variations at both the bottom and top of the distribution of price changes, and thus it always removes 40 percent of the total CPI basket.

NY Empire State Manufacturing Index

New York Empire State Manufacturing Index is based on data compiled from the survey of 200 executives from the companies in the manufacturing sector in the New York State. Participants report the change in 11 indicators including level of general business activity, new orders, shipments, inventories, number of employees, delivery time, capital expenditure from the previous month and the likely direction of these indicators in six months. A reading above 0 indicates manufacturing activity is expanding, below 0 is contracting.

Construction Output YoY

-7.2%

The production index in construction measures the evolution of output within the construction sector, including building construction and civil engineering.

Balance of Trade

-29700000000

India has been recording sustained trade deficits since 1980 mainly due to the strong imports growth, particularly of mineral fuels, oils and waxes and bituminous substances and pearls, precious and semi-precious stones and jewelry. In recent years, the biggest trade deficits were recorded with China, Switzerland, Saudi Arabia, Iraq and Indonesia. India records trade surpluses with the US, United Arab Emirates, Hong Kong, United Kingdom and Vietnam.

Imports

64360000000

India main imports are: mineral fuels, oils and waxes and bituminous substances (27 percent of total imports); pearls, precious and semi-precious stones and jewelry (14 percent); electrical machinery and equipment (10 percent); nuclear reactors, boilers, machinery and mechanical appliances (8 percent); and organic chemicals (4 percent). India’s major import partners are: China (16 percent of total imports), the United States (6 percent), United Arab Emirates (6 percent), Saudi Arabia (5 percent) and Switzerland (5 percent).

Exports

34710000000

In recent years, India exported mostly: pearls, precious and semi-precious stones and jewelry (16 percent of total shipments); mineral fuels, oils and waxes and bituminous substances (12 percent); vehicles, parts and accessories (5 percent); nuclear reactors, boilers, machinery and mechanical appliances (5 percent); pharmaceutical products (5 percent); and organic chemicals (4 percent). India’s main export partners are: United States (15 percent of the total exports), United Arab Emirates (11 percent), Hong Kong (5 percent), China (4 percent), Singapore (4 percent) and United Kingdom (3 percent).

ZEW Economic Sentiment Index

3.6

In Germany, the ZEW Economic Sentiment Index measures the level of optimism that analysts have about the expected economic developments over the next 6 months. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the development of the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts expect the economy to deteriorate) up to 100 (all analysts expect it to improve). A 0 value indicates neutrality.

ZEW Current Conditions

In Germany, the ZEW Current Conditions Index measures the level of optimism that analysts have about the current economic situation. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts see deteriorating economic conditions) up to 100 (all analysts see improving economic conditions). A 0 value indicates neutrality.

Industrial Production MoM

-0.3%

In Euro Area, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

ZEW Economic Sentiment Index

9.3

In the Euro Area, the ZEW Economic Sentiment Index measures the level of optimism that analysts have about the expected economic developments over the next 6 months. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the development of the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts expect the economy to deteriorate) up to 100 (all analysts expect it to improve). A 0 value indicates neutrality.

Industrial Production YoY

-2.2%

In Euro Area, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

IEA Oil Market Report

30-Year Treasury Gilt Auction

4.329%

ECB Bank Lending Survey

In the Euro Area, benchmark interest rate is set by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability which is to keep inflation below, but close to 2 percent over the medium term. In times of prolonged low inflation and low interest rates, ECB may also adopt non-standard monetary policy measures, such as asset purchase programmes. The official interest rate is the Main refinancing operations rate.

Inflation Rate MoM Final

0.1%

In Poland, the most important categories in the consumer price index are: Food and non-alcoholic beverages (25 percent of the total weight); Housing, water, electricity, gas and other fuels (19 percent); Transport (10 percent); Recreation and Culture (6 percent); Alcoholic beverages and tobacco (6 percent), Restaurants and hotels (6 percent); Furnishings, household equipment, routine household maintenance (6 percent); and Miscellaneous goods and services (6 percent). Health, Clothing and footwear, Communication and Education account for the remaining 15 percent of total weight.

Inflation Rate YoY Final

4.3%

In Poland, the most important categories in the consumer price index are: Food and non-alcoholic beverages (24 percent of the total weight); Housing energy/maintenance (21 percent); Transport (9 percent); Recreation and Culture (7 percent). Alcohol and tobacco, Health, Other goods and services, and Clothing account for 6 percent each. Communication, Restaurants and Hotels, Household Equipment and Education account for the remaining 17 percent of total weight.

Budget Balance

-129600000000

The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues.

Core Inflation Rate YoY Final

2.7%

In Spain, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes some volatile price items.

Inflation Rate MoM Final

0%

Inflation Rate MoM measures month over month change in the price of goods and services.

Harmonised Inflation Rate MoM Final

0%

Harmonised Inflation Rate YoY Final

2.4%

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term.

Inflation Rate YoY Final

2.3%

In Spain, the most important categories in the Consumer Price Index are: Foods & Non-alcoholic Beverages (23% of the total weight), Housing, Water, Electricity, Gas & Other Fuels (14%), Restaurants & Hotels (13%) and Transport (13%). The index also includes: Recreation & Culture (6%), Miscellaneous Goods & Services (6%), Clothing & Footwear (6%), Furnishings, Household Equipment & Routine Maintenance (6%), Health (4%), Communications (4%), Alcoholic Beverages & Tobacco (3%), and Education (2%).

Inflation Rate YoY Final

1.8%

In France, the most important category in the consumer price index is services (48 percent of total weight), in particular rents, water and garbage collection (8 percent), health services (7 percent), transport (2 percent), and communication (2 percent). The index also includes: manufactured products (24 percent) such as medical products (4 percent) and clothing and footwear (3 percent); food (16 percent); energy (9 percent) such as petroleum products (4 percent); and tobacco (2 percent).

Inflation Rate MoM Final

0.5%

In France, the most important category in the consumer price index is services (48 percent of total weight), in particular actual rentals and services for dwellings (7 percent), health services (6 percent), transport (3 percent), and communication (2 percent). The index also includes: manufactured products (26 percent) such as medical products (4 percent) and clothing and footwear (4 percent); food (16 percent); energy (8 percent) such as petroleum products (4 percent); and tobacco (2 percent).

Harmonised Inflation Rate YoY Final

2.2%

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term.

Harmonised Inflation Rate MoM Final

0.6%

Industrial Production YoY Final

In Hungary, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

Construction Output YoY

-6.2%

The production index in construction measures the evolution of output within the construction sector, including building construction and civil engineering.

Wholesale Prices YoY

-1.1%

The index of wholesale prices measures the development of prices of goods sold by wholesalers within Germany to the extent that such sales are included under wholesale, such as contracts concluded with resellers, processors or other bulk purchasers. This may refer to goods produced in Germany or to imported goods. Excluded are sales from producers direct to retailers or final consumers.

Wholesale Prices MoM

-0.8%

The index of wholesale prices measures the development of prices of goods sold by wholesalers within Germany to the extent that such sales are included under wholesale, such as contracts concluded with resellers, processors or other bulk purchasers. This may refer to goods produced in Germany or to imported goods. Excluded are sales from producers direct to retailers or final consumers.

Unemployment Rate

4.1%

In the United Kingdom, the headline unemployment rate is the number of unemployed people (aged 16+) divided by the economically active population (aged 16+).

Employment Change

265000

In the United Kingdom, employment change refers to the 3-month moving average compared to the previous period in the number of people in employment aged 16 and over.

Average Earnings incl. Bonus (3Mo/Yr)

4%

In the United Kingdom, wage growth refers to changes in average weekly earnings, before tax and other deductions and including bonuses.

HMRC Payrolls Change

-59000

In the UK, the number of payrolled employees is defined as the number of people receiving paid remuneration included in PAYE RTI within the reference period, including people who have not done work but are an employee - such as those on paid leave.

Average Earnings excl. Bonus (3Mo/Yr)

5.1%

In the United Kingdom, Average Earnings Excluding Bonuses refers to changes in average weekly earnings, before tax and other deductions and excluding bonuses.

Claimant Count Change

23700

Claimant count in the United Kingdom measures the change in the number of people claiming unemployment related benefits.

Balance of Trade

66000000000

The Norwegian trade balance has been in surplus since 1989 and hit NOK 531 billion in 2021, the highest trade surplus ever, mainly due to a much higher price growth on average of goods exported than those imported. Exports increased by 77% to NOK 1,377.8 billion, strongly driven by high prices for energy products, metals and fish. Export income from oil and gas accounted for more than 60% of all merchandise exports in 2021. Imports rose by NOK 82.1 billion from a year earlier to NOK 846.8 billion in 2021. Around a quarter of this increase is due to high imports of passenger cars, which increased by 36.5% and amounted to NOK 72.1 billion. The EU countries, Great Britain, China and the United States are the most important trading partners for Norway.

Inflation Rate MoM Final

Inflation Rate MoM measures month over month change in the price of goods and services.

Inflation Rate YoY Final

In Sweden, the most important categories in the Consumer Price Index is Housing & Utilities (24% of the total weight). Food & Non-alcoholic Beverages account for 14%; Transport for 13%; Recreation & Culture for 13%; Miscellaneous Goods & Services for 8%; and Furniture, Household Goods & Maintenance (7%). Others also includes: Restaurant & Hotels (6%), Clothing & Footwear (4%), Alcoholic Beverages & Tobacco (4%), Health (4%), Communications (3%), and Education (0.30%).

2-Year KTB Auction

2.935%

GDP YoY

0%

In Finland, Monthly GDP YoY measures the change in the value of the goods and services produced by the country economy compared to the corresponding month in the previous year.

MAS 12-Week Bill Auction

MAS 4-Week Bill Auction

Industrial Production YoY Final

2.9%

In Japan, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

Industrial Production MoM Final

3.1%

In Japan, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

Capacity Utilization MoM

2.5%

In Japan, capacity utilization is the quantity of production divided by the quantity of production capacity, expressing the state of operations for various facilities in the manufacturing industry. It does not measure the absolute level of capacity utilization but the relative capacity utilization rate compared with the benchmark year.

Imports YoY

9.46%

From 2004 to 2012, imports to Indonesia tripled, as large portion of the population entered middle-class and propelled higher purchases of oil and consumption goods. However, starting in mid-2013, imports have been declining due to low commodity prices and weak domestic consumption and investment. Main imports products are: oil and gas (around 17 percent of total imports), nuclear reactions, boilers, mechanical appliances (19 percent); iron and steel (5.4 percent), organic chemical materials (4.8 percent) and vehicles (4.5 percent). Main import partners are: China (25 percent of the total imports), Japan (11 percent), Singapore (7.6 percent), Thailand (6.8 percent) and the United States (6.4 percent).

Exports YoY

7.13%

Exports have been an engine of economic growth in Indonesia. However, after reaching a peak in 2012, it have been in a steady decline due to lower commodity prices and dwindling global demand. Major exports are: oil and gas (12.4 percent of the total exports, of those gas 6.9 percent, crude oil 4.3 percent and oil products 1.2 percent); animal and vegetable fats and oils (14 percent); and electrical equipment and machinery (10.45 percent). Other exports include: footwear, part of such articles (3.4 percent); garments not knitted (3 percent) and ores, slag and ash (2.5 percent). Major export partners are: the United States (11.6 percent), China (10 percent of the total exports), Japan (9.9 percent), India (8.8 percent) and Singapore (7 percent).

Balance of Trade

2890000000

Since the 1970’s Indonesia has been recording consistent trade surpluses due to robust exports growth. However, from 2012 to 2014 the country started recording trade deficits, as exports shrank due to slowdown in the global economy and fall in commodity prices. In 2015, trade balance swang again to surplus due to almost 20 percent fall in imports. In recent years, the biggest trade deficits were recorded with China, Thailand, Japan, Germany and South Korea. Indonesia records trade surpluses mainly with India, United States, and Malaysia..

3-Month Bill Auction

6-Month Bill Auction

1-Year Bill Auction

PBoC 1-Year MLF Announcement

2%

In China, the One-Year Medium-Term Lending Facility Rate is the main rate at which the central bank lends to big commercial banks. The MLF rate acts as a guide for the PBOC’s new lending benchmark, the Loan Prime Rate (LPR).

Export Prices YoY

5.7%

In South Korea, Export Prices correspond to the rate of change in the prices of goods and services sold by residents of that country to foreign buyers. Export Prices are heavily affected by exchange rates.

Import Prices YoY

1.8%

In South Korea, Import Prices correspond to the rate of change in the prices of goods and services purchased by residents of that country from, and supplied by, foreign sellers. Import Prices are heavily affected by exchange rates.

Fed Kashkari Speech

In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate.

Fed Waller Speech

In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate.