FXStreet (Mumbai) – Econ calendar for the week ending 4th December looks packed. Several market moving economic data from the leading economies are scheduled to be released next week. Markets have their eyes set on the official China PMI, the RBA rate statement, the ECB meeting and the OPEC meeting.
December 1:
China Official PMI – The official PMI factory numbers and the official services PMI numbers will be released on Ist December. Activity in China’s manufacturing sector likely shrank for a fourth straight month in November. The official manufacturing Purchasing Managers’ Index (PMI) can be expected to have remained unchanged in November at 49.8.
RBA rate statement – The RBA will meet on 2nd December. Markets wait to watch whether the Australian central bank further slashes rate to support demand and raise prices or holds rate steady at 2 per cent.
Euro zone PMI and Unemployment rate – The Euro zone
Markit Manufacturing PMI – The Manufacturing PMI is expected to stay unchanged at 52.8. The unemployment rate is also expected to stay unchanged at 10.8.
UK Markit manufacturing PMI – The Markit Manufacturing PMI is expected to dip. The PMI is expected to come in at 54, lower than the previous 55.5.
U.S. ISM manufacturing PMI – The ISM manufacturing PMI is expected to have improved slightly in November. It is expected to come in at 50.3 up from the previous 50.1 reading.
December 2:
Australia GDP- Australia’s Q3 GDP data will also be published on Wednesday, 2nd December. The extremely disappointing capital expenditure data released on 26th November raises speculation that September quarter GDP will be revised down.
Euro zone core CPI and producer prices- Euro zone core CPI year on year is expected to have remained unchanged at 1.1 for November. Producer prices expected to come in at -3.2 per cent.
December 3:
ECB meeting- The ECB will meet on 3rd December to discuss on further easing. ECB is believed to be discussing 20 easing options. ECB president Draghi has hinted at further easing to raise inflation in the bloc. Talks on various easing tools are doing the rounds in the market.
Australia trade balance- Australia trade balance is expected to have declined (-2,665 million).
Euro zone Markit Composite PMI- Euro zone Markit composite PMI is expected to come in unchanged at 54.4.
U.S. ISM non-manufacturing PMI- US non-manufacturing PMI is expected to have fallen at 58.1 from the previous reading of 59.1.
December 4:
OPEC meeting- OPEC members are gathering in Vienna on December 4 to decide on output. OPEC is unlikely to decide on cutting output at the meeting if the non-OPEC members refuse to tread similar line. Non-OPEC countries have so far refused to cut output. The oil glut has caused oil prices to slump ever since the OPEC embarked on the strategy of increasing market share.
(Market News Provided by FXstreet)