Economic Calendar: UK Growth Disappoints, US Retail Sales in Focus

Today's economic calendar features crucial US retail sales figures and various industrial production readings. Market participants will closely monitor speeches from Fed and ECB officials. Markets are closed in Brazil for Republic Day and in India for Guru Nanak Jayanti. The UK economy cooled faster than expected in the third quarter, marking a disappointing start to Prime Minister Keir Starmer’s promise to turbocharge growth.

Gross domestic product rose 0.1% compared to the previous quarter, below the 0.2% gain forecast by economists, data from the Office for National Statistics showed on Friday. The economy unexpectedly shrank 0.1% in September alone.

Economic Data Releases (Times in GMT):

07:00 - UK Data Releases:

• GDP (YoY) (Q3): actual 1% vs forecast 0.1%; previous 0.7%
• GDP (QoQ) (Q3): actual 0.1% vs forecast 0.2%; previous 0.5%
• Industrial Production (MoM) (Sep): actual -0.5% vs forecast 0.1%; previous 0.5%
• Manufacturing Production (MoM) (Sep): actual -1% vs forecast 0.0%; previous 1.1%

07:30 - Switzerland:

• PPI (MoM) (Oct): forecast 0.1% vs previous -0.1%

07:45 - France Data:

• CPI (MoM) (Oct): forecast 0.2% vs previous -1.3%
• HICP (MoM) (Oct): forecast 0.3% vs previous -1.3%

09:30 - UK:

• Labour Productivity (Q2): previous 0.1% 

13:30 - US Data:

• Core Retail Sales (MoM) (Oct): forecast 0.5% vs previous 0.3%
• Retail Sales (MoM) (Oct): forecast 0.4% vs previous 0.3%
• NY Empire State Manufacturing Index (Nov): forecast -0.30 vs previous-11.90
• Export Price Index (MoM) (Oct): forecast -0.1% vs previous -0.7%
• Import Price Index (MoM) (Oct): forecast -0.1% vs previous -0.4%
• Retail Control (MoM) (Oct): previous 0.7% 

13:30 - Canada:

• Wholesale Sales (MoM) (Sep): forecast 1.0% vs previous -0.6%

14:15 - US Industrial Production:

• Industrial Production (MoM) (Oct): forecast -0.3% vs previous -0.3%
• Industrial Production (YoY) (Oct): previous -0.64%

15:00 - US Additional Data:

• Business Inventories (MoM) (Sep): forecast 0.3% vs previous 0.2%
• Retail Inventories Ex Auto (Sep): forecast 0.5% vs previous 0.3%

18:00 - US:

• Atlanta Fed GDPNow (Q4): forecast 2.5% vs previous 2.5%
• Baker Hughes Oil Rig Count: previous 479
• Baker Hughes Total Rig Count: previous 585

20:30 - CFTC Positions Data (Previous readings):

• GBP speculative net positions: 45.1K
• Crude Oil speculative net positions: 196.1K
• Gold speculative net positions: 255.3K
• Nasdaq 100 speculative net positions: 16.1K
• S&P 500 speculative net positions: 113.4K
• AUD speculative net positions: 31.0K
• BRL speculative net positions: -12.5K
• JPY speculative net positions: -44.2K
• EUR speculative net positions: -21.7K

Market Holidays:

• Brazil - Republic Day
• India - Guru Nanak Jayanti

Central Bank Speakers:

• ECB's McCaul (11:30 GMT)
• ECB's Lane (15:00 GMT)
• Fed's Williams (18:15 GMT)