The first part of the day proceeded relatively calmly. Investors received data from Japan regarding the GDP in the last quarter of 2023, which was worse than expected. This was followed by a set of data from the United Kingdom, where the GDP report came also worse than expected. Similarly to Japan, UK is in technical recession after two consecutive negative quarterly data reading.
In the second part of the day, investors' attention will shift overseas, where data on retail sales and industrial production for January, as well as regional indicators for February, will be published before the stock market opens. The most important report will undoubtedly be retail sales, as recent data showed that the American consumer is in very good condition. However, January's data is expected to show a decrease in month-over-month terms and a smaller increase on an annual basis.
Detailed agenda for the day:
08:00 AM GMT, Spain - Inflation Data for January:
- Spanish CPI: forecast 0.1% MoM; previous 0.0% MoM;
- Spanish CPI: forecast 3.4% YoY; previous 3.1% YoY;
01:30 PM GMT, United States - Employment Data:
- Initial Jobless Claims: forecast 219K; previous 218K;
- Continuing Jobless Claims: forecast 1,880K; previous 1,871K;
01:30 PM GMT, United States - Retail Sales Data:
- Core Retail Sales: forecast 0.2% MoM; previous 0.4% MoM;
- Export Price Index: forecast -0.1% MoM; previous -0.9% MoM;
- Retail Sales: forecast -0.2% MoM; previous 0.6% MoM;
01:30 PM GMT, United States - NY Empire State Manufacturing Index for February:
- forecast -13.70; previous -43.70;
01:30 PM GMT, United States - Philadelphia Fed Manufacturing Index for February:
- forecast -8.0; previous -10.6;
02:15 PM GMT, United States - Industrial Production for January:
- Industrial Production: previous 0.98% YoY;
- Industrial Production: forecast 0.2% MoM; previous 0.1% MoM;
Bankers Speeches:
08:00 AM GMT, Euro Zone - ECB President Lagarde Speaks
12:00 PM GMT, Euro Zone - ECB's Lane Speaks
01:50 PM GMT, United Kingdom - BoE MPC Member Mann
06:00 PM GMT, Germany - German Buba President Nagel Speaks
12:00 AM GMT, United States - FOMC Member Bostic Speaks