Monday Apr 18 2022 05:37
12 min
Amid a holiday-shortened week in Europe, traders will be looking ahead to the latest flash PMI surveys from the Eurozone to get a sense of how business confidence has fared in the wake of the Russian invasion of Ukraine. Meanwhile Tesla and Netflix earnings reports are among the highlights from Wall Street as the Q1 reporting season continues.
Eurozone data
A big focus for the market will the latest Eurozone purchasing managers indices (PMIs). EU consumer confidence tumbled due to the war in Ukraine, with inflation the big kitchen table worry. The last round of flash PMIs released on March 23rd pointed to surging input cost inflation and this being passed onto consumers. The German private sector saw the steepest rise in overall input costs on record for the series (since Jan 1998). Incidentally, the PMIs show activity was holding up pretty well, in part it seems because for now companies can pass the costs on, and demand is not a problem.
However, the business confidence reading from the French PMI fell to its lowest since January 2021. In Germany, businesses’ expectations worsened considerably, falling to their lowest since June 2020. German manufacturer confidence turned negative, suggesting more firms expect a fall in output in the year ahead, for the first time since May 2020. Confidence has been shaken by the war in Ukraine, a natural reaction, but also very much by the subsequent expected rise in inflation, which was already high, and supply disruption, which was already bad.
Earnings Season
| 18.04 | 19.04 | 20.04 | 21.04 | 22.04 |
Bank of America Corp (BAC) PMO
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International Business Machines (IBM) AMC
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Tesla Inc (TSLA) AMC
| AT&T (T) PMO
Philip Morris International (PM) PMO
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Major economic data
| Mon Apr 18 | 12:01am | GBP | Rightmove HPI m/m |
| 12:30am | JPY | National Core CPI y/y | |
| 3:00am | CNH | GDP q/y | |
| CNH | Retail Sales y/y | ||
| CNH | Fixed Asset Investment ytd/y | ||
| CNH | Industrial Production y/y | ||
| CNH | NBS Press Conference | ||
| CNH | Unemployment Rate | ||
| All Day | CHF | Bank Holiday | |
| All Day | GBP | Bank Holiday | |
| All Day | EUR | French Bank Holiday | |
| All Day | EUR | German Bank Holiday | |
| All Day | EUR | Italian Bank Holiday | |
| Tentative | EUR | German Buba Monthly Report | |
| 1:15pm | CAD | Housing Starts | |
| 3:00pm | USD | NAHB Housing Market Index | |
| Day 1 | All | IMF Meetings | |
| 11:30pm | NZD | BusinessNZ Services Index | |
| Tue Apr 19 | 2:30am | AUD | Monetary Policy Meeting Minutes |
| 5:30am | JPY | Revised Industrial Production m/m | |
| 1:30pm | CAD | Foreign Securities Purchases | |
| USD | Building Permits | ||
| USD | Housing Starts | ||
| Day 2 | All | IMF Meetings | |
| 3:30pm | AUD | CB Leading Index m/m | |
| Tentative | NZD | GDT Price Index | |
| Wed Apr 20 | 12:50am | JPY | Trade Balance |
| 1:30am | AUD | MI Leading Index m/m | |
| 5:30am | JPY | Tertiary Industry Activity m/m | |
| 7:00am | EUR | German PPI m/m | |
| 9:00am | CHF | Credit Suisse Economic Expectations | |
| EUR | German ifo Business Climate | ||
| EUR | Italian Trade Balance | ||
| 10:00am | EUR | Trade Balance | |
| 11:00am | GBP | CBI Industrial Order Expectations | |
| Tentative | EUR | German 30-y Bond Auction | |
| Tentative | EUR | German 10-y Bond Auction | |
| Tentative | GBP | 30-y Bond Auction | |
| 1:30pm | CAD | CPI m/m | |
| CAD | Common CPI y/y | ||
| CAD | Median CPI y/y | ||
| CAD | Trimmed CPI y/y | ||
| CAD | Core CPI m/m | ||
| CAD | NHPI m/m | ||
| 3:00pm | USD | Existing Home Sales | |
| Day 3 | All | IMF Meetings | |
| 3:30pm | USD | Crude Oil Inventories | |
| 7:00pm | USD | Beige Book | |
| 11:45pm | NZD | CPI q/q | |
| Thu Apr 21 | 1:30am | JPY | Flash Manufacturing PMI |
| 8:15am | EUR | French Flash Services PMI | |
| EUR | French Flash Manufacturing PMI | ||
| 8:30am | EUR | German Flash Manufacturing PMI | |
| EUR | German Flash Services PMI | ||
| 9:00am | EUR | Flash Manufacturing PMI | |
| EUR | Flash Services PMI | ||
| 9:30am | GBP | Flash Manufacturing PMI | |
| GBP | Flash Services PMI | ||
| 10:00am | EUR | Final CPI y/y | |
| EUR | Final Core CPI y/y | ||
| 1:30pm | USD | Philly Fed Manufacturing Index | |
| USD | Unemployment Claims | ||
| 3:00pm | EUR | Consumer Confidence | |
| USD | CB Leading Index m/m | ||
| Day 4 | All | IMF Meetings | |
| 3:30pm | USD | Natural Gas Storage | |
| Fri Apr 22 | 12:00am | AUD | Flash Manufacturing PMI |
| AUD | Flash Services PMI | ||
| 12:01am | GBP | GfK Consumer Confidence | |
| 7:00am | CHF | Trade Balance | |
| GBP | Retail Sales m/m | ||
| 9:00am | EUR | Current Account | |
| 11:00am | GBP | CBI Realized Sales | |
| 1:30pm | CAD | Core Retail Sales m/m | |
| CAD | Retail Sales m/m | ||
| CAD | IPPI m/m | ||
| CAD | RMPI m/m | ||
| 2:45pm | USD | Flash Manufacturing PMI | |
| USD | Flash Services PMI | ||
| Day 5 | All | IMF Meetings | |
| Tentative | USD | Treasury Currency Report |
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