Sunday May 8 2022 06:58
12 min
US inflation will be in focus in the wake of last week’s Federal Reserve decision to rates by 50bps. CPI and PPI numbers are due, whilst the latest consumer inflation expectations report from the University of Michigan will also be parsed. Meanwhile earnings season on Wall Street continues with some of the more speculative names.
US inflation
Inflation remains one of the most important factors in markets today, so the big focus in the coming week is the latest US consumer price index. Headline CPI in March rose by 8.5% from a year before, the fastest annual gain since December 1981. Core inflation, excluding food and energy, rose 6.5%. This week’s print is expected to be similarly high, but will it show signs of cooling or heating? The Fed raised rates by 50bps last week and was relatively cautious as it played down speculation for larger increases over the coming months. If inflation continues to build, the Fed may need to up its pace and this could leave stocks in danger of further selling pressure. CPI is out on Wednesday, whilst producer price inflation is due on Thursday. The University of Michigan inflation expectations survey is on Friday alongside the UoM consumer sentiment report.
European sentiment
A couple of sentiment updates for the Euro area will be of interest. Monday has the Sentix Investor Confidence report, whilst Tuesday sees the release of the ZEW Economic Sentiment report. Then on Wednesday we get the lates EU economic forecasts for the bloc – the war in Ukraine and inflation are sure to be factors.
Earnings
Corporate earnings season on Wall Street continues with some of the more speculative names in the market. Peloton, Coinbase, Roblox and Beyond Meat are just a few of the large cap companies updating the market. On Wednesday, media giants Liberty Global and Walt Disney report earnings.
Earnings Season
| 09.05 | 10.05 | 11.05 | 12.05 | 13.05 |
Palantir Technologies (PLTR) PMO
Viatris (VTRS) PMO
Lemonade (LMND) AMC
| Peloton (PTON) PMO
| Takeda Pharmaceutical (TAK) PMO
Liberty Global Class A (LBTYA) AMC
|
Major economic data
| Sun May 8 | 7:30pm | JPY | Average Cash Earnings y/y |
| 7:50pm | JPY | Monetary Policy Meeting Minutes | |
| Mon May 9 | 2:45am | EUR | French Trade Balance |
| 4:30am | EUR | Sentix Investor Confidence | |
| 8:30am | CAD | Building Permits m/m | |
| 10:00am | USD | Final Wholesale Inventories m/m | |
| Tentative | USD | Loan Officer Survey | |
| 7:01pm | GBP | BRC Retail Sales Monitor y/y | |
| 7:30pm | JPY | Household Spending y/y | |
| 9:30pm | AUD | NAB Business Confidence | |
| 11:35pm | JPY | 10-y Bond Auction | |
| Tue May 10 | 10th-15th | EUR | German WPI m/m |
| 4:00am | EUR | Italian Industrial Production m/m | |
| 5:00am | EUR | ZEW Economic Sentiment | |
| EUR | German ZEW Economic Sentiment | ||
| 10th-15th | CNH | M2 Money Supply y/y | |
| 10th-15th | CNH | New Loans | |
| 6:00am | USD | NFIB Small Business Index | |
| Tentative | USD | IBD/TIPP Economic Optimism | |
| 8:30pm | AUD | Westpac Consumer Sentiment | |
| 9:30pm | CNH | CPI y/y | |
| CNH | PPI y/y | ||
| Tentative | CNH | Trade Balance | |
| Tentative | CNH | USD-Denominated Trade Balance | |
| Wed May 11 | 1:00am | JPY | Leading Indicators |
| 2:00am | EUR | German Final CPI m/m | |
| 5:00am | EUR | EU Economic Forecasts | |
| Tentative | EUR | German 10-y Bond Auction | |
| 8:30am | USD | CPI m/m | |
| USD | Core CPI m/m | ||
| Tentative | USD | Mortgage Delinquencies | |
| 10:30am | US OIL | Crude Oil Inventories | |
| 1:01pm | USD | 10-y Bond Auction | |
| 2:00pm | USD | Federal Budget Balance | |
| 6:45pm | NZD | FPI m/m | |
| NZD | Visitor Arrivals m/m | ||
| 7:01pm | GBP | RICS House Price Balance | |
| 7:50pm | JPY | BOJ Summary of Opinions | |
| JPY | Bank Lending y/y | ||
| JPY | Current Account | ||
| 9:00pm | AUD | MI Inflation Expectations | |
| 11:00pm | NZD | Inflation Expectations q/q | |
| 11:35pm | JPY | 30-y Bond Auction | |
| Thu May 12 | 1:00am | JPY | Economy Watchers Sentiment |
| 2:00am | GBP | Prelim GDP q/q | |
| GBP | Construction Output m/m | ||
| GBP | GDP m/m | ||
| GBP | Goods Trade Balance | ||
| GBP | Index of Services 3m/3m | ||
| GBP | Industrial Production m/m | ||
| GBP | Manufacturing Production m/m | ||
| GBP | Prelim Business Investment q/q | ||
| Tentative | EUR | Spanish 10-y Bond Auction | |
| Tentative | GBP | 10-y Bond Auction | |
| 7:30am | EUR | ECB Monetary Policy Meeting Accounts | |
| 8:30am | USD | PPI m/m | |
| USD | Core PPI m/m | ||
| USD | Unemployment Claims | ||
| Tentative | GBP | NIESR GDP Estimate | |
| 10:30am | Nat Gas | Natural Gas Storage | |
| 1:01pm | USD | 30-y Bond Auction | |
| 4:00pm | USD | FOMC Financial Stability Report | |
| 6:30pm | NZD | BusinessNZ Manufacturing Index | |
| 7:50pm | JPY | M2 Money Stock y/y | |
| Fri May 13 | 2:45am | EUR | French Final CPI m/m |
| Tentative | CNH | Foreign Direct Investment ytd/y | |
| 5:00am | EUR | Industrial Production m/m | |
| 8:30am | USD | Import Prices m/m | |
| 10:00am | USD | Prelim UoM Consumer Sentiment | |
| USD | Prelim UoM Inflation Expectations | ||
| Tentative | USD | Treasury Currency Report |
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