Weekly agenda from June 19 to 23

Determine macroeconomic data

Europe

Between June 19-23, the focus of interest for Eurozone investors on Thursday will be the European Commission’s Consumer Confidence (ESI) publication. After reaching the lowest level not recorded since 2009 (-28.8 points) last October, the index recovered, although it continued at very low levels historically, to stand at -17.4 points in May.

At the same time, the interest rate meeting of the Bank of England will take place, which at its last meeting in May raised interest rates again by 25 basis points to 4.5%, thus adding twelve consecutive increases and reaching their highest level since 2008. In addition, I left The government’s monetary advice, as in the case of the Federal Reserve, is to open the door for further interest rate hikes if inflationary pressures persist.

In addition, throughout the week, PPI data for Germany and the UK for May will be released. In April, the PPI in Germany came in at 4.1% year-on-year, while in the case of the UK it came in at 5.4%.

Finally, investors will know the new reading of Spain’s GDP in the first quarter. According to the preliminary reading, output in the Spanish economy grew by 0.5% in the first quarter (against 0.2% in the fourth quarter of 2022), exceeding investor expectations by about 0.2 points.

United States of America

In the US, the preliminary reading of the Manufacturing PMI and Services PMI for June will be published on Friday the 23rd. After 5 months of gains, the US Manufacturing PMI in May eased into contraction territory, declining to 48.4 points (vs. 50.2 points in April). On the other hand, the services PMI continued to show great resilience, reaching 54.9 points in May, adding 4 consecutive months in expansion territory.

Similarly, data on housing starts for May will be released on Tuesday, projected to drop again to 1.37M after reaching 1.40M in April.

In turn, on Wednesday, US investors will focus their attention on the release of weekly mortgage applications and the 30-year mortgage rate.

Asia Pacific region

In the Asia-Pacific region, the base rate of the one-year loan will be published in China, which has been stable at 3.65% since August 2022. After the People’s Bank of China cut the reverse repo rate in seven days (-10 basis points to 1.90%), it is expected Investors expect the monetary authority to ease the rate for one year with the aim of boosting the economy, showing a less dynamic recovery than expected at the beginning of the year.

Macroeconomic Agenda

schedule of work

The weekly economic agenda is available in PDF format at the following link.

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