ECB President Lagarde Speech

In the Euro Area, benchmark interest rate is set by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability which is to keep inflation below, but close to 2 percent over the medium term. In times of prolonged low inflation and low interest rates, ECB may also adopt non-standard monetary policy measures, such as asset purchase programmes. The official interest rate is the Main refinancing operations rate.

3-Month BTF Auction

2.042%

6-Month BTF Auction

2.011%

12-Month BTF Auction

1.947%

Manufacturing Sales MoM Prel

-1.4%

In Canada, Manufacturing Sales provides a current 'snapshot' of sales of goods manufactured values by the Canadian manufacturing sector, enabling analysis of the state of the Canadian economy, as well as the health of specific industries in the short- to medium-term.

BCB Focus Market Readout

In Brazil, interest rate decisions are taken by The Central Bank of Brazil's Monetary Policy Committee (COPOM). The official interest rate is the Special System of Clearance and Custody rate (SELIC) which is the overnight lending rate.

Foreign Direct Investment

5990000000

In Brazil, Foreign Direct Investment refers to net inflows of foreign direct investments received from abroad, including equity capital and intercompany loans.

Current Account

-2250000000

Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

FGV Consumer Confidence

84.8

IBRE/FGV's monthly Consumer Confidence Survey is designed to capture the sentiment of consumers about the general state of economy and their personal finances. Happy and optimistic consumers are likely to spend more; unhappy and pessimistic consumers spend less. Consumer confidence can thus operate to induce or reduce economic growth. Monitoring consumer sentiment can produce signals about future spending and saving that are useful for anticipating what will happen to the economy in the short run. The IBRE/FGV studies obtain, among other information, consumer assessments and forecasts about the local and family economic situation at the time and for the following months, employment prospects, and intentions and likelihood of buying high-value goods in the next six months. The Consumer Confidence Survey was started in 2002, and data are collected from over 2,000 informants in seven major state capitals: Belo Horizonte, Brasilia, Porto Alegre, Recife, Salvador, Rio de Janeiro, and São Paulo.

Balance of Trade

-610000000

Luxembourg is an export-intensive economy. The country has traditionally imported most of its consumer goods and exported industrial products (steel). Exports now also include chemical and rubber products, finished glass and the most profitable financial services. The nation remains dependent on energy imports. European Union is by far its largest trading partner, accounting for about 84% of exports and 87% of imports.

Exports YoY

18.5%

Hong Kong has an export oriented economy with 99 percent of shipments coming from re-exports. Major exports are electrical machinery, apparatus and appliances which accounts for 36 percent of total shipments. Other exports include: telecommunications and sound equipment (20 percent); office and automatic data processing machines (10 percent); miscellaneous manufactured articles (5 percent) and non-metallic mineral manufactures (5 percent). Main export partners are China (40 percent), the United States (8 percent), Vietnam (6 percent), Singapore (5 percent), Taiwan and Macau.

Imports YoY

16.6%

Hong Kong imports mainly machinery and transport equipment (66 percent of total imports); miscellaneous manufactured articles (14 percent); manufactured goods (9 percent) and food and live animals (4 percent). Main import partners are: China (47 percent), Taiwan (8 percent) and Singapore (7 percent). Others include: Japan, South Korea and the United States.

Balance of Trade

-45400000000

Since the late 1990’s Hong Kong has been recording trade deficits, as imports grew at a faster pace than exports. Hong Kong major exports are electrical machinery, apparatus and appliances; telecommunications and sound equipment and automatic data processing machines. The country imports mainly machinery and transport equipment; miscellaneous manufactured articles; manufactured goods and food and live animals. Main trading partner is China (40 percent of total exports and 47 percent of total imports). Others include: Japan, Singapore, Taiwan and the United States.

Retail Sales YoY

-0.3%

In Poland, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

Unemployment Rate

5.3%

In Poland, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.

Business Confidence

96.5

In Czech Republic, the business confidence survey measures the level of optimism that people who run companies have about the performance of the economy and how they feel about their organizations’ prospects. Czech Statistical Office business confidence indicator is a weighted average of seasonally adjusted confidence indicators in industry, construction, trade and in selected services.

Consumer Confidence

97.7

In Czech Republic, the Czech Statistical Office consumer confidence indicator is the average of four indicators: expected financial situation of consumers, expected total economic situation, expected total unemployment (with inverted sign) and savings expected in 12 months to come. Generally consumer confidence is high when the unemployment rate is low and GDP growth is high. Measures of average consumer confidence can be useful indicators of how much consumers are likely to spend.

PPI YoY

4.9%

Producer prices change refers to year over year change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.

Non Farm Payrolls

5534000

In Switzerland, Non Farm Payrolls include employee jobs in secondary and tertiary sectors, self-employed jobs, apprentices and business owners.

Loan Growth YoY

3.8%

Loan growth in Norway refers to an annual change in the general public’s gross domestic debt.

PPI YoY

-0.3%

Producer prices change refers to year over year change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.

PPI MoM

-3%

In Sweden, the Producer Price Inflation MoM measures a month-over-month change in the price of goods and services sold by manufacturers and producers in the wholesale market.

PPI YoY

0.5%

In Finland, producer price index for manufactured products measures development in the producer prices of goods manufactured in the country. The index includes both goods sold at home and exported goods. The price for domestic goods is the factory price exclusive of taxes and the price for export goods is the f.o.b. price. The index covers commodities of industry categories B to E.

Export Prices YoY

0.9%

In Finland, Export Prices correspond to the rate of change in the prices of goods and services sold by residents of that country to foreign buyers. Export Prices are heavily affected by exchange rates.

Import Prices YoY

-1.3%

In Finland, Import Prices correspond to the rate of change in the prices of goods and services purchased by residents of that country from, and supplied by, foreign sellers. Import Prices are heavily affected by exchange rates.

Coincident Index Final

117.3

Coincident Index correlates with the business cycle, and is used to identify the current state of the economy. In general, increasing coincident index shows that the economy is in an expansion phase, and decreasing coincident index reflects that the economy is in a contraction phase. The index is calculated using month-over-month percentage changes in 11 leading indicators, 11 coincident indicators, and 6 lagging indicators.

Leading Economic Index Final

108.2

In Japan, the Leading Composite Index consists of 12 indexes such as account inventory ratios, machinery orders, stock prices and other leading economic indicators. The index anticipates changes in the direction of the Japanese economy in the coming months. In general, increase in the index reflects that the economy is in an expansion phase, and decreasing coincident index reflects that the economy is in a contraction phase. The index is used to make official judgement on when the business cycle begins and ends.

5-Year KTB Auction

2.44%

Industrial Production MoM

-3.6%

In Singapore, industrial production measures the output of businesses integrated in the manufacturing sector of the economy.

Industrial Production YoY

5.8%

In Singapore, industrial production measures the output of businesses integrated in the manufacturing sector of the economy.

Spring Bank Holiday

Memorial Day

Consumer Confidence

58.7

In Ireland, the Consumer Sentiment Index survey covers a nationally representative sample of 1,000 adults. The questionnaire assesses respondents’ perceptions on the general economy in the previous 12 months as well as expectations for next 12 months; perceptions of recent trends in unemployment and inflation; recent trends and likely future evolution in the household’s financial situation as well as savings and major purchases intentions. The Consumer Sentiment Index is calculated as the percentage of favourable replies minus the percentage of unfavourable replies, plus 100. The indicator varies on a scale of 0 to 200; a value of 0 indicates extreme lack of confidence, 100 neutrality and 200 extreme confidence.

Fed Chair Powell Speech

In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate.