Week Ahead Economic Preview: Week of 12 August 2019
- US and China industrial production, retail sales and inflation data
- Germany and Eurozone GDP
- UK labour market update
- Special report on US-China trade war
Key data releases include industrial production data for the US, China and Eurozone, as well as German GDP numbers and an important UK labour market update. Indications of consumer spending will meanwhile be provided by retail sales updates in the US, China and UK, alongside inflation data for the US, UK and China.
Industrial production in the US, China and Eurozone will be eyed for the impact of escalating trade wars (see special report on page 6), and are likely to make for gloomy reading. The official data come on the heels of PMI surveys which showed global manufacturing output falling in July at the sharpest rate since 2012. Disappointing data will add to expectations of further central bank stimulus around the world.
US consumers are expected to continue to provide better news, with retail sales widely expected to show spending propping up the economy and offsetting some of the factory gloom. More insight into US trends will also be gleaned from regional manufacturing and consumer confidence surveys for August (see page 3).
A mass release of official data in China will likewise provide insights into manufacturing, retail and lending trends, and will be scoured for signs that the authorities' attempts to stimulate domestic demand are helping to offset the adverse impact of trade frictions. Other key releases in Asia include GDP updates for Malaysia, Singapore and Hong Kong (see page 5).
Surveys meanwhile suggest UK retail sales could disappoint as Brexit clouds gather, but it will be the labour market that takes centre stage. Official jobs data have been buoyant, but recent recruitment surveys have signalled slower hiring and wage growth trends (page 4).
In the eurozone, second quarter GDP data are updated after the flash release signalled a slowing of quarterly growth to 0.2%. A key release will be Germany's GDP, which PMI data suggest could register a 0.1% decline. With PMI data also disappointing in July, Germany is at risk of sliding into recession (page 4).
Download the report for the full content which includes:
Key diary events
US week ahead
Europe week ahead
Asia Pacific week ahead
US-China trade war escalates as China designated a 'currency manipulator'
European and US PMI commentary: Chris Williamson
Europe commentary: Ken Wattret
APAC commentary: Rajiv Biswas or Bernard Aw
- Ethiopia highlights challenges for African countries in coping with COVID-19
- Weekly Pricing Pulse: Another week of broad-based declines in commodities prices
- US states to endure the deepest COVID-19 related near-term declines
- Capital Markets Weekly: Emerging markets increasingly rely on official lenders
- COVID-19 recession to be deeper than that of 2008-2009
- Capital Markets Weekly: Risk of multiple emerging-market defaults increasing
- Weekly Pricing Pulse: Commodities sell off as the shut-downs continue
- Capital Markets Weekly: Market volatility to remain severe amidst flight to cash
RELATED INDUSTRIES & TOPICS
great coverage of the research coming from our US regional team. https://t.co/2OaQQZSrcJ
Thursday’s figure of nearly 3.3 million set a grim record. “A large part of the economy just collapsed,” said Ben H… https://t.co/aNB36p7Y2A