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The following is an extract from IHS Markit's latest Week
Ahead Economic Preview. For the full report, please click on the
'Download Full Report' link.
December flash PMIs will be released in a week
packed with central bank meetings across the US, UK,
eurozone, Japan and more. Other scheduled economic
releases include US retail sales, UK inflation and
labour market data plus eurozone
industrial production. In APAC, China's industrial
output and retail sales will be published alongside
Japan's Q4 Tankan survey.
Clues as to the impact of the COVID-19 Omicron variant will be
sought in the coming week. Hopes that Omicron may be less
detrimental to the economy than earlier variants has supported
markets in recent sessions, but there remains much uncertainty.
While the Omicron variant's developments look set to remain a key
market driver in the short-term, the attention is expected to be
split with the FOMC meeting. This is particularly so after recent
upbeat economic data, with Fed chair Powell's recent hawkish
comments shaking markets.
Over in Europe the BoE and ECB meet with no changes to monetary
policy expected in the upcoming meetings amid concerns over the
Omicron variant, though the BoE in particular may see differing
views. This follows the RBA this week, stating that economic
recovery in Australia is expected to push through the Omicron
episode. UK inflation figures will also be eagerly awaited
following
November's record PMI survey input cost inflation, with the
monthly labour market report also viewed for signs of rising wage
pressures.
China's retail sales and industrial production will meanwhile be
updated and will come under scrutiny amid growing concerns over
slowing growth.
Purchasing Managers' Index™ (PMI™) data are compiled by IHS Markit for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.
