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Fed, Bank of England and Bank of Japan policy meetings
China fixed asset investment, factory output
Asia trade numbers
UK retail sales and inflation data
Special report on trade-weighted euro
The week ahead is dominated by central bank policy meetings
around the world, with the FOMC being at the front and centre.
China economic data will also be closely scrutinised, as will trade
updates from a number of Asian economies.
Monetary policymaking at the world's central banks is being led
by concerns about the health of the global economy and especially
the extent to which growth is being hurt by trade wars. The
JPMorgan global PMI, compiled by IHS Markit, was
close to a three-year low in August amid a worsening trade
picture, with goods exports falling at the fastest rate since late
2012.
Given increasing signs of global growth weakness, anything less
than a quarter-point interest rate cut from the US Fed will
surprise markets when the FOMC meets. Markets are near certain of a
second Fed rate cut, according to futures data, after recent dovish
remarks from Fed chair Jerome Powell. PMI data from IHS Markit
continued to be consistent with US monetary policy remaining in
dovish territory.
No change in policy is meanwhile expected at the Bank of
England, although increasing signs of the economy sliding into
decline and heightened risks of a no-deal Brexit could see the MPC
adopt a more dovish stance.
In Asia, concerns that the yen may spike if Japan fails to
loosen monetary policy at a time of Fed and ECB easing will place
the Bank of Japan's policy meeting in focus, with attention paid to
any discussions of possible options available to the central bank.
Other regional central banks will also be eyed. Chinese data will
be assessed for damage from trade wars as well as effectiveness of
fiscal stimulus.
The weakening of the renminbi on a combination of slowing global
growth and protracted trade wars has implications not just for the
US, but also the eurozone. Our special report looks at how CNY
depreciation impact eurozone growth prospects.
Download the report for the full content which
includes:
Global overview
Key diary events
US week ahead
Europe week ahead
Asia Pacific week ahead
Special Report
Why a weaker Chinese currency is a headache for the eurozone as
well as the US
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.
