It is a quiet start to the week: in the US we have the Chicago Fed’s National Activity index (CFNAI) numbers for February (0.25 expected; 0.28 prior) which missed badly as noted earlier, printing negative after a sharp upward revision to the January number, as well as the latest existing home sales data (5.31mn expected) momentarily.
Europe kicks into gear on tomorrow as we see the preliminary March PMI numbers for the Eurozone (manufacturing: 51.4 expected; services: 53.3 expected) as well as the regional prints for France and Germany, with most readings expected to hold roughly steady at their prior values. We also see the IFO survey indicator readings for March in Germany and the CPI and PPI readings for February in the UK, with expectations that the monthly numbers will climb out of deflationary territory. We also get a closer look at the state of US manufacturing with the preliminary March manufacturing PMI reading (51.9 expected) as well as the Richmond Fed Manufacturing index print (0.0 expected), with expectations of an improvement in both indicators.
Wednesday is largely quiet across the board with the only data of note being the March consumer confidence reading for the Eurozone (-8.3 expected) and the February new home sales data for the US.
Thursday will see the retail sales data for Italy (January) and the UK (February) as the primary data out of Europe. The ECB is also expected to publish its Economic Bulletin. It’s a bit busier over in the US with the preliminary services and composite PMI numbers for March due. We also get durable goods orders data for February as well as the usual weekly jobless claims numbers.
We close out the week on Friday with consumer confidence and Q4 GDP numbers for France as the only major data out of Europe. Over in the US, we get the final revisions to real GDP growth for Q4.
And visually:
Source: BofA, DB