Macro Data


Several important events this week; primary being the month and quarter end and an expected significant re-balance with bonds being bought and equities being sold. The question is whether asset allocator's will stick to the 60:40 historical balance?  The hedge benefit of bonds is being called into question at present.We also get the US payrolls data and a lot countries releasing Manufacturing PMI data.

Also on the agenda is President Biden’s infrastructure plan due to be released Wednesday and expected to involve US$3-4tn.

For some it will be a short week, with the approach of Easter and a lot of markets closed for Good Friday; including Hong Kong which is also closed on the Monday and Tuesday
(Qingming Festival and Easter Monday).
Japanese year end, so their bond purchases are expected to increase.
Other key data this week in addition to the PMI data includes
Japan Retail Sales and the Tankan survey.
S Korea Business Confidence, Industrial & Manufacturing Production data, Retail Sales and Balance of Trade
China Official and Caixin PMI data
Hong Kong Retail Sales and a lot of company earnings up to end of Month .

Euro Zone sentiment data, Inflation
Germany Inflation, Import Prices, Unemployment and Retail Sales.
France Inflation and PPI
UK Mortgage applications, GDP Growth, Nationwide House Prices, Inflation.

US House Price Index, Pending Home Sales, ADP and Challenger Data, ISM data.

Saturday 27 March 
CHINA Industrial Profits YTD Feb +178.9% YoY vs +4.1% Jan (F/cast was +4.7%)
Suggesting the economy consolidated its recovery from last year's massive slump. Profits soared at both state-owned industrial firms (182%) and private-sector (136.7%). Among the 41 industries surveyed, 38 saw profit rises. The communications posted the largest increase in profit (-5,891.5%), followed by automobile (2,525.6%), chemical raw materials (498.4%), electrical machinery & equipment (430.8%), special equipment manufacturing (399%), general equipment (319.3%), ferrous metal smelting (3,895.8%), coal mining (204.4%), textile (142.5%), non-metallic mineral products (81.9%), and power, electricity (44.7%). In contrast, profits at oil and natural gas extraction industry fell (-28.7%).
Monday 29 March 
JAPAN BoJ Summary of Opinions
S KOREA No data due
TAIWAN No data due
CHINA  No data due
HONG KONG  No data due
EUROZONE  No data due
GERMANY  No data due
FRANCE  No data due
UK BoE Consumer Credit, Mortgage Lending & Approvals, Net Lending to Individuals.
US Dallas Fed Manufacturing IndexFed’s Waller speaks
Earnings Vaxcyte, Cal-Maine Foods

Tuesday 30 March
JAPAN Unemployment Rate, Jobs/application Ratio, Retail Sales
S KOREA No data due
TAIWAN No data due
CHINA No data due
HONG KONG Retail Sales
EUROZONE Economic Sentiment, Consumer Confidence, Consumer Inflation Expectations, Industrial Sentiment, Services Sentiment
GERMANY Import Prices, Inflation Rate,
FRANCE Consumer Confidence
UK No data due
US Redbook, Case-Shiller Home Price, House Price Index, CB Consumer Confidence, API Crude Oil Stock Change
Earnings: Lululemon Athletica, Chewy, McCormick, BioNtech, FactSet, Blackberry, PVH

Wednesday 31 March
JAPAN Industrial Production, Housing Starts, Construction Orders
S KOREA Business Confidence, Construction Output, Industrial Production, Manufacturing Production, Retail Sales
TAIWAN No data due
CHINA Manufacturing and Non Manufacturing PMI
HONG KONG  No data due
EUROZONE Core Inflation Rate and Inflation Rate
GERMANY Unemployment Change and Rate
FRANCE Inflation Rate, Household Consumption, PPI
UK Current Account, GDP Growth Rate, Nationwide Housing Prices, Business Investment,
US MBA mortgage Applications and 30 yr Mortgage Rate, ADP Employment Change, Chicago PMI, Pending Home Sales, EIA Oil Change, USDA Prospective Plantings Report.
Earnings: Walgreens Boots Alliance, Micron, Dave & Buster’s, Guess

Thursday 1 April 
JAPAN Tankan Survey (Large Manufacturers Index, Large All Industry Capex, Large Manufacturing Outlook, Large Non Manufacturing Index and Small Manufacturers Index). Foreigner Stock and Bond Investment,  Manufacturing PMI.  10 year JGB Auction
S KOREA Balance of Trade, Exports, Imports, Manufacturing PMI
TAIWAN Manufacturing PMI
CHINA Caixin Manufacturing PMI
HONG KONG No data due
EUROZONE Manufacturing PMI
GERMANY Retail Sales, Manufacturing PMI
FRANCE Manufacturing PMI, New Car Registrations
UK Manufacturing PMI
US Challenger Job Cuts, Initial Claims, 4 Week Average Claims, Continuing Claims, Manufacturing PMI, Construction Spending, ISM Manufacturing Data (PMI, New Orders, Prices and Employment), EIA Natural Gas Stocks, Baker Hughes Oil Rig Count, Total Vehicle Sales.
Earnings: CarMax

Friday 2 April 
JAPAN  No data due
S KOREA 
Inflation Rate
TAIWAN  No data due
CHINA  No data due
HONG KONG  No data due Market Closed for Good Friday
EUROZONE  No data due
GERMANY No data due Market Closed for Good Friday
FRANCE Budget Balance Market Closed for Good Friday
UK No data due Market Closed for Good Friday
US Market closed.  Non Farm Payrolls, Unemployment, Average Hourly Earnings, Average Weekly Hours, Participation Rate, ISM New York Index.

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Investors last week had two key questions answered.  The Fed will remain accommodative and US/China relations are not going change in the short term and for China might be slightly harder as the US presents a multi lateral approach.  It will be interesting to see how asset allocators position themselves in the next couple of weeks.This week investors will be watching the European PMI’s to see how much covid   has impacted.

Data wise for China is light; Prime loan data was left unchanged on Monday and on Saturday we get Industrial Profits.
For Japan just Coincident & Leading Economic indexes out Monday were a little light, next is PMI data Wednesday along with the BoJ meeting notes and then Tokyo Inflation data Friday.
S Korea PPI and Consumer Confidence.
Taiwan Unemployment and Exports due after market Monday. Industrial Production and Retail Sales Tuesday and M2 Money supply Wednesday.
HK Current Account and Inflation on Monday and trade data Thursday but it. Is a busy week for earnings with Petrochems and Ecommerce names reporting.

In Europe Flash PIM data in focus along with Confidence data from Germany and France. German also has Ifo data released.
UK Employment and wages data, inflation, PPI, Retail Prices and Sales

US Home Sales data will be closely watched, along with Chicago Fed National Activity Index , Richmond Fed Manufacturing Index, Durable Goods, PMI, GDP data, Personal Income and Spending, Wholesale Inventories, Michigan Consumer data and the Feds liked PCE data.




Monday 22 March 
JAPAN
Out Coincident Index final Jan 90.3 vs 88.2 Dec (F/cast was 91.7)
Leading Economic Index final Jan 98.5 vs 97.7 Dec (F/cast was 99.1)
S KOREA No data due
TAIWAN After market Unemployment and Export Orders
CHINA Out Loan Prime rates were announced unchanged; 5 yr 4.65% and 1 yr 3.85%;
HONG KONG After Market Current Account  and Inflation Rate
EUROZONE Current Account
GERMANY Bundesbank Monthly Report
FRANCE No data due
UK No data due
US Chicago Fed National Activity Index, Existing Home Sales
Fed Speakers Powell, Quarles and Bowman.

Tuesday 23 March
JAPAN No data due
S KOREA No data due
TAIWAN industrial Production and Retail Sales
CHINA No data due
HONG KONG No data due
EUROZONE No data due  
GERMANY No data due
FRANCE No data due
UK Claimant Change, Unemployment Rate, Average Earnings, CBI Industrial Trends Orders, 30yr Gilt Auction.
US Current Account, Redbook, New Home Sales, Richmond Fed Manufacturing Index, API crude Oil Stocks
Powell Testimoney, Brainard Speech

Wednesday 24 March 
JAPAN BoJ Policy Meeting Minutes, PMI Flash (Manufacturing, Services, Composite)
S KOREA PPI
TAIWAN M2 Money Supply
CHINA No data due
HONG KONG No data due
EUROZONE PMI Flash (Manufacturing, Services, Composite), Consumer Confidence.
GERMANY PMI Flash (Manufacturing, Services, Composite)
FRANCE PMI Flash (Manufacturing, Services, Composite)
UK Inflation Rate, Core Inflation Rate, PPI Core, PPI Input, PPI Output, Retail Price Index, PMI Flash (Manufacturing, Services, Composite)
US MBA  Mortgage Applications, 30 yr Mortgage Rate, Durable Goods, EIA Oil Report, PMI Flash (Manufacturing, Services, Composite) Powell Testimony

Thursday 25 March 
JAPAN Foreign Stock and Bond Investment
S KOREA No data due  
TAIWAN No data due
CHINA No data due
HONG KONG Balance of Trade, Exports, Imports
EUROZONE Loans to Households, Loans to Companies, M3 Money Supply
GERMANY Consumer Confidence
FRANCE Business Confidence, Business Climate Indicator, Unemployment Benefit Claims, Jobseekers Total
UK Car Production, CDI Distributive Trades
US Jobless Claims 4 week average, Initial Claims, Continuing Claims, Corporate   Profits, GDP Price Index, GDP Growth Rate, PCE Prices, Core PCE prices, EIA Natural Gas Report, Kansas Fed Manufacturing Index, 7 yr Note Auction.

Friday 26 March
JAPAN Tokyo Core CPI
S KOREA Consumer Confidence
TAIWAN No data due
CHINA No data due
HONG KONG No data due
EUROZONE No data due
GERMANY Ifo (Business Climate, Expectations and Current Conditions
FRANCE No data due
UK Retail Sales data
US Personal Spending and Income, PCE Price Index, Core PCE Price Index, Wholesale Inventories, Goods Trade Balance,  Michigan Data (Current Conditions, Consumer Expectations, 5yr Inflation Expectations, Consumer Sentiment, Inflation Expectations), Baker Hughes Rig Count.

Saturday 27 March 
CHINA Industrial Profits

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Exceptional trade data from China should see the market open higher and sentiment is likely to be positive after the good jobs report Friday and the fact that the T10 saw an initial move higher but then fell for most of the day.  Early Saturday morning the Senate approved Biden’s stimulus bill after some last minute adjustments, likely to be voted on by the House on Tuesday. Both of which could have implications for inflation and interest rates.  We get inflation data from a number of countries this week (incl the US on Wednesday) with February data expected to remain muted but lots of conjecture about the future; so it is likely that US Treasury auctions are going to be more closely followed in the weeks ahead.  Traders noting that Japanese institutional participation this month could be reduced ahead of their year end on March 31.

Worth reading Market Thinking March 'Rotating out of long Duration Assets’
https://market-thinking.com/2021/03/market-thinking-march/
Notes that March is a key month for Asset Allocators to reposition portfolios and with the ’new narrative’ of inflation or the reflation trade with commodities in focus along with Emerging Markets. Notes that industrial mining stock have outperformed gold and its role as a stabiliser has been usurped by Bitcoin.

AHEAD
US Earnings season effectively ended with the last few reporting, which is likely to mean a greater importance on Macro Data for day traders and longer term investors. Inflation/Reflation theme predominates along rotation trades.

For Asia
Japan focus on Household spending and GDP data
S Korea Only Current Account this week.
Taiwan Trade data and Inflation
China Trade data out NPC and CPPCC in focus. Additionally on Wednesday Inflation and PPI data; we could also get Loans data.

For Europe 
Eurozone Employment, GDP, ECB Rate Decision and Industrial Production
Germany Industrial Production, Balance of Trade and Inflation (on Friday)
France Industrial Production.
UK Balance of Trade, GDP data, Goods Trade Balance, Construction, Manufacturing and Industrial Production data.

US 
Inflation on Wednesday although that is historic and likely to be muted but also; Wholesale Inventories, Consumer Inflation expectations, Business Optimism, PPI, Michigan Prelim data. Treasury auctions also likely to be watched more carefully.

Sunday  7 March 
CHINA 
Foreign Reserves Feb $3.205tn vs 3.211tn Jan (F/cast was 3.2tn)
Balance of Trade Jan-Feb $103.25b vs 78.17b Dec (F/cast was 60b)
Exports Jan-Feb +60.6% vs 18.1% Dec (F/cast was +35%)
Imports Jan-Feb +22.2% vs 6.5% Dec (F/cast was +12%)
Much stronger data reflects that many Chinese factories did not shut down for the lunar new year due to covid travel restrictions. Key will be whether this is trade brought forward and restocking or real new demand. My feeling it is more of the former.

Monday 8 March
JAPAN Current Account and Bank Lending.  Later @ 12pm Prelim Coincident Index and Leading Economic Index then at 1pm Eco Watchers Survey Current and Outlook.
S KOREA No data due
TAIWAN No data due
CHINA No data due
HONG KONG No data due
EUROZONE No data due
GERMANY Industrial Production
FRANCE No data due
UK No data due
US Wholesale Inventories, Consumer Inflation Expectations
Earnings Stitch Fix, Casey’s General Store

Tuesday 9 March
JAPAN household Spending, Average Cash Earnings, GDP Growth data (Rate, Annualised, External Demand, Capital Expenditure, Private Consumption, Price Index), Machine Tool Orders
S KOREA Current Account
TAIWAN Balance of Trade, Exports, Imports, Inflation Rate, Wholesale Prices
CHINA No data due
HONG KONG No data due
EUROZONE Employment Change, GDP Growth Rate
GERMANY Balance of Trade, Exports, Imports, Current Account.
FRANCE Non Farm Payrolls data
UK No data due
US NFIB Business Optimism, Redbook, WASDE Report, API Crude Oil Stock Change Earnings H&R Block, Navistar, Thor Industries, Dick’s Sporting Goods

Wednesday 10 March 
JAPAN No data due
S KOREA
 No data due
TAIWAN
 No data due
CHINA 
Inflation Rate, PPI
HONG KONG No data due
EUROZONE No data due
GERMANY No data due
FRANCE Industrial Production
UK No data due
US Core Inflation Rate, Inflation Rate, EIA Oil Change Report, Monthly Budget Statement
Earnings Campbell Soup, Oracle, Vera Bradley, Tupperware, United Natural Foods, Adidas, Cloudera, Bumble, Fossil, Lending Club, Express, AMC Entertainment

Thursday 11 March 
JAPAN PPI, Stock and Bond Investment by Foreigners
S KOREA No data due
TAIWAN No data due
CHINA No data due but could get New Yuan Loans, Outstanding Loans, Total Social Financing an M2 Money Supply.  NPC due to close.
HONG KONG No data due
EUROZONE ECB Interest Rate Decision, Marginal Lending Rate, Marcoeconomic Projections
GERMANY No data due
FRANCE No data due
UK No data due
US Initial Claims, 4 Week Average Claims, Continuing Claims, JOLTs Job Openings, EIA Natural Gas Change Report.
Earnings Ulta Beauty, Vail Resorts, DocuSign, Poshmark, Gogo, Zumiez, JD.com, WPP, Party City

Friday 12 March 
JAPAN BSI Large Manufacturing
S KOREA No data due
TAIWAN No data due
CHINA No data due but could get FDI (YTD) and Vehicle Sales
HONG KONG Industrial Production
EUROZONE Industrial Production
GERMANY Inflation Rate
FRANCE No data due
UK Balance of Trade, GDP Data, Construction Output, Industrial Production, Manufacturing Production, Goods Trade Balance, NIESR Monthly GDP Tracker
US PPI, Core PPI, Michigan Data Prelim (Current Conditions, Consumer Sentiment, Inflation Expectations, Consumer Expectations, 5 year Inflation Expectations), Baker Hughes Rig Data, US Budget Plan.
Earnings Buckle

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US Earnings winding down but still some majors (including  Zoom Target, Kohl’s, Nordstrom, Costco and BJ’s Warehouse) along with Fed speakers who are expected to try and sooth inflation fears. US data PMI, ISM data, ADP, Factory Orders, Payrolls and Trade Balance are the key ones.
In Asia China PMI’s, and the ’two sessions’ annual political meeting of the National People’s Congress and Chinese People’s Political Consultative Conference. With investors watching for the next five plans as well as the short term priorities; will China focus on stimulus or dealing with the increasing bad debt problem?Next Sunday China releases its Trade Data, the PMI data suggests that it may show a slow down.
S Korean; Trade, Retail Sales, Manufacturing & Industrial production data, Inflation and GDP growth. Japan employment and Capital spending
In Europe lots PMI and Inflation data.  Also German and French Retail Sales and Factory output

Monday March 1
JAPAN Manufacturing PMI
S KOREA Balance of Trade, Exports, Imports Market Closed
TAIWAN No data due Market Closed
CHINA Caixin Manufacturing PMI
HONG KONG  No data due
EUROZONE Manufacturing PMI
GERMANY Manufacturing PMI, Inflation Rate
FRANCE Manufacturing PMI, New Car Registrations
UK Manufacturing PMI, Manufacturing PMI, Mortgage Lending, BoE Consumer Credit, Mortgage Approvals, Net Lending to Individuals
US Manufacturing PMI, Construction Spending, ISM Manufacturing data (PMI, New Orders, Prices & Employment), Total Vehicle Sales
Earnings  Zoom Video, MBIA, Ambac Financial, Hilton Grand Vacations, Inovio Pharma, Perrigo, Boingo Wireless, Tegna

Tuesday March 2
JAPAN Unemployment data and Capital Spending
S KOREA Industrial & Manufacturing Production and Retail Sales, Manufacturing PMI
TAIWAN Manufacturing PMI
CHINA No data due
HONG KONG No data due
EUROZONE Core Inflation Rate, Inflation Rate
GERMANY Retail Sales, Unemployment
FRANCE No data dueUK Nationwide House Prices.
US Redbook, ISM New York, IBD.TIPP Economic Optimism, API Crude Oil Change.
Earnings: Target, Box, Hewlett Packard Enterprise, Nordstrom, Ross Stores, International Game Technologies, AutoZone, Kohl’s, Abercrombie and Fitch, Hovnanian

Wednesday March 3
JAPAN Services and Composite PMI
S KOREA No data due
TAIWAN No data due
CHINA Caixin Services and Composite PMI
HONG KONG PMI
EUROZONE Services and Composite PMI, PPI
GERMANY Services and Composite PMI
FRANCE Services and Composite PMI
UK Services and Composite PMI, Budget Speech
US MBA Mortgage Applications and 30 yr Mortgage Rate, ADP Employment Change, Services and Composite PMI, ISM Non Manufacturing Data (PMI, New Orders, Business Activity, Prices, Employment), EIA Gasoline and Crude Stocks changes
Earnings: Wendy’s, Dollar Tree, Brown-Forman, Vivendi, Splunk, Marvell Tech, Snowflake, Vroom, American Eagle Outfitters

Thursday March 4
JAPAN Foreign Stock and Bond Investment, Consumer Confidence
S KOREA Inflation Rate, GDP Growth Rate
TAIWAN No data due
CHINA No data due
HONG KONG No data due
EUROZONE Retail Sales, Unemployment Rate, Construction PMI
GERMANY Construction PMI
FRANCE Construction PMI, Retail Sales
UK New Car Sales, Construction PMI
US Challenger Job Cuts, Initial Claims, 4 week Average Claims, Continuing Claims, Factory Orders, EIA Natural Gas Stocks Change,
Earnings: Broadcom, Costco, BJ’s Wholesale, Gap, Burlington Stores, Ciena, Michael’s Cos, IMAX, Kroger, Cooper Cos

Friday March 5
JAPAN Foreign Exchange Reserves
S KOREA No data due
TAIWAN  Foreign Exchange Reserves
CHINA No data due
HONG KONG Foreign Exchange Reserves
EUROZONE No data due
GERMANY Factory Orders
FRANCE Balance of Trade, Current Account
UK Halifax House Price Index
US Balance of Trade, Non Farm Payrolls, Unemployment Rate, Average Weekly Hours, Average Hourly Earnings, Participation Rate, Exports, Imports, Baker Hughes Rig Data
Earnings: Big Lots

Sunday March 6
China Balance of Trade, Exports, Imports, Foreign Exchange Reserves.

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Earnings still in focus but Treasury yields too especially as Fed's Powell to give semi annual testimonies to Senate and House this week.  Expect continued rotation out of Tech and into value or reflation trades.  The 2H recovery could start in Q2 driven by the growth in US household savings.

I expect resources linked to EV and green energy to see a new rally and for Japanese banks and brokers to see more interest too. Value plays back on the radar.  I still think Tech components have more upside. 

On Earnings watch Home Depot and Lowes; which are likely to impact Techtronics (669 HK) too.  Macy’s and TJX for a take on consumer attitudes in the US.
For HK: HSBC and Hang Seng Bank on Monday.

On data
For the US key will be durable goods, personal income & spending, PCE price index (a Fed favourite for inflation).
For Asia
Japan Friday’s Tokyo CPI and Retail Sales
S Korea the BoK rate decision along with Consumer and Business Confidence Taiwan GDP growth out Sat 20 Feb, then Industrial Production, Retail Sales and Unemployment.
China only House Price Index due this week
For Europe
Eurozone Inflation, Consumer & Business Sentiment
Germany Ifo data, GDP growth and Consumer Confidence
France Business and Consumer Confidence
UK Employment Data and House Prices

Saturday 20 February 
CHINA  Released Loan Prime Rate data - unchanged as expected

Monday 22 February
JAPAN No data due
S KOREA No data due
TAIWAN No data due
CHINA No data due
HONG KONG Inflation Rate
EUROZONE No data due
GERMANY  Ifo Business Climate, Current Conditions and Expectations.
FRANCE No data due
UK No data due
US Chicago Fed National Activity Index, Dallas Fed Manufacturing Index
Earnings: Dish Network, Royal Caribbean, Marathon Oil, Ingersoll-Rand, Occidental Petroleum, Transocean, Zoominfo, ONEOK, HSBC

Tuesday 23 February 
JAPAN No data due
S KOREA Consumer Confidence
 TAIWAN No data due
CHINA House Price Index
HONG KONG No data due
EUROZONE Core Inflation Rate, Inflation
GERMANY No data due
FRANCE No data due
UK Unemployment Rate, Claimant Count Change, Average Earnings, Employment Change, Labour Productivity, CBI Distributive Trades
US Redbook, Case-Shiller Home Price, House Price Index, Consumer Confidence, Richmond Fed Manufacturing Index,  API Crude Oil Index
Fed Chairman Powell semi-annual economic testimony Senate Banking Committee
Earnings: Home Depot, Macy’s, Intuit, Thomson Reuters, Square, Toll Brothers, Jazz Pharmaceuticals, McAfee, Medtronic, Pioneer Natural Resources, Bank of Montreal

Wednesday 24 February 
JAPAN No data due
S KOREA 
Business Confidence
TAIWAN Industrial Production, Retail Sales, M2 Money Supply
CHINA No data due
HONG KONG GDP Growth Rate
EUROZONE No data due
GERMANY GDP Growth Rate
FRANCE Business Confidence, Business Climate Indicator
UK No data due
US MBA Mortgage Applications and 30 yr Mortgage Rate, New Home Sales, EIA Oil Report
Fed Chairman Powell semi-annual economic testimony at House Financial Services Committee
Earnings: Lowe’s, NVIDIA, Viacom, Public Storage, Booking Holdings, TJX, Brookdale, Royal Bank of Canada, Apache, Petrobras, Pure Storage, L Brands, Casper Sleep

Thursday 25 February 
JAPAN Coincident Index, Leading Economic Index
S KOREA BoK Interest Rate Decision
TAIWAN Unemployment Rate
CHINA No data due
HONG KONG Balance of Trade, Exports and Imports
EUROZONE Loans to Household and Companies M3 Money Supply, Economic Sentiment, Consumer Confidence, Consumer Inflation Expectations, Industrial Sentiment, Services Sentiments
GERMANY Consumer Confidence
FRANCE Consumer Confidence
UK No data due
US Durable Goods Data, GDP Data (Price Index, Growth Rate), Initial Claims, 4 week Average Claims, Continuing Claims, PCE Prices, Core PCE Prices, Pending Home Sales, EIA Natural Gas Report.
Earnings: Salesforce.com, Norwegian Cruise Lines, Etsy, Best Buy, HP, Shake Shack, Beyond Meat, Anheuser-Busch Inbev, Dell Technologies, Virgin Galactic, American Tower, Cleveland Cliffs, Airbnb, Carvana, Door Dash

Friday 26 February 
JAPAN Tokyo Core CPI, Tokyo CPI, Industrial Production, Retail Sales, Foreign Bond and Stock Investments, Housing Starts and Construction Orders
S KOREA No data due
TAIWAN Current Account
CHINA No data due
HONG KONG No data due
EUROZONE No data due
GERMANY Import Prices
FRANCE GDP Growth Rate, Inflation Rate, Household Consumption, PPI, Unemployment Benefit claims, Jobseekers Total.
UK Nationwide Housing Prices, Car Production
US Personal Income and Spending, PCE Price Index,Wholesale Inventories, Goods Trade Balance, Core PCE Price Index, Chicago PMI, Michigan Data Final (Consumer Sentiment, Consumer Expectations, Current Conditions, 5 year Inflation Expectations, Inflation Expectations), Baker Hughes Rigs Count, US Budget Plan.
Earnings: Fluor, Cinemark, Draft Kings, Foot Locker, AMC Networks, Berkshire Hathaway (Saturday).

Saturday 27 February Taiwan Consumer Confidence
Sunday 28 February China Manufacturing and Non Manufacturing PMI

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Earnings continue this week; including CVS Health, Hilton, Walmart and Deere.  
Data wise for the US Fed minutes on Wednesday and Housing data will be closely watched, we also get PPI and Retail Sales. Expect the debate over inflation to continue. The passage of the stimulus package will also be watched.
In Asian Japan saw better than expected Prelim GDP data on Monday. Later we get Trade Data Wednesday and Inflation Data Friday. S Korea Import/Export Prices and PPITaiwan GDP data at the weekend, nothing for China but Unemployment for HK.
In Europe PMI data out Friday, ahead of that Trade data, GDP, Employment, Consumer Confidence amongst other data.  Germany ZEW data, France Unemployment and Inflation,  UK Inflation, PPI data and retail sales.

Monday Feb 15
JAPAN Data out Preliminary GDP data pre market Growth Rate Q4 +3% vs +5.3% Q3  (F/cast was +2.2%)
Growth Annualised Q4 12.7% vs 22.7% Q3 revised from 22.9% (F/cast was 9%)
Capital Expenditure Q4 +4.5% vs -2.4% Q3 (F/cast was 2.5%)
Extrernal Demand Q4 +1% vs +2.6% Q3 revised from+2.7% (F/cast was +1.2%)
Private Consumption Q4 +2.2% vs 5.1% Q3 (F/cast was +1.5%)
Price Index Q4 +0.2% vs +1.2% Q3
Industrial Production Dec -1% MoM vs -0.5% Nov (F/cast was -1.6%)
Industrial Production Dec -2.6% YoY vs -3.9% Nov (F/cast was -3.2%)
Capacity Utilisation Dec +0.8% vs -2.9% Nov (F/cast was -2%)
S KOREA Data out January Auto data Auto Exports +29.5%
Auto production +24.9% YoY Domestic sales +18.4% YoY
TAIWAN No data due market closed
CHINA No data due market closed
HONG KONG No data due market closed
EUROZONE Balance of Trade, Industrial Production,
GERMANY No data due
FRANCE No data due
UK No data due
US No data due market closed

Tuesday February 16
JAPAN Tertiary Industry Index.
S KOREA Import and Export Prices
TAIWAN No data due market closed
CHINA No data due market closed
HONG KONG No data due
EUROZONE Employment Change, GDP Growth Rate, ZEW Economic Sentiment Index
GERMANY ZEW Economic Sentiment Index & Current Conditions
FRANCE Unemployment rate
UK No data due
US NY Empire State Manufacturing Index, Overall Net Capital Flows, Net Long Term TIC flows, Foreign Bond Investment.
Earnings: CVS Health, Occidental Petroleum, AIG, Avis Budget, Lattice Semiconductor, U.S. Foods, Advance Auto Parts, Vulcan Materials, Palantir, Agilent, La-Z-Boy

Wednesday February 17
JAPAN Tankan Index, Balance of Trade, Exports, Imports, Machinery Orders
S KOREA  No data due
TAIWAN  No data due Market re-opens
CHINA No data due market closed
HONG KONG 
 No data due
EUROZONE 
Construction Output
GERMANY  No data due
FRANCE  No data due
UK Inflation Rate, Core Inflation Rate, Retail Price Index, PPI, PPI Core
US MBA Mortgage Applications and 30 year Mortgage Rate, Retail Sales, PPI, Core PPI, Redbook, Industrial Production, Capacity Utilisation, Manufacturing Production, NAHB Housing Market Index, Business Inventories, FOMC Minutes, API Crude Oil Stock Change.
Earnings: Hilton Worldwide, Synopsys, Pioneer Natural Resources, Cheesecake Factory, Tanger Factory Outlets, Hyatt Hotels, Owens Corning, Baidu, CF Industries, Marathon Oil, Analog Devices

Thursday February 18
JAPAN Foreign Bond and Stock Investment
S KOREA  No data due
TAIWAN  No data due
CHINA  No data due market re-opens
HONG KONG Unemployment Rate
EUROZONE New Car Registrations, Monetary Policy Meeting Accounts, Consumer Confidence Flash,
GERMANY  No data due
FRANCE  No data due
UK  No data due
US Import Prices, Export Prices, Initial Claims, 4 week average Claims, Continuing Claims, Housing Starts, Building Permits, Philadelphia Fed Manufacturing Index, EIA oil report, 30 year TIPS auction.
Earnings: Walmart, Applied Materials, Cabot Oil & Gas, Barrick Gold, Southern Co., Waste Management, Marriott, Dropbox, Trip Advisor, Consolidated Edison, Credit Suisse, Barclays, Airbus, Daimler

Friday February 19
JAPAN Inflation Rate, Core inflation Rate, Inflation Ex Food and Energy, Flash PMI (Services, Manufacturing and Composite)
S KOREA PPI
TAIWAN  No data due
CHINA  No data due
HONG KONG  No data due
EUROZONE Flash PMI (Services, Manufacturing and Composite)
GERMANY PPI, Flash PMI (Services, Manufacturing and Composite)
FRANCE Inflation Rate, Flash PMI (Services, Manufacturing and Composite)
UK Retail Sales, Flash PMI (Services, Manufacturing and Composite), Public Sector Borrowing, CBI Industrial Trends
US Flash PMI (Services, Manufacturing and Composite), Existing Home Sales, Baker Hughes Rig data.
Earnings: Deere, Eni, Allianz

Saturday February 20 
TAIWAN GDP Growth Rate, Export Orders

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Lunar New Year holidays make for a shortened trading week
Holidays this week
Japan closed Thursday for National Foundation Day
S Korea closed on Thursday and Friday re-opens Monday 15 February
Taiwan closed Monday re-opens 17 February
China closed from Thursday and re-opens Thursday 18 February
Hong Kong closed Friday and re-opens Tuesday 16 February
Singapore closed Friday re-opens Monday 15 February

Earnings continue, along with the passage of the US stimulus plan. Data is quite light; US CPI data (Wednesday) along with Powell speaking to the Economic club of New York also on Wednesday, with Michigan prelim data. Chinese Inflation data, German Trade and Inflation data, UK GDP and Trade data.

Sunday 7 February
China
Foreign Exchange Reserves Jan $3.211tn vs 3.217bn (F/cast was 3.2tn)

Monday 8 February
JAPAN Current Account, Bank Lending, Eco Watchers (Current & Outlook)
S KOREA Balance of Trade, Export and Import
TAIWAN Market Closed. Balance of Trade, Export and Import
CHINA No data due
HONG KONG No data due
EUROZONE No data due
GERMANY Industrial Production
FRANCE No data due
UK No data due
US Consumer Inflation Expectations
Earnings: Hasbro, KKR, Loews Corp., Softbank, Dun and Bradstreet, Take Two Interactive, Nuance, Leggett and Platt, Simon Property Group

Tuesday 9 February
JAPAN Average Cash Earnings Machine Tool Orders
S KOREA No data due
TAIWAN Market Closed 
CHINA No data due
HONG KONG No data due
EUROZONE No data due
GERMANY Balance of Trade, Exports, Imports, Current Account
FRANCE No data due
UK No data due
US Jolts Job Openings, WASDE Report, API Crude Oil Stock Change Report.
Earnings: Cisco, Twitter, Lyft, Dupont, Mattel, Honda, Nissan, Centene, Hanesbrands, Canopy Growth, Martin Marietta Materials, Masco, Sealed Air, S&P Global, Hains Celestial , Fox Corp, Akamai, Owens-Illinois

Wednesday 10 February 
JAPAN PPI
S KOREA Unemployment
TAIWAN Market Closed 
CHINA 
Inflation Rate, PPI
HONG KONG 
No data due
EUROZONE 
No data due
GERMANY 
Inflation Rate
FRANCE Industrial Production
UK No data due
US MBA Mortgage Applications and 30 year Mortgage Rate, Inflation Rate, Wholesale Inventories, EIA Crude Oil Stocks Change Report, US Budget Plan, Monthly Budget Statement, Powells speech to Economic club of New York.
Earnings: Coca-Cola, General Motors, Uber, Zillow, Under Armour, Cerner, Zynga, iRobot, MGM Resorts, Spirit Airlines, Lumen Technologies, Molina Healthcare, O’Reilly Automotive, Wyndham Hotels

Thursday 11 February
JAPAN Market Closed National Foundation Day
S KOREA Market Closed
TAIWAN Market Closed
CHINA 
Market Closed
HONG KONG No data due
EUROZONE No data due
GERMANY Wholesale Prices
FRANCE IEA Oil Market Report
UK No data due
US Initial Claims, Jobless Claims 4 week Average, Continuing Claims, EIA Natural Gas Stocks Change, Fed Monetary Policy Report.
Earnings: PepsiCo, Walt Disney, Kraft Heinz, Expedia, AstraZeneca, Generac, Virtu Financial, Yeti, Kellogg, AllianceBernstein, Borg Warner, Duke Energy, Molson Coors, Tyson Foods, ArcelorMittal

Friday 12 February
JAPAN Foreign Stock and Bond Investment
S KOREA Market Closed
TAIWAN Market Closed 
CHINA 
Market Closed Could get Vehicle Sales
HONG KONG Market Closed
EUROZONE No data due
GERMANY No data due
FRANCE No data due
UK Balance of Trade, Construction Output & Orders, GDP, GDP Growth Rate, GDP 3 Month Average. Industrial Production, Manufacturing Production, Business Investment, Good Trade Balance, NIESR Monthly GDP Tracker.
US Michigan Prelim Data (Current Conditions, Inflation Expectations, Consumer Sentiment, 5 yr Inflation Expectations, Consumer Expectations) Baker Hughes Rigs Data.
Earnings Moody’s, Newell Brands, ING Grope

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Covid and vaccines continue to overhang the market.

US Earnings remain in focus with 99 S&P companies set to report. Alphabet, Amazon, Alibaba, Snap, Exxon, Biogen, Pfizer and Chipotle being amongst them.   We also get the monthly jobs report. PMI and ISM data along with Trade Data at the end of the week.

For Asia PMI data on the agenda along with S Korean inflation. Japanese spending in focus on Friday along with Taiwanese Wholesale Prices and Inflation data.

In Europe again PMI data along with a Bank of England rate decision. Eurozone GDP data and unemployment. German Retail Sales, French Inflation being amongst the key items.

Monday 1 February 2021
JAPAN Manufacturing PMI
S KOREA Balance of Trade, Exports, Imports and Manufacturing PMI
TAIWAN No data due
CHINA Caxin Manufacturing PMI
HONG KONG No data due
EUROZONE Unemployment Rate
GERMANY Retail Sales, Manufacturing PMI
FRANCE Manufacturing PMI, New Car Registrations
UK Manufacturing PMI, Consumer Credit, Mortgage Approvals, Net Lending to individuals US Manufacturing PMI, ISM Manufacturing Data (New Order, Prices, Employment, PMI) Construction Spending. Senior Loan Officers Survey. Total Vehicle Sales
Earnings : Cirrus Logic, Rambus, ON Semiconductor, Vertex Pharmaceuticals, Otis Worldwide, Thermo Fisher, Nintendo, NXP Semiconductor, Warner Music, Cabot

Tuesday 2 February 2021
JAPAN No data due
S KOREA Inflation Rate
TAIWAN No data due
CHINA No data due
HONG KONG Retail Sales
EUROZONE GDP Growth Rate
GERMANY No data due
FRANCE Inflation Rate
UK Nationwide Housing Prices
US Redbook, ISM New York Index, IBD/TIPP Economic Optimism, API Crude Oil Stock Change
Earnings: Alphabet, Amazon, Exxon Mobil, Pfizer, UPS, BP, Amgen, Electronic Arts, FireEye, Chipotle, Viavi Solutions, PerkinElmer, ConocoPhillips, Sirius XM, Harley-Davidson, Alibaba, McKesson, Eaton, Marathon Petroleum

Wednesday 3 February 2021
JAPAN Services and Composite PMI
S KOREA No data due
TAIWAN No data due
CHINA Caixin Services and Composite PMI
HONG KONG PMI
EUROZONE Services and Composite PMI, Core Inflation Rate, Inflation Rate, PPI
GERMANY Services and Composite PMI
FRANCE Services and Composite PMI
UK Services and Composite PMI
US MBA Mortgage Applications and 30 yr Mortgage Rate, Services and Composite PMI, ISM Non Manufacturing Data (Business Activity, Prices, Employment, PMI, New Orders, EIA Oil Stocks Change Report.
Earnings: Qualcomm, Boston Scientific, GlaxoSmithKline, Abbvie, Biogen, Humana, Apollo Global Management, Allstate, eBay, PayPal, Check Point Software, Aflac, MetLife, Grubhub, KLA Corp

Thursday 4 February 2021
JAPAN Foreign Stock and Bond Investment
S KOREA
 No data due
TAIWAN
 No data due
CHINA
 No data due
HONG KONG
 No data due
EUROZONE
 Construction PMI, ECB Economic Bulletin, Retail Sales
GERMANY Construction PMI
FRANCE Construction PMI Retail Sale
UK BoE Rate Decision
US Challenger Job cuts, Unit Labour costs, Non Farm Productivity, Initial Claims,  4 week Average Claims, Continuing Claims, Factory Orders, EIA Natural Gas Report.
Earnings: Merck, Bristol-Myers Squibb, Ford, Hershey, Cigna, Clorox, Yum Brands, Intercontinental Exchange, Activision Blizzard, Gilead Sciences, Snap, Pinterest, Hartford Financial, Prudential Financial

Friday 5 February 2021
JAPAN Household Spending, Foreign Exchange Reserves, Coincident Index Prelim, Leading Economic Index Prelim,
S KOREA Foreign Exchange Reserves, Current Account
TAIWAN Wholesale Prices, Inflation Rate, Foreign Exchange Reserves,
CHINA No data due
HONG KONG Foreign Exchange Reserves
EUROZONE No data due
GERMANY Factory Orders
FRANCE Balance of Trade, Current Account
UK Halifax House Price Index
US Balance of Trade, Non Farm Payrolls, Unemployment Rate, Participation Rate, Average Hourly Earnings, Average Weekly Hours, Exports, Imports, Baker Hughes Rig Data
Earnings: Cardinal Health, Sanofi, Estee Lauder, Regeneron, Illinois Toolworks, Aon, CBOE Global Markets, Lazard, Biomet

Sunday 7 February
CHINA
Foreign Exchange Reserves

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US a big week ahead for earnings with over 100 companies reporting and for data we also get Q4 GDP and a Fed meeting (no change expected  but watch for comments on the new administration). We also get Durable goods and personal income and spending and the PCE deflator which the Fed watches closely.  Trump’s impeachment to start Monday likely a small distraction for most.

In Asia Japan: Key data BoJ minutes, Retail Sales, Jobs, Tokyo CPI and Consumer Confidence.S Korea: GDP Growth Rate, Consumer & Business Confidence, Retail Sales, Manufacturing & Industrial Production.Taiwan: Industrial Productions and Retail Sales on Monday and Consumer Confidence on Friday.China: Industrial Profits and then on Sunday Manufacturing and Non Manufacturing PMI.Hong Kong: Balance of Trade and GDP.

For Europe Eurozone: Sentiment data, Loans data, Germany: Ifo data, Inflation, Unemployment, Import Prices and GDP Growth rateFrance: Unemployment, GDP,  Household Consumption and PPIUK: Unemployment.

Monday 24 January 2021 
JAPAN No data due
S KOREA No data due
TAIWAN Industrial Production, Retail Sales, M2 Money Supply
CHINA  No data due
HONG KONG  No data due
EUROZONE  No data due but a number of ECB speeches
GERMANY Ifo Business Climate, Current Conditions and Expectations FRANCE  No data due
UK  No data due
US  Chicago Fed National Activity Index, Dallas Manufacturing Index
Earnings : Kimberly-Clark, Yamana Gold, Steel Dynamics

Tuesday 25 January 2021
JAPAN  BoJ Monetary Policy Meeting Minutes
S KOREA GDP Growth Rate
TAIWAN  No data due
CHINA  No data due
HONG KONG Balance of Trade, Export, Import
EUROZONE  No data due
GERMANY  No data due
FRANCE  No data due
UK Unemployment Data, CBI Distributive Trades
US FOMC meeting starts, IMF World Economic Outlook, Redbook, Case Schiller Home Prices, House Price Index, CB Consumer Confidence, Richmond Fed Manufacturing Index, API Crude Oil Stock Change.
Earnings: Microsoft, 3M, Johnson & Johnson, American Express, Starbucks, Raytheon, Verizon, Texas Instruments, Lockheed Martin, UBS, D.R. Horton, General Electric, Novartis, UBS, Freeport-McMoRan, Paccar, Capital One, Advanced Micro Devices

Wednesday 26 January 2021
JAPAN Leading Economic Index and Coincident Index
S KOREA Consumer Confidence
TAIWAN  No data due
CHINA Industrial Profits
HONG KONG  No data due
EUROZONE  No data due
GERMANY Consumer Confidence
FRANCE Consumer Confidence, Unemployment Benefits and Jobseekers Total.
UK No data due
US MBA Mortgage Applications & 30 yr Mortgage Rate, Durable Goods, EIA Oil Stocks report. FOMC Rate Decision and Press Conference.
Earnings: Facebook, Apple, Tesla, AT&T, Boeing, General Dynamics, Whirlpool, Norfolk Southern, Blackstone, Nasdaq, Anthem, Abbott Labs, Textron, Corning, Hess, VF Corp, Samsung, Teradyne, Canadian Pacific Railway, Raymond James, Levi Strauss

Thursday 27 January 2021
JAPAN Retail Sales, Foreign Stock and Bond Investment
S KOREA Business Confidence
TAIWAN No data due
CHINA No data due
HONG KONG No data due
EUROZONE  Sentiment (Economic, Industrial and Services) Consumer Confidence & Inflation Expectations.
GERMANY Inflation Rate
FRANCE No data due
UK No data due
US GDP Price Index & Growth Rate, Initial Claims, 4 week Ave Claims, Continuing Claims, Goods Trade Balance, Wholesale Inventories, PCE Prices, Core PCE, New Home Sales, CB Leading Index, EIA Gas Stock Change, Kansas Fed Manufacturing Report.
Earnings: McDonald’s, Dow, Visa, Mondelez, Northrop Grumman, Comcast, Mastercard, PulteGroup, Southwest Air, Altria, American Airlines, JetBlue, T.Rowe Price, McCormick, Brunswick, Marsh and McLennan, Sherwin-Williams, Stanley Black and Decker, Canon, Valero Energy, Beazer Homes

Friday 28 January 2021
JAPAN Unemployment Rate, Jobs/Application ratio, Tokyo Core CPI, Industrial Production, BoJ Summary of Options, Consumer Confidence, Housing Starts, Construction Orders.
S KOREA Industrial Production, Retail Sales, Manufacturing Production, Construction Output
TAIWAN Consumer ConfidenceGDP Growth Rate
CHINA No data due
HONG KONG GDP Growth Rate
EUROZONE Loans to Households & Companies, M3 Money Supply
GERMANY Unemployment Rate & Change, Import Prices,
FRANCE GDP Growth Rate, Household Consumption, PPI
UK Nationwide Housing Prices,
US Personal Income & Spending, Employment Cost Data (Wages, Benefits and Index), PCE Price Index, Core PCE Price Index, Chicago PMI, Pending Home Sales, Michigan Data (Current Conditions, Consumer Expectations, 5 year Inflation Expectations, Consumer Sentiment, Inflation Expectations), Baker Hughes Rig Data.Earnings: Chevron, Caterpillar, Colgate-Palmolive, SAP, Eli Lilly, Honeywell, Weyerhaeuser, Synchrony Financial, Booz Allen, LyondellBasell, Church and Dwight.

Sunday 30 December 2021
CHINA NBS Manufacturing and Non Manufacturing PMI

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Shortened trading week for the US with market closed on Monday.  
We also have Biden’s inauguration in Wednesday which gives Trump just a couple of day’s left to cause trouble. Also this week Housing Data, Tic Flows, TIPs Auction and Flash PMI data. That’s in addition to earnings season getting underway. The banks on Friday gave a positive cross read for MS and GS’s earnings.

China data in focus on Monday morning and then on Wednesday Loan Prime Rate.Other Asian data this week Japan’s Tankan Index and Industrial data.  Then later in the week  Trade data on Thursday and on Friday we get Inflation data and flash PMI data.  This week we also get Taiwanese Export Orders and Unemployment.  S Korea PPI and for Hong Kong Unemployment, Inflation and Business Confidence.

In Europe, Inflation data for Eurozone, Germany and UK. There is also an ECB meeting and Flash PMI data. In addition ZEW data for Eurozone and Germany. For the UK we get Retail Prices, Retail Sales, PPI and more.

Monday 18 January
JAPAN Tankan Index, Industrial Production and Capacity Utilisation
S KOREA No data due  
TAIWAN No data due  
CHINA NBS Press Conference Fixed Assert Investment (YTD), GDP Growth Rate Q4, Industrial Production Dec, Retail Sales Dec,  Unemployment Rate Dec  Industrial Capacity Utilisation Dec.Could get FDI data.  
HONG KONG No data due
EUROZONE No data due  
GERMANY No data due  
FRANCE No data due  
UK No data due  
US No data due  Market closed for Martin Luther King Jr Day.

Tuesday 19 January 
JAPAN No data due  
S KOREA No data due  
TAIWAN No data due  
CHINA No data due  
HONG KONG Unemployment Rate
EUROZONE New Car registrations, Current Account, Construction Output, ZEW Economic Sentiment Index
GERMANY Inflation Rate, ZEW Economic Sentiment Index and Current Conditions
FRANCE No data due  
UK Labour Productivity
US Redbook, Foreign Bond Investment, Net Long Term Tic flows, Overall Net Capital Flows

Wednesday 20 January
JAPAN No data due  
S KOREA 
No data due  
TAIWAN 
Export Orders
CHINA 
Loan Prime Rate
HONG KONG No data due  
EUROZONE Core Inflation Rate, Inflation Rate
GERMANY PPI
FRANCE No data due  
UK Inflation Rate, Core Inflation Rate, PPI Core Output, Retail Price Index, PPI Input, PPI Output, CBI Business Optimism and Industrial Trends Orders
US MBA Mortgage Applications and 30 year Mortgage Rate, NAHB Housing MarketBiden’s Inauguration Day.

Thursday 21 January 
JAPAN Balance of Trade,  Exports, Imports, Foreign Bond and Stock Investments, BoJ Interest Rate Decision
S KOREA PPI
TAIWAN No data due  
CHINA No data due  
HONG KONG Inflation Rate
EUROZONE ECB Interest Rate Decision, Marginal Lending Rate, ECB Press Conference
GERMANY No data due  
FRANCE  Business Confidence, Business Climate Indicator
UK No data due  
US Initial Claims, 4 week average Claims, Continuing Claims, Philidelphia Fed Manufacturing Index, Building Permits, Housing Starts, 10 year TIPS auction

Friday 22 January 
JAPAN Inflation Rate, Core Inflation, PMI Flash (Manufacturing,Services and Composite)
S KOREA No data due  
TAIWAN Unemployment Rate
CHINA No data due  
HONG KONG Business Confidence
EUROZONE PMI Flash (Manufacturing,Services and Composite)
GERMANY PMI Flash (Manufacturing,Services and Composite)
FRANCE PMI Flash (Manufacturing,Services and Composite)
UK Consumer Confidence, Retail Sales, Public Sector Net Borrowing PMI Flash (Manufacturing,Services and Composite)
US PMI Flash (Manufacturing,Services and Composite), Existing Home Sales EIA Natural Gas and Oil report, Baker Hughes Rig count data

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Covid cases impact on the markets is reducing, although new mutant strains could  change that.  US Politics and the erratic behaviour of Trump remain a big concern not only to the US markets but China/Hong Kong especially.  
Investors will also be looking for clues about additional stimulus from the Biden team once they take office.
US Earnings will increase in pace with the US Banks due to report Friday of this week.

Key
China Inflation, already out was higher than forecast, later in the week we get the Balance of Trade. Also likely this week in New Loans data which will give insight into China’s recovery.
US Inflation data along with Initial and Continuing Claims, Beige Book, Retail Sales Industrial and Manufacturing data along with the Michigan preliminary data

Monday 11 January 2021
JAPAN Market closed for Coming of Age Day
S KOREA No data due
TAIWAN No data due
CHINA Inflation and PPI
HONG KONG No data due
EUROZONE No data due
GERMANY No data due
FRANCE No data due
UK No data due
US Consumer Inflation Expectations

Tuesday 12 January 2021
JAPAN Current Account, Bank Lending, Eco Watchers Survey (Current & Outlook).
S KOREA  No data due
TAIWAN  No data due
CHINA  No data due
HONG KONG  No data due
EUROZONE No data due
GERMANY No data due
FRANCE No data due
UK  No data due
US Redbook, JOLT’s Job Openings, IBD/TIPP Economic Optimism.  After mkt API Crude Oil Stock ChangeEarnings: KB Homes, Albertsons

Wednesday 13 January 2021
JAPAN Machine Tool Orders
S KOREA Unemployment Rate
TAIWAN  No data due
CHINA  No data due But could get FDI, Vehicle Sales, New Yuan Loans, Outstanding Loan Growth, Total Social Financing, M2 Money Supply.
HONG KONG  No data due
EUROZONE Industrial Production
GERMANY Wholesale Prices
FRANCE  No data due
UK  No data due
US MBA Mortgage Applications and 30 year Mortgage Rate, Inflation Rate, Core Inflation Rate, EIA Oil Report, Monthly Budget Statement, Beige Book.Earnings: IHS Markit, Infosys, Wipro

Thursday 14 January 2021
JAPAN Machinery Orders, PPI
S KOREA Import and Export Prices
TAIWAN  No data due
CHINA Balance of Trade, Exports, Imports
HONG KONG  No data due
EUROZONE ECB Monetary Policy Meeting Accounts.
GERMANY GDP Growth, Government Budget
FRANCE  No data due
UK  No data due
US Initial Claims, 4 week average Claims, Continuing Claims, Export & Import Prices.Earnings: BlackRock, First Republic, Taiwan Semiconductor, Delta Airlines

Friday 15 January 2021
JAPAN Foreign Stock and Bond Investment, Tertiary Industry Index.
S KOREA BoK Interest Rate Decision
TAIWAN  No data due
CHINA  No data due
HONG KONG  No data due
EUROZONE  Balance of Trade
GERMANY  No data due
FRANCE Inflation Rate, Budget Balance
UK Balance of Trade, GDP,  GDP  3 Month Average, Industrial Production, Manufacturing Production, Construction Output, Goods Trade Balance, NIESR Monthly GDP Tracker.
US Retail Sales, PPI, Core PPI, NY Empire State Manufacturing Index, Industrial Production, Capacity Utilisation, Manufacturing Production, Business Inventories, Michigan Data Prelim (Current Conditions, Consumer Sentiment, Inflation Expectations, Consumer Expectations and 5 year Inflation Expectations), Baker Hughes Total Rig CountEarnings: JPMorgan, Wells Fargo, Citigroup, PNC Financial

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Covid continues to be an important factor overhanging the markets.

The US election also in focus as Trump continues to try and overturn the results and we get the Georgia run’s off taking place on Tuesday.

In Europe Brexit deal in place now the practicalities of making it work. Comes as rising covid cases mean more lockdowns are forecast; which is -VE for Asian exporters and the global recovery.

Data Monday starts with a lot of Manufacturing PMI data; giving a guide as to the direction of the trend; with Asia expecting to see a continued improvement. Later in the week we get the Services and Composite PMI’s too.

Focus for many this week will be the US Non Farm Payrolls, but we also get US ISM data. Factory Orders, FOMC minutes and Wholesale Inventories.
For Asia Key data
Japanese Average Cash Earnings and Household Spending.
Taiwan Inflation rate and Trade data
S Korea Current Account
China Foreign Exchange Reserves will be watched.HK Retail sales

For Europe
Eurozone Loans data, Inflation, Consumer Confidence, Sentiment, Retail Sales and Unemployment
German and France; Trade Data, Retail Sales, Unemployment
UK Lending data and Halifax House Prices.


Monday 4 January 
JAPAN Manufacturing PMI
S KOREA Manufacturing PMI
TAIWAN Manufacturing PMI
CHINA Manufacturing PMI
HONG KONG Retail Sales
EUROZONE Manufacturing PMI
GERMANYManufacturing PMI
FRANCE Manufacturing PMI, New Car Registration
UK BoE Consumer Credit, Mortgage Lending, Manufacturing PMI, Mortgage Approvals, Net Lending to individuals.
US Manufacturing PMI, Construction Spending, Total Vehicle Sales (after market).

Tuesday 5 January 
JAPAN No data due
S KOREA  No data due
TAIWAN  No data due
CHINA  No data due
HONG KONG  No data due
EUROZONE Loans to Households and Companies, M3 Money Supply
GERMANY Retail Sales, Unemployment
FRANCE  No data due
UK New Car Sales
US Redbook, ISM New York, ISM Manufacturing (New Orders, Prices, Employment, PMI), API Crude Oil Stock Changes.

Wednesday 6 January 
JAPAN Services and Composite PMI, Consumer Confidence.
S KOREA Foreign Exchange Reserves
TAIWAN  Foreign Exchange Reserves
CHINA Caixin Services and Composite PMI.
HONG KONG  No data due
EUROZONE Services and Composite, PPI
GERMANY Services and Composite PMI, Inflation Rate.
FRANCE Inflation Rate, Consumer Confidence, Services and Composite PMI.
UK Services and Composite PMI.
US MBA Mortgage Applications and 30 yr Mortgage Rate,  Services and Composite PMI, ADP Employment Change, Factory Orders, EIA Oil Report, FOMC Minutes.

Thursday 7 January 
JAPAN Average Cash Earnings, Foreign Bond and Stock Investment,
S KOREA No data due
TAIWAN Inflation Rate, Wholesale Prices
CHINA Foreign Exchange Reserves
HONG KONG No data due
EUROZONE Construction PMI, Core Inflation, Inflation Rate, Sentiment (Economic, Services, Industrial), Retail Sales, Consumer Confidence & Inflation Expectations.
GERMANY Construction PMI
FRANCE Construction PMI, Retail Sales
UK Construction PMI
US Challenger Job Cuts, Initial Claims, 4 Week Average Claims, Continuing Claims, Balance of Trade, Exports, Imports, ISM Non Manufacturing Data (Business Activity, New Orders, Prices, Employment, PMI), EIA Natural Gas Report.

Friday 8 January 
JAPAN Household Spending, Foreign Exchange Reserves, Coincident Index, Leading Economic Index.
S KOREA Current Account
TAIWAN Balance of Trade, Exports, Imports.
CHINA No data due
HONG KONG No data due
EUROZONE Unemployment Rate
GERMANY Balance of Trade, Industrial Production, Exports, Imports, Current Account.
FRANCE Industrial Production, Balance of Trade, Current Account, Household Consumption.
UK Halifax House Price Index,
US Non Farm Payrolls, Unemployment Rate, Ave Hourly Earnings, Ave Weekly Hours, Participation Rate, Wholesale Inventories, Baker Hughes Oil Rig Count, Consumer Credit Change.

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