Today's Economy Canada Weekly: Monetary Policy Tightening Commences The Bank of Canada ends its massive quantitative easing program. Geopolitical Risk Calendar: Countries to Discuss Emissions at COP26 Nations will gather in Glasgow next week to work toward net-zero emission goals. Germany's GDP Narrowly Misses Expectations Supply disruptions kept the country a slight underperformer in the third quarter. Malaysia Unveils Largest-Ever Budget The focus is on supporting the economy in 2022 as the country emerges from the pandemic. » VIEW MORE TODAY'S ECONOMY
Commentary European Inflation Is Up but Won't Stick Commodities are where we see the most concrete risk of more permanent inflationary pressures. Latin America Weekly Highlights and Preview, October 29, 2021 Unemployment is down in Brazil, Chile and Mexico while sales are up in Argentina. Europe Weekly Highlights and Preview, 29 October, 2021 We expect the Bank of England to give clearer signs about the likelihood of a rate hike this year. Macro Roundup: South Korea’s Challenges and Tailwinds Expect the central bank to hikes rates in November. » VIEW MORE COMMENTARY
Today's Economic Indicators
Netherlands Retail Sales Sep. 2021: 3.4% y/y Retail sales turnover in the Netherlands grew 3.4% in September compared with a year earlier. Japan Consumer Confidence Oct. 2021: 39.2 Japan’s consumer confidence index rose to 39.2 in October, up 1.4 points from September. Denmark Unemployment rate Sep. 2021: 3.3% Denmark's labor market is showing even more strength. France Household Consumption Survey Sep. 2021: -0.2% m/m Household consumption of goods pulled back by 0.2% m/m in September after a 0.7% rebound in August. Spain Retail Sales Sep. 2021: 0.3% m/m Spain’s retail sales increased by 0.3% m/m in seasonally adjusted terms in September. Thailand Foreign Trade Sep. 2021: US$4.0 bil Thailand’s trade position improved in September on the back of improving global demand and a weak Thai baht. Taiwan (China) GDP 2021Q3: 3.8% y/y Taiwan's headline economic growth in the third quarter was 3.8% over the year, close to our expectation for 3.7% growth. Euro Zone Preliminary GDP 2021Q3: 2.2% q/q Preliminary estimates report that the euro zone’s GDP grew by 2.2% q/q in the third quarter, adding to the 2.1% increase in the second quarter. Euro Zone Preliminary Consumer Price Index Oct. 2021: 4.1% y/y Preliminary estimates report that the euro zone’s harmonized index of consumer prices increased by 4.1% y/y in October, following September’s 3.4% rise. Portugal Industrial Production Sep. 2021: -5.4% Industrial production in Portugal rebounded by 1.6% m/m in September after falling 1.9% in August. Portugal Retail Sales Sep. 2021: 2.7% y/y Portugal’s retail sales increased by 1.5% m/m in September adding to the 0.5% rise in August. Chile Employment Sep. 2021: 8.4% The national unemployment rate in Chile averaged 8.4% in the July-September rolling quarter, down from 12.3% a year earlier. Chile Manufacturing Production Sep. 2021: 4.3% y/y Chile’s industrial production reported a hiccup in September after solid growth in previous months. Chile Retail & Wholesale Sales Sep. 2021: 18.4% y/y Retail sales came in hot in September. Canada Industrial Product and Raw Materials Price Indexes Sep. 2021: 1.0% m/m Rising oil prices are lending more persistence to inflationary pressures. Canada Gross Domestic Product by Industry Aug. 2021: 0.4% m/m The Canadian economy resumed growth in August. United States Employment Cost Index 2021Q3: 1.3% q/q Even as hiring momentum slowed in the third quarter, the pressure on employment costs surged as labor-supply issues persist. United States Personal Income Sep. 2021: -1.0% m/m Personal income decreased by a sharper-than-expected 1% m/m in September, but the decline owed almost exclusively to a drop in unemployment insurance benefits. United States PCE Deflator Sep. 2021: 0.3% m/m The inflation criteria for the Federal Reserve to begin tapering its monthly asset purchases on the inflation and employment front have been met, and the bank will likely start this process next week. United States Real Personal Spending Sep. 2021: 0.3% m/m Real consumer spending in the U.S. remains little changed since March as fading stimulus, supply constraints and increased infections have taken a toll. United States Moody’s Analytics & CNN Business Back-to-Normal Index October 27: 93.5 Improvement in the Moody’s Analytics & CNN Business Back-to-Normal Index remains on hold. United States University of Michigan Consumer Sentiment Survey Oct. 2021: 71.7 U.S. consumer confidence continues to flirt with pandemic-era lows because of the recent acceleration in inflation, the Delta variant of COVID-19, political brinkmanship, and worries about the debt ceiling. World Moody's Analytics Global Risk of Recession Aug. 2021: 25.1% World recession risks increased slightly, rising from 23.1% in July to 25.1% in August. Russian Federation Retail Sales Sep. 2021: 5.6% y/y Seasonally adjusted Russian retail sales declined by 1.5% m/m in September, reversing the 3.4% increase in August. Russian Federation Unemployment Sep. 2021: 4.3% Russia's unemployment rate rang in at 4.3% in September, beating market expectations of a 4.5% reading. Colombia Monetary Policy Oct. 2021: 2.50% Colombia’s central bank hiked the reference interest rate by 50 basis points to 2.5% after October’s regular meeting. United States Agricultural Prices Sep. 2021: -0.7% m/m The Agricultural Prices Received Index decreased 0.7% in September to 108.6, which was 22% higher than a year earlier. » VIEW MORE ECONOMIC INDICATORS |