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22 Apr 2016
Key events ahead - Westpac
Analysts at Westpack offered the key events taking place for the end of the week.
Key Quotes:
"On the data front, the Philadelphia Fed business survey fell sharply from +12.4 to -1.6 (+9.0 expected), with declines across most components. This is at odds with the NY Empire State survey result last week. Initial filings for jobless claims slipped from 253k to 247k (vs 265k expected). This is a low since 1973, a very strong sign for April non-farm payrolls.
Perhaps surprisingly, the US 10yr treasury yield rose 2bp over the day, to 1.86%, easing a little from 1.88%. The next Fed hike remained fully priced for Feb 2017.
Japan Apr preliminary PMI is expected at 49.5, still contractionary but a rise from the 49.1 Mar print. Taiwan Mar industrial production should continue to be impacted heavily by the external sector and is seen at -5.5%. Advance PMIs for Europe are also due, with the French PMIs running around 50, the German PMIs considerably higher. Consensus is for Canada Mar CPI to slip, headline from 1.4% y/y to 1.2% and core from 1.9% y/y to 1.7%. Feb retail sales will also be released."
Key Quotes:
"On the data front, the Philadelphia Fed business survey fell sharply from +12.4 to -1.6 (+9.0 expected), with declines across most components. This is at odds with the NY Empire State survey result last week. Initial filings for jobless claims slipped from 253k to 247k (vs 265k expected). This is a low since 1973, a very strong sign for April non-farm payrolls.
Perhaps surprisingly, the US 10yr treasury yield rose 2bp over the day, to 1.86%, easing a little from 1.88%. The next Fed hike remained fully priced for Feb 2017.
Japan Apr preliminary PMI is expected at 49.5, still contractionary but a rise from the 49.1 Mar print. Taiwan Mar industrial production should continue to be impacted heavily by the external sector and is seen at -5.5%. Advance PMIs for Europe are also due, with the French PMIs running around 50, the German PMIs considerably higher. Consensus is for Canada Mar CPI to slip, headline from 1.4% y/y to 1.2% and core from 1.9% y/y to 1.7%. Feb retail sales will also be released."