- BMI manufacturing (CNYGMT 01:30) The NBS Manufacturing PMI is expected to decline to 50.5 in March from 52.6.
- GDP (GBP, GMT 06:00) – The economy is still expected to contract by -0.4% in the first quarter, before stabilizing and starting to pick up in the second half of the year, and GDP is now expected to expand by 0.2% in 2023. Bank of England minutes showed that bank staff They expect GDP to rise slightly in the second quarter, compared to the -0.4% decline expected in February.
- CPI and Unemployment Data (EUR, GMT 07:55) The unemployment rate in the Eurozone was unchanged in February at 6.7% month-on-month, while primary inflation for March is expected to pick up to 7.2% year-on-year from 8.5% year-on-year.
- GDP (Canadian dollars, 12:30 GMT) – Canadian GDP results for January are expected to slow to contraction at a monthly rate of -0.1%.
- Core PCE Price Index (USD, GMT 12:30) – Personal income for the month of February is expected to have increased by 0.3% after rising by 0.6% in January. Consumers no longer spend more than they earn, as “stimulus funds” appear to have depleted around mid-2022. The rate is still well below the pre-pandemic level of 8.7% in the fourth quarter of 2019.
- Michigan Consumer Confidence (USD, 14:00 GMT) Michigan’s final report is expected to reveal no revision in the initial key decline for March to 63.4 from a 13-month high of 67.0. Confidence polls generally showed an update from mid-2022 lows, though all measures have deteriorated sharply from mid-2021 peaks. Michigan and IBD/TIPP sentiment fluctuate around historically weak levels, while the Conference Board gauge remains resilient. All surveys are facing headwinds from rising mortgage rates, lingering recession fears, and now bank failures.
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Andrea Pechedy
Market analyst
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