Daily Economic Calendar, December 13, 2017

Thursday is absolutely packed with high-impact news releases, so let’s find out more. Among other things, it’s the Preliminary December PMI day, with French data up first at 8 AM. Both the manufacturing and services PMIs grew more than anticipated in November and now show a very strong and sustained expansion. Swiss Producer Price Index for November follows 15 minutes later, and October data surprised on the upside, posting the same strong growth as a month ago.

Swiss National Bank will release its closely watched Monetary Policy Statement at half past 8, followed by a press conference half an hour later. The Bank only holds two press conferences every year, so it could cause some volatility. German Preliminary December PMI is out at the same time. A strong gain in new orders pushed the Manufacturing PMI to a 6-year high in November, but Services PMI inched slightly lower. Euro Zone Preliminary PMI for December comes at 9 and, fittingly enough, both the services and manufacturing PMIs went up in November; in particular, new orders, exports and employment all showed a strong growth. UK Retail Sales for November will be released at half past 9. Sales rebounded in October, partially reversing a disappointing point 7% slip the previous month. Coming up next at noon GMT is the closely watched Bank of England Monetary Policy Statement. The policy makers find themselves in a complicated position; on one hand, inflation stands well above their target rate but, on the other, there’s plenty of political uncertainty, so any rate hikes in the near future are quite unlikely. And just 45 minutes later comes another high importance Monetary Policy Announcement, this time from the European Central Bank. It will be followed by a press conference at half past 1, which is especially noteworthy as President Draghi’s comments often shake up the markets. Another high impact event follows at 1:30, when US Preliminary Retail Sales for November are released. Sales managed to inch even higher in October, following a very strong 1.9% gain the previous month. The closely watched weekly update on US Jobless Claims is out at the same time. Initial claims went down by 2 thousand during the week ending December 2 whereas the continuing claims dropped by 52 thousand during the week ending November 25. And Canadian New Housing Price Index for October comes at this time as well. The Index grew in line with expectations in September, and similar gains are expected this time as well. The preliminary estimate of US December Markit PMI will be available at quarter to 3, and November PMIs came in weaker than expected as both manufacturing and services sectors grew at a slower pace than a month ago. If you’ve ever wondered what keeps Bank of Canada Governor Stephen Poloz awake at night, well, you’re in luck, as this is exactly the topic of his closely watched speech scheduled at 5:25. Governor Poloz will also provide an in-depth look at his sleep disorders in a press conference held 80 minutes later. New Zealand Performance of Manufacturing Index for November is out at half past 9. The Index inched slightly lower in October, but it still remains very much in the positive territory. And finally, to top it all off, there’s the Japanese fourth quarter Tankan Index released at 11:50. The manufacturing Index rose to a 10-year high in the third quarter, but the services index stood unchanged.