Daily Economic Calendar – May 23, 2017

Tuesday brings, among other things, the latest purchasing managers indices, so let’s find out more.
First up, there’s the final reading of German first quarter GDP, which comes at 6 AM. According to the preliminary estimate, the German economy has grown at the fastest pace in 4 quarters.

Swiss Trade Balance for April comes at the same time. March was the weakest month in the first quarter as exports saw little change and imports picked up speed.
The preliminary May PMIs from several Euro zone countries are up next, starting with the French data a7 7. German PMIs follow half an hour later, and the currency bloc indices are out at 8. Both the Services and Manufacturing PMIs continued growing in April and now stand well in the positive territory; moreover, gains were recorded across the currency union, suggesting a broad-based recovery.
German Ifo Business Climate for May will also be available at 8. The Index grew by half a point in April and now stands at its highest level in almost 6 years.
UK Public Sector Net Borrowing for April is released at 8:30. The previous release was the last one for the financial year ending March 2017 and noted the lowest budget deficit in 9 years.
Coming up next at 12:30 PM GMT is the Canadian Wholesale Trade for March. Sales eased in February, following a strong 3% gain the previous month.
US Markit Preliminary PMI for May is out at 1:45. The Manufacturing PMI lost half a point in April while the Services PMI inched higher; either way, both remain in the positive territory.
US New Home Sales for April follow at 2. Sales soared in March, hitting an 8-month high.
The next item on the schedule comes at 10:45 in the evening, and it’s the New Zealand Trade Balance for April. Balance turned positive in March, following 8 months of trade deficit.
Japanese Preliminary Manufacturing PMI for May will be available at half past midnight. The Index rebounded in April, boosted by a strong growth in new export orders.
Australian Westpac Leading Index for March is out at the same time. The Index inched higher in February, and it was just enough to offset a point 1% slip the previous month.
And Australian Construction Work Done for the first quarter concludes the schedule at 1:30. Construction output has been trending South for the past year and a half, but the fourth quarter decline was notably smaller than the 4.4% drop a quarter ago.
That concludes the Economic Calendar for Tuesday, the 23rd of May