Watch to watch
In December, once again, we will see global investors paying a great deal of attention to the decisions from the central banks, especially the European Central Bank and the Federal Reserve that are due to meet on 10 December and 16 December, respectively. Prior to that, the economic diary next week includes a bunch of data for the month of November, notably worldwide PMI surveys and U.S. nonfarm payrolls. Consensus expects a slowdown in job creation in the United States in November due to the re-imposition of restrictions to fight against the coronavirus, thereby adding further pressure on U.S. policymakers to find an agreement for a new stimulus package. The spotlight of next week will be Fed Chair Powell’s testimony before the Senate banking committee on 1 December to discuss CARES ACT with Treasury Secretary Mnuchin.
Key data releases & events
Monday : Chinese manufacturing PMI (Nov.), U.S. pending home sales (Oct.)
Tuesday: Fed Chair Powell’s testimony about CARES ACT, RBA interest rate decision (status quo), German manufacturing PMI (Nov.), UK manufacturing PMI (Nov.), U.S. ISM manufacturing PMI (Nov.), lockdown being gradually lifted in France
Wednesday: Caixin manufacturing PMI (Nov.), ADP Nonfarm employment change (Nov.)
Thursday: UK composite and services PMIs (Nov.), U.S. initial jobless claims, U.S. ISM non-manufacturing PMI (Nov.)
Friday: UK construction PMI (Nov.), Nonfarm payrolls and U.S. unemployment rate (Nov.)