Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
This week kicks off with Spanish inflation data, Germany’s IFO business climate survey, UK industrial trends and the Dallas Fed manufacturing survey.
Spanish Factory-Gate Inflation (0800 BST)
Spanish PPI will likely remain at elevated levels in the March print, as energy and raw material input prices continue to soar. This all but ensures yet another record-high, following the 40.7% y/y growth seen in February.
Spain’s flash April CPI print is due Thursday, followed by the Eurozone print on Friday. Inflation in the Eurozone is running hot at 7.4%, setting a tone of urgency ahead of the June policy meeting, with July now seen as a live polssibility of the first hike in rates.
Germany IFO Business Climate (0900 BST)
The focus today will be indications of outlook recovery following substantial falls last month caused by the shock onset of the Ukraine war. Germany’s energy-intensive manufacturing industry has seen energy prices soar and raw material shortages intensify due to the conflict.
As such, business climate, current assessment and expectation indexes are seen falling, albeit by only a couple of points this month, following last month’s dramatic declines. The business climate index is projected to tick down to 89.0 (March 90.9), current assessment to 95.7 (March 97.0) and expectations to 83.5 (March 85.1).
UK CBI Industrial Trends (1100 BST)
CBI trends total orders are projected to fall in April to 22, normalising somewhat after the strong March reading of 26. Upside surprises cannot be ruled out following Friday’s modest uptick in the manufacturing PMI.
Dallas Fed Manufacturing Activity April (1530 BST)
A decline in April to 4.5 is expected, down 4.2 points from 8.7 in March. Wage growth saw a fresh high in last month’s survey and output growth remained strong. Focus here will be on whether inflation, supply chain or a decline in growth expectations prove to be the key reason for the projected decline. Following a strong April manufacturing PMI, an upside surprise could come into play.
BOC’s Gov Macklem’s testimony will take place in the afternoon, followed by the ECB’s Exec. Panetta speaking at Colombia University.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 25/04/2022 | 0700/0900 | ** |  | ES | PPI |
| 25/04/2022 | 0800/1000 | *** |  | DE | IFO Business Climate Index |
| 25/04/2022 | 0900/1100 | ** |  | EU | Construction Production |
| 25/04/2022 | 1000/1100 | ** |  | UK | CBI Industrial Trends |
| 25/04/2022 | 1300/1500 | ** |  | BE | BNB Business Sentiment |
| 25/04/2022 | 1430/1030 | ** |  | US | Dallas Fed manufacturing survey |
| 25/04/2022 | 1500/1100 |  | CA | BOC Gov Macklem testifies at parliamentary committee | |
| 25/04/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 26 Week Bill |
| 25/04/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 13 Week Bill |
| 25/04/2022 | 1700/1900 | | EU | ECB Panetta Speech at Columbia University |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.