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.
The week wraps up with Norwegian GDP, Turkish and Eurozone IP and the U. Michigan index all on the docket.
Norway GDP (0700 BST)
The Norwegian economy is projected to have contracted by -1.3% q/q in Q1, after almost stalling in Q4 2021 at +0.1% q/q when pandemic restrictions weakened demand and net exports declined.
Final Inflation Prints for France & Spain (0745/0800 GMT)
France and Spain should see their flash estimates confirmed for April, with inflation running at a record 5.4% (up 0.3pp) in France and softening to 8.3% (down 1.5pp) in Spain.
Turkey Industrial Production (0800)
The March print sees Turkish IP growth decelerating to +6.3% y/y from 13.3% y/y in February. Particular strength was seen in non-durables, which was up 18.9% y/y.
March will see the 21st consecutive month of growth, however, growth is expected to begin to slow in coming months as foreign demand dampens and supply chains come under more pressure from the Ukraine war.
Eurozone Industrial Production (1000 GMT)
Euro area IP looks less rosy, with a -2.0% m/m contraction in March (Feb +0.7%) and a -1.0% y/y fall (Feb +2.0% y/y) anticipated. The aggregate print will confirm the negative impact of the war on supply chains.
Last week’s German data saw a -3.9% m/m contraction, the largest since the pandemic onset.
University of Michigan Sentiment / Inflation expectations (1500 GMT)
The U. Michigan prelim estimate is seen moderating by 1.2 points to 64.0 in May, as consumer confidence is likely to fall further due to uncertainty surrounding inflation and higher interest rates. Of interest will also be the inflation rate prognosis, which is likely to tick up 0.1pp to 5.5% for one-year expectations.
Source: U. Michigan
The EDB’s Luis de Guindos and Isabel Schnabel will be appearing today, as well as Minneapolis Fed’s Neel Kashkari and Cleveland Fed’s Loretta Mester.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 13/05/2022 | 0600/0800 | ** |  | NO | Norway GDP |
| 13/05/2022 | 0645/0845 | *** |  | FR | HICP (f) |
| 13/05/2022 | 0700/0900 | *** |  | ES | HICP (f) |
| 13/05/2022 | 0700/0900 |  | EU | ECB de Guindos Lecture at Academia Europea Leadership | |
| 13/05/2022 | 0900/1100 | ** | | EU | Industrial Production |
| 13/05/2022 | 1230/0830 | ** |  | US | Import/Export Price Index |
| 13/05/2022 | 1400/1000 | *** | | US | University of Michigan Sentiment Index (p) |
| 13/05/2022 | 1500/1100 | | US | Minneapolis Fed's Neel Kashkari | |
| 13/05/2022 | 1600/1800 | | EU | ECB Schnabel Panelist at IRFMP | |
| 13/05/2022 | 1600/1200 | | US | Cleveland Fed's Loretta Mester |
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.