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.
Wednesday’s data kicks off with German GfK , followed by French confidence and US durable goods in the afternoon.
German GfK Consumer Confidence & GDP (f) (0700 BST)
A one-point recovery to a strongly pessimistic reading of -25.5 is expected for the June GfK print. The onset of the Ukraine war coupled with soaring inflation has hit German sentiment particularly hard, with the May print at 3.4 points lower than the May 2020 low, and as such a fresh all-time low.
The Q1 2022 final print is also due this morning, set to confirm a modest 0.2% q/q expansion, with the energy price and supply disruption effects of the Ukraine war evident at the tail end of the quarter.
France Consumer Confidence (0745 BST)
Consumer confidence in France is seen sliding by a further point to 89 in May, substantially below the long-term average of 100. Across the Eurozone, CPI remained at 7.4% in April, which coupled with the squeeze of energy price inflation and dampened business outlooks continue to paint a pessimistic picture. This has consumers’ financial outlooks and propensity continuing to slide.
Today’s confidence data will highlight the direction of Italian consumer and business confidence data due tomorrow.
US Durable Goods Orders (1330 BST)
Consensus is seeing continued growth in durable goods orders at a slightly softer +0.6% m/m (previously +1.1% m/m) in the April preliminary estimate. Excluding transportation durables will likely be a modest +0.5% m/m from +1.4% m/m. Forecasts have been vast, with some pointing towards substantial upside risks due to the robust industrial production, which has seen four months of growth this year.
FOMC Meeting Minutes (1900 BST)
The FOMC minutes from the May 4 meeting are due this evening. The key points to look out for discussion of rate hikes greater than 50bp and going above the neutral rate.
Today’s schedule is packed with policymaker appearances. Appearances include the ECB’s President Lagarde, Panetta and Lane, as well as the BOE’s Tenreyro and Fed Vice Chair Brainard.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 25/05/2022 | 0600/0800 | * |  | DE | GFK Consumer Climate |
| 25/05/2022 | 0600/0800 | *** | | DE | GDP (f) |
| 25/05/2022 | 0600/0800 | ** |  | SE | PPI |
| 25/05/2022 | 0600/0800 | ** | | SE | Unemployment |
| 25/05/2022 | 0600/1400 | ** |  | CN | MNI China Liquidity Suvey |
| 25/05/2022 | 0645/0845 | ** |  | FR | Consumer Sentiment |
| 25/05/2022 | 0700/0900 | ** |  | ES | PPI |
| 25/05/2022 | 0700/0900 |  | EU | ECB Panetta Speaks at Goethe University | |
| 25/05/2022 | 0730/0930 | | SE | Riksbank Financial Stability Report | |
| 25/05/2022 | 0800/1000 | | EU | ECB Lagarde in Stakeholder Dialogue | |
| 25/05/2022 | 0900/1100 | ** | | SE | Economic Tendency Indicator |
| 25/05/2022 | 0945/1145 | | EU | ECB Lane Speaks at German Bernacer Prize | |
| 25/05/2022 | 1100/0700 | ** |  | US | MBA Weekly Applications Index |
| 25/05/2022 | 1230/0830 | * |  | CA | Quarterly financial statistics for enterprises |
| 25/05/2022 | 1230/0830 | ** | | US | durable goods new orders |
| 25/05/2022 | 1430/1030 | ** | | US | DOE weekly crude oil stocks |
| 25/05/2022 | 1515/1615 |  | UK | BOE Tenreyro Panels Discussion | |
| 25/05/2022 | 1530/1130 | ** | | US | US Treasury Auction Result for 2 Year Floating Rate Note |
| 25/05/2022 | 1615/1215 | | US | Fed Vice Chair Lael Brainard | |
| 25/05/2022 | 1700/1300 | * | | US | US Treasury Auction Result for 5 Year Note |
| 25/05/2022 | 1800/1400 | * | | US | FOMC Minutes |
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.