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 day ahead is again light on the data front, with Spanish IP, Italian retail sales and the US NFIB index on the schedule. CPI week kicks off tomorrow with US CPI numbers, followed by France, Spain and Sweden on Friday.
Spanish Industrial Production to Improve (0800 GMT)
Spanish industrial output is forecasted to have improved in the November print, predicted to rise to 0.6% y/y in November following October’s -0.9% y/y contraction on the back of capital and immediate goods.
Consensus is seeing more downside risks to this data, following the October reading coming in substantially lower than the forecasted 0.7% expansion. Monthly industrial production is set to follow suit, recovering to 0.4% m/m in November from -0/4% y/y in October.
Italian Retail Sales to Continue Recovery (0900 GMT)
Analysts are looking for another uptick in Italian retail sales of 0.3% m/m in November from 0.1% m/m in October, which saw non-food sales slow and food sales fall. The annual reading is expected to expand for the eight consecutive month and jump to 10.6% y/y, up from 3.7% y/y in October.
This is a strong reading for Italy, where retail sale growth tended to slightly above and below the break-even point over the last five years.
US NFIB Small Business Optimism Index (1100 GMT)
The NFIB index is anticipated to improve only marginally to 98.5 in December from 98.4 in November, which saw future expectations of a better economy over the next 6-months at a nine-year low.
Surging inflation, supply chain issues and high compensation required for new hires pose key challenges for small US businesses.
Today’s key policymaker appearances include the BOE’s Jon Cunliffe at the Crypto Finance Conference St. Moritz followed by Minneapolis Fed’s President Kashkari on the 2022 economic outlook.
Image source: Istat.it
| Date | GMT/Local | Impact | Flag | Country | Event |
| 11/01/2022 | 0001/0001 | * |  | UK | BRC-KPMG Shop Sales Monitor |
| 11/01/2022 | 0130/1230 | ** |  | AU | Retail Trade |
| 11/01/2022 | 0130/1230 | ** | | AU | Trade Balance |
| 11/01/2022 | 0800/0900 | * |  | ES | industrial orders |
| 11/01/2022 | 0900/1000 | * |  | IT | retail sales |
| 11/01/2022 | 1000/1000 | ** | | UK | Gilt Outright Auction Result |
| 11/01/2022 | 1020/1120 |  | EU | ECB Lagarde at Bundesbank Ceremony | |
| 11/01/2022 | 1100/0600 | ** |  | US | NFIB Small Business Optimism Index |
| 11/01/2022 | 1355/0855 | ** | | US | Redbook Retail Sales Index |
| 11/01/2022 | 1430/0930 | | US | Kansas City Fed's Esther George | |
| 11/01/2022 | 1500/1000 | ** | | US | IBD/TIPP Optimism Index |
| 11/01/2022 | 1500/1000 | | US | Fed Chair Powell's Senate nomination hearing | |
| 11/01/2022 | 1630/1130 | ** | | US | NY Fed Weekly Economic Index |
| 11/01/2022 | 1800/1300 | *** | | US | US Note 03 Year Treasury Auction Result |
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.