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Free AccessMNI GLOBAL MORNING BRIEFING: All Eyes On Ukraine
Thursday’s data schedule is mostly second-tier data, including French consumer sentiment, Italian industrial sales, UK CBI distributive trades and the secondary reading for Q4 US GDP.
Markets will continue to watch for further developments as Russia begins military operations in parts of Ukraine. On Tuesday, the UK, EU and the US responded to Russia’s move to recognize the Donetsk and Luhansk People’s Republics by announcing a ‘first tranche’ of sanctions on Russian banks, individuals, and Russian sovereign debt.
French Consumer Sentiment to Improve (0745 GMT)
French consumer confidence is expected to edge higher by one point in February to 100; also the long-term average. Over the last six months, the indicator has hovered between 98-101, with last month’s survey highlighting propensity to make large purchases and foreseeable living standards both becoming more pessimistic. The survey will highlight further advancements in saving and price expectations, both of which increased over the last month.
Italian Industrial Orders Seeing Energy Products Boom (0900 GMT)
The December industrial sales print due this morning will provide an indication of industrial demand. The previous reading highlighted a +2.4% m/m and +22.2% y/y increase in industrial turnover, citing growth in foreign sales, whilst domestic sales saw a contraction. Industrial sales of energy products generated the largest growth, increasing by +81.0% y/y in November.
UK CBI Distributive Trades to Slow (1100 GMT)
Reported retail sales are projected to decline in today’s CBI distributive trades data, seen stepping down to 25 in February from 28 in January. The strong January growth was largely due to the low base effects of the previous year when a stringent lockdown was in place. Order growth has been notably slow and is likely to accelerate in February, however, retailers face both rising input and running costs and a decrease in demand as consumers feel the squeeze on disposable incomes.
US GDP & Jobless Claims Looking Strong (1330 GMT)
US annualized GDP is projected to inch up to +7.0% q/q in the second reading for Q4 (6.9% q/q in first estimate), which beat expectations of +5.5% q/q growth. This print will confirm a strong increase from +2.3% q/q in Q3).
Meanwhile, initial jobless claims are expected to fall by about 13,000 to 235,000 for the week ending February 19, down from 248,000 in the week prior. A small surge in jobless claims was evident in early January and has since resumed a general downwards trajectory as Omicron cases ease again in the US.
Today’s key policymaker schedule is relatively busy. Key appearances include BOE Governor Andrew Bailey, the BOE’s Ben Broadbent and the ECB’s Isabel Schnabel. Later in the afternoon San Francisco Fed’s Mary Daly, Atlanta Fed’s Raphael Bostic and Cleveland Fed’s Loretta Mester will all make appearances. Where available, links to events are in the calendar below.
Date | GMT/Local | Impact | Flag | Country | Event |
24/02/2022 | 0700/0800 | ** | ![]() | SE | Unemployment |
24/02/2022 | 0745/0845 | ** | ![]() | FR | Consumer Sentiment |
24/02/2022 | 0900/1000 | * | ![]() | IT | industrial orders |
24/02/2022 | 1100/1100 | ** | ![]() | UK | CBI Distributive Trades |
24/02/2022 | 1315/1315 | ![]() | UK | BOE Bailey Intro at BEAR Research Conference | |
24/02/2022 | 1330/0830 | ** | ![]() | US | Jobless Claims |
24/02/2022 | 1330/0830 | *** | ![]() | US | GDP (2nd) |
24/02/2022 | 1330/0830 | ** | ![]() | US | WASDE Weekly Import/Export |
24/02/2022 | 1330/0830 | * | ![]() | CA | Payroll employment |
24/02/2022 | 1500/1000 | *** | ![]() | US | new home sales |
24/02/2022 | 1530/1030 | ** | ![]() | US | Natural Gas Stocks |
24/02/2022 | 1600/1100 | ** | ![]() | US | DOE weekly crude oil stocks |
24/02/2022 | 1600/1700 | ![]() | EU | ECB Schnabel panels BOE BEAR conference on Unwinding QE | |
24/02/2022 | 1600/1600 | ![]() | UK | BOE Broadbent moderates panel at BEAR Conference on QE | |
24/02/2022 | 1600/1100 | ![]() | US | San Francisco Fed's Mary Daly | |
24/02/2022 | 1610/1110 | ![]() | US | Atlanta Fed's Raphael Bostic | |
24/02/2022 | 1630/1130 | ** | ![]() | US | NY Fed Weekly Economic Index |
24/02/2022 | 1630/1130 | * | ![]() | US | US Bill 08 Week Treasury Auction Result |
24/02/2022 | 1630/1130 | ** | ![]() | US | US Bill 04 Week Treasury Auction Result |
24/02/2022 | 1700/1200 | ![]() | US | Cleveland Fed's Loretta Mester | |
24/02/2022 | 1800/1300 | ** | ![]() | US | US Treasury Auction Result for 7 Year Note |
25/02/2022 | 2330/0830 | ** | ![]() | JP | Tokyo CPI |
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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.