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MNI is the leading provider
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This week’s data kicks off with French trade data, followed by Eurozone investor confidence. The headline inflation print for Mexico and US wholesale trade sales are due in the afternoon.
Eurozone Sentix Investor Confidence (0930 BST)
Investor confidence is seen sliding a further 2.5 points to -20.5 in May. This follows an 11-point plunge in April, which was a July 2020 low. Sentix stated that the April fall can be assumed as the onset of a recession.
The Ukraine war, related sanctions and soaring energy prices have left policymakers unable to cushion negative growth effects with policy measures. As the bloc grapples with a record 7.5% inflation rate, the recent hawkish shift ECB rhetoric suggests a July hike is at least under discussion.
Mexico Inflation (1200 BST)
The April print for Mexican inflation is forecast to rise approx. 0.3pp to a fresh over 20-year high of 7.73% y/y, closely followed by core inflation expected to tick up to 7.15%.
Food prices continue to rise, although gas prices are showing signs of easing. The month-on-month reading is seen slowing about 0.4pp to +0.58%. With services prices and wage growth gathering momentum, the Banco de Mexico’s meeting on Thursday sees a 50bp hike of the overnight rate to 7.00%
US Wholesale Trade and Inventories (1500 BST)
Wholesale inventories are expected to be confirmed to have slowed 0.3pp from to +2.3% m/m in March, whilst wholesale trade sales are seen inching up 0.1pp to 1.8% m/m. In last week’s Q1 2022 GDP release, inventories contributed to the 1.4% y/y contraction (alongside the record trade deficit) as the rate of inventory accumulation was lower than Q4 2021.
The BOE’s Michael Saunders is the only announced key policymaker appearance on Monday’s schedule. The event link is in the calendar below.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 09/05/2022 | 0030/0930 | ** |  | JP | IHS Markit Final Japan Services PMI |
| 09/05/2022 | 0645/0845 | * |  | FR | Current Account |
| 09/05/2022 | 0645/0845 | * | | FR | Foreign Trade |
| 09/05/2022 | 1230/0830 | * |  | CA | Building Permits |
| 09/05/2022 | 1300/1400 |  | UK | BOE Saunders Speaks at Resolution Foundation Event | |
| 09/05/2022 | 1400/1000 | ** |  | US | Wholesale Trade |
| 09/05/2022 | 1500/1100 | ** | | US | NY Fed survey of consumer expectations |
| 09/05/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 26 Week Bill |
| 09/05/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 13 Week Bill |
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.