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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 focus will largely be German IP, which will likely see muted growth at best. Poland’s central bank rate decision is due in the afternoon.
Germany Industrial Production (0700 BST)
The April German factory orders print saw a substantial downside surprise and a further plunge, down 6.2% y/y. As such, the April industrial production print is unlikely to see modest improvements as expected by the consensus at +1.2% m/m (March -3.9%) and -2.4% y/y (March -3.5%). The contraction comes on the back of escalations in the Ukraine war, as demand for capital goods will likely slump as uncertainties grow, and supply chain disruptions become more acute.
France Trade Balance / Current Account Balance (0745 BST)
The April trade balance follows the March falling to €-12.37b, as imports hit a fresh record high due to soaring energy prices. The current account deficit will likely narrow marginally from the €-3.2b recorded in March.
Eurozone Final Q1 GDP (1000 BST)
The final Eurozone GDP print for Q1 2022 should confirm the flash estimate of +0.3% q/q and +5.1% y/y. This is all but on par with the growth levels seen in Q4 2021.
US MBA Mortgage Applications (1200 BST)
Mortgage applications are anticipated to find themselves once again in contractionary territory for last week, following a -2.3% contraction the week before as the housing market cools as interest rates move higher.
Poland’s Central Bank Rate Decision (1400 BST onwards)
The NBP is seen keeping the pace with another 75bp hike today, following May’s hike to 5.25%. Inflation dynamics continue to point to an NBP that need to retain a solid tightening bias. Core Y/Y CPI reached 7.7% in April, the highest rate since 2000. The price rises continue to be driven by the surge in energy and food costs following the Ukraine war shock. A faster pace of tightening remains on the cards given the pressure from both the economy as well as the political backdrop.
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US Wholesale Inventories (1500 BST)
Wholesale inventories are projected to be confirmed at +2.1% m/m in April, confirming the 21st consecutive month of gains as firms continue to build stock due to supply constraints worsened by the Ukraine war and China’s lockdowns in April.
There are no key policymaker appearances on today’s schedule, with the ECB in the blackout period ahead of tomorrow’s rate decision.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 08/06/2022 | 0545/0745 | ** |  | CH | Unemployment |
| 08/06/2022 | 0600/0800 | ** |  | DE | Industrial Production |
| 08/06/2022 | 0600/0700 | * |  | UK | Halifax House Price Index |
| 08/06/2022 | 0645/0845 | * |  | FR | Foreign Trade |
| 08/06/2022 | 0645/0845 | * | | FR | Current Account |
| 08/06/2022 | 0800/1000 | * |  | IT | Retail Sales |
| 08/06/2022 | 0830/0930 | ** | | UK | IHS Markit/CIPS Construction PMI |
| 08/06/2022 | 0900/1000 | ** | | UK | Gilt Outright Auction Result |
| 08/06/2022 | 0900/1100 | *** |  | EU | GDP (2nd est.) |
| 08/06/2022 | 0900/1100 | * | | EU | Employment |
| 08/06/2022 | 1100/0700 | ** |  | US | MBA Weekly Applications Index |
| 08/06/2022 | 1400/1000 | ** | | US | Wholesale Trade |
| 08/06/2022 | 1430/1030 | ** | | US | DOE weekly crude oil stocks |
| 08/06/2022 | 1530/1130 | * | | US | US Treasury Auction Result for Cash Management Bill |
| 08/06/2022 | 1700/1300 | ** | | US | US Note 10 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.