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Thursday’s data points of interest will be the UK’s CBI manufacturing survey in the morning, followed by Philadelphia's manufacturing index. The SARB looks set to hike rates and a US home sales update is due in the afternoon session.
Eurozone Construction Output (1000 BST)
The March Eurozone construction output data will likely soften from February’s strong +1.9% m/m, +9.4% y/y numbers, as supply shocks and energy price inflation from the onset of the Ukraine war spill-over into construction output.
UK CBI Industrial Trends (1100 BST)
The CBI manufacturing business survey sees declining sentiment in May forecasts, with total orders expected to dampen by two points to 12, the lowest since October. Selling prices are anticipated to soften by one point to 70, which would end a 5-month streak of rising prices.
US Philadelphia Fed Manufacturing Outlook (1330 BST)
Business outlooks are projected to deteriorate by 2.6 points to 15.0 in the May Philadelphia Fed survey, pointing to a further slowdown in the US manufacturing industry.
US Weekly Jobless Claims (1330 BST)
Initial jobless claims for the week ending May 14 will be largely unchanged at 200k, whilst continuing claims are expected to moderate by 23k to 1320k for the week ending May 7.
South African Reserve Bank Interest Rate (1410 BST)
Markets are looking for a 50bp hike to 4.75%, accelerating the pace of tightening on the back of broadening global inflation pressures and a weaker ZAR.
Yesterday’s CPI data saw inflation flat at 5.9% y/y once again testing the upper bounds of the SARB’s target range. Although the growth outlook remains fragile, the SARB will be conscious of falling behind the Fed’s normalisation trajectory and underwhelming market expectations.
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US Existing Home Sales (1500 BST)
A further slowdown is on the cards for US home sales in today’s April print, with home sales to slow by 112k to 5.65 million, which translated into a contraction of -2.1% m/m (albeit more moderate than -2.7% seen in March). This would be the lowest number of existing homes sold in a month since Summer 2020. Rising prices squeezing disposable incomes and rising interest rates are hampering consumers’ willingness to invest.
The ECB’s April meeting accounts are due at 1230BST. President Christine Lagarde and Fabio Panetta will be again at the G7 meeting, while Luis de Guindos will hold a keynote address at Harvard University. Minneapolis Fed's Neel Kashkari will be speaking.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 19/05/2022 | 0800/1000 | ** |  | EU | EZ Current Acc |
| 19/05/2022 | 0900/1100 | ** | | EU | Construction Production |
| 19/05/2022 | 1130/1330 | | EU | ECB April meeting Accounts | |
| 19/05/2022 | - | | EU | ECB Lagarde & Panetta in G7 Meeting | |
| 19/05/2022 | 1230/0830 | * |  | CA | Industrial Product and Raw Material Price Index |
| 19/05/2022 | 1230/0830 | ** |  | US | Jobless Claims |
| 19/05/2022 | 1230/0830 | ** | | US | Philadelphia Fed Manufacturing Index |
| 19/05/2022 | 1230/0830 | ** | | US | WASDE Weekly Import/Export |
| 19/05/2022 | 1230/1430 | | EU | ECB de Guindos Keynote Address at Harvard | |
| 19/05/2022 | 1400/1000 | *** | | US | NAR existing home sales |
| 19/05/2022 | 1430/1030 | ** | | US | Natural Gas Stocks |
| 19/05/2022 | 1530/1130 | * | | US | US Bill 08 Week Treasury Auction Result |
| 19/05/2022 | 1530/1130 | ** | | US | US Bill 04 Week Treasury Auction Result |
| 19/05/2022 | 1700/1300 | ** | | US | US Treasury Auction Result for TIPS 10 Year Note |
| 19/05/2022 | 2000/1600 | | US | Minneapolis Fed's Neel Kashkari |
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.