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 week closes with a relatively quiet day for European data releases and no relevant US/Canada numbers on the schedule.
UK Retail Sales (0700 BST)
The outlook for the April retail sales report is particularly grey, following the March drop of -1.4% m/m. March saw non-store retailing accounting for much of the decline, as well as significant downwards pressure from decreased auto fuel sales (-3.8% m/m).
A softer contraction of -0.3% m/m is expected in April, however, compared to April 2021 a -7.0% y/y decline is anticipated. This would be the steepest annualised decline since May 2020, as consumers feel the income squeeze of the Ofgem price cap increase and inflation running hot at 9.0%.
German Producer Prices (0700 BST)
German PPI will continue to grow in April, albeit slowing on the month. A 0.4pp uptick to a fresh record high of +31.3% y/y is expected, whilst a 3.7pp deceleration to +1.2% m/m is pencilled in.
Energy prices remain the key upwards driver of factory-gate inflation, following the 5-point March jump which captured the initial price effects of the Ukraine war.
Eurozone Consumer Confidence (1500 BST)
The advance May print is expected at -21.5, a minimal half-point improvement on the highly pessimistic April reading, which slipped back to 2020 pandemic lows. A slight improvement could be seen on consumers’ future financial situation, after inflation stalled at 7.4% following nine months of consistent growth. Intentions to make major purchases will likely continue to drag on the index.
Source: MNI, Bloomberg, EC Data
The BOE’s Chief Economist Huw Pill speaks in the morning, with ECB President Christine Lagarde and Fabio Panetta will at the final day of the G7 meeting, whilst Chief Economist Philip Lane will chair a panel discussion in the afternoon. Links are in the calendar below.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 20/05/2022 | 0600/0800 | ** |  | DE | PPI |
| 20/05/2022 | 0600/0700 | *** |  | UK | Retail Sales |
| 20/05/2022 | 0730/0830 | | UK | BOE Chief Economist Huw Pill speech | |
| 20/05/2022 | - |  | EU | ECB Lagarde & Panetta in G7 Meeting | |
| 20/05/2022 | 1200/1400 | | EU | ECB Lane in Discussion at Stockholm Uni | |
| 20/05/2022 | 1400/1600 | ** | | EU | Consumer Confidence Indicator (p) |
| 20/05/2022 | 1400/1000 | * |  | US | Services Revenues |
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.