-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI GLOBAL MORNING BRIEFING: US Trade Deficit in Focus
Tuesday’s early data schedule includes French IP in the morning, final March global services PMI prints and the US trade balance for February. It is worth noting that February data represents more of a benchmark for comparing post-Ukraine invasion effects in upcoming months.
RBA Rate Decision (0530 BST) - Recap
The latest rate decision saw the Reserve Bank of Australia leave monetary policy unchanged at the 0.10% cash rate. Labour market resilience, persistently proving stronger than expectations remains the key point of confidence, despite headline inflation reaching +3.5% in Q4. The RBA reconfirmed that inflation spillover from the global pressures remain small.
French Industrial Production (0745 BST)
The February data will likely see French IP weaker on the month at -0.4% m/m (Jan +1.6%) albeit stronger on the year at +2.6% y/y (Jan -1.5%). January saw an upside surprise on the back of boosted petroleum and pharmaceutical production.
S&P Global Final Service PMIs
The Service S&P PMIs (previously IHS) will weigh up expansion in services as Omicron-wave restrictions eased with dampened consumer confidence on the back of surging inflation and concerns regarding the Ukraine war.
First and final prints are expected to see Spanish and Italian services soften to 54.3 and 51.5 respectively (Feb 56.6 and 52.8). The larger dip for Spain is likely to reflect a starker disposable income squeeze due to an especially high inflation rate which jumped 2.2pp to +9.8% y/y in March.
Also of interest will be the Russian print, for which analysts are seeing a 6.1-point drop to a contractive 46.0 services PMI reading as inflation soars and shortages from imposed sanctions hit the economy.
Final prints are seen confirming service PMIs for France (March 57.4, Feb ), Germany (March 55.0, Feb ), Eurozone (March 54.8, Feb), the UK (March 61.0, Feb ) and the US (March 58.9, Feb ).
US Trade Balance (1330 BST)
February’s trade balance is seen reducing by $1.4b to -$88.5b from January’s record high as a result of soaring energy cost inflation.
US ISM Services PMI (1500 GMT)
The ISM services PMI is projected to increase 1.9 points to 58.4 for March, following three months of decline. The S&P services PMI saw a substantial upside surprise in the March print, as demand saw strong recoveries with easing pandemic restrictions. Consumer confidence effects due to the war in Ukraine remain largely undamaging in the US.
Date | GMT/Local | Impact | Flag | Country | Event |
05/04/2022 | 0430/1430 | *** | AU | RBA Rate Decision | |
05/04/2022 | 0630/0830 | ** | SE | Services PMI | |
05/04/2022 | 0645/0845 | * | FR | Industrial Production | |
05/04/2022 | 0715/0915 | ** | ES | IHS Markit Services PMI (f) | |
05/04/2022 | 0745/0945 | ** | IT | IHS Markit Services PMI (f) | |
05/04/2022 | 0750/0950 | ** | FR | IHS Markit Services PMI (f) | |
05/04/2022 | 0755/0955 | ** | DE | IHS Markit Services PMI (f) | |
05/04/2022 | 0800/1000 | ** | EU | IHS Markit Services PMI (f) | |
05/04/2022 | 0830/0930 | ** | UK | IHS Markit/CIPS Services PMI (Final) | |
05/04/2022 | - | EU | ECB's de Guindos attends Ecofin | ||
05/04/2022 | 1230/0830 | ** | CA | International Merchandise Trade (Trade Balance) | |
05/04/2022 | 1230/0830 | ** | US | Trade Balance | |
05/04/2022 | 1255/0855 | ** | US | Redbook Retail Sales Index | |
05/04/2022 | 1345/0945 | *** | US | IHS Markit Services Index (final) | |
05/04/2022 | 1400/1000 | US | Minneapolis Fed's Neel Kashkari and Fed Governor Lael Brainard | ||
05/04/2022 | 1400/1000 | *** | US | ISM Non-Manufacturing Index | |
05/04/2022 | 1630/1230 | US | San Francisco Fed's Mary Daly | ||
05/04/2022 | 1800/1400 | US | New York Fed's John Williams |
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.