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 data calendar gets off to a quiet in Europe on Monday with the only release scheduled being Swedish inflation at 0830GMT. In the North Americas the main data events to look out for include the releases of the Empire State Manufacturing survey and the Canadian monthly survey of manufacturing, both published at 1230GMT.
Swedish inflation forecast to pick up further
The CPIF jumped to 1.7% in January, following December's reading of 0.5%. January's marks the highest level of inflation since December 2019 and the second consecutive uptick. The price increase in January was mainly driven by housing costs and higher prices for food and non-alcoholic beverages as well as electricity due to colder weather. In February, markets expect the annual CPIF to increase further to 1.8%, while excluding energy the CPIF is seen at 1.6% following January's reading of 1.8%. The Swedish services PMI noted an increase in price pressure in the service sector in February, while the manufacturing PMI stated that rising prices at the producer level could eventually have an impact on the consumer level.
Empire State Manufacturing index seen higher
The general headline business conditions index of the Empire State Manufacturing survey jumped to 12.1 in February, rising by 9 points and showing the highest level in several months. While delivery times increased further, new orders, shipments, employment and prices rose in February. Markets are looking for a further uptick in March to 14.5. February's report noted that firms remained optimistic regarding future conditions.
Canadian manufacturing sales rose in December
Manufacturing sales grew by 0.9% in December, up from -0.4% recorded in November, while quarterly sales rose 1.1% in Q4. December's uptick was driven by wood manufacturing, transportation equipment as well as petroleum and coal product industries. Sales improved in 9 out 21 industries in December. In January markets are looking for xxx. The IHS manufacturing PMI signals solid growth in the manufacturing sector with a marked increase in demand in February, which bodes well with manufacturing sales going forward.
The only event scheduled on Monday is ECB's Christine and Fabio Panetta participating in the Eurogroup meeting.
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.