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.
Tuesday's data calendar sees another quiet session, with only a few releases in Europe worth noting. Tuesday morning kicks off with the publication of Italian industrial production figures at 0900BST, followed by the German ZEW survey at 1000BST.
Italian production expected to rise
Monthly industrial production ticked up 0.2% in February, after rising by 1.1% in January, while annual output eased by 0.6% in February. While the production of electrical equipment saw the largest annual increase in February, output of coke and refined petroleum products recorded the largest drop. In March markets expect monthly production to tick up by 0.4%, while annual output is forecast to rise sharply by 37.1%.
Survey evidence suggests strong business activity in the manufacturing sector. The manufacturing PMI rose to a record high in April and Istat's manufacturing confidence index rose further as well.
ZEW expectations projected to edge slightly higher
The ZEW expectations index is expected to rise marginally to 71.0 in May, after falling from 76.6 to 70.7 in April. However, the indicator remains at a historically high level. The ZEW current conditions index is seen at -41.6 in May, following a solid increase of 12.2pt to -48.8 in April. April's increase marked the second successive gain of current conditions and the report noted that most of the declines seen during the pandemic have been caught up.
The main events to look out for on Tuesday include speeches by New York Fed's John Williams, San Francisco Fed's Mary Daly, Atlanta Fed's Raphael Bostic and Philadelphia Fed's Patrick Harker.
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.