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Newsquawk Week Ahead: US NFP, ISMs, EZ & Swiss CPI, Minutes from ECB & RBA
Key Events:
- Monday: US ISM Manufacturing PMI (Dec)
- Tuesday: US ISM Non-Manufacturing PMI (Dec)
- Wednesday: US ADP Employment Change (Dec), EZ CPI (Dec), Swiss CPI (Dec), Minutes from RBA
- Thursday: US Initial Jobless Claims, EZ Retail Sales (Nov), Minutes from ECB
- Friday: US Nonfarm Payrolls (Dec), US Unemployment Rate (Dec)
The first full week of 2022 will see a raft of data releases with the focus on the labor market as investors gear up for the US nonfarm payrolls report on Friday. Prior to that, the ISM manufacturing and non-manufacturing PMIs will provide a snapshot of the health of the US economy, while the ADP employment change will offer a preview of the NFP report. In Europe, the focus will be on inflation data with the release of the EZ and Swiss CPI figures, as well as the minutes from the ECB meeting. Additionally, the RBA will release the minutes from its latest policy meeting, providing insights into the central bank's thinking on the outlook for the Australian economy.
In the US, the ISM manufacturing PMI for December will be closely watched for signs of how the sector is faring amid ongoing supply chain disruptions and rising input costs. The ISM non-manufacturing PMI will provide further insights into the broader services sector, which has been a key driver of the US economy's recovery. Meanwhile, the ADP employment change will give an early indication of how the labor market performed in December, ahead of the highly anticipated nonfarm payrolls report on Friday. Economists are expecting the NFP report to show a solid gain in jobs, with the unemployment rate expected to remain at historically low levels.
In Europe, the focus will be on inflation data, with the release of the EZ and Swiss CPI figures. The ECB minutes will also be closely watched for any hints on the central bank's future policy path, as policymakers continue to grapple with the challenges posed by the pandemic and inflationary pressures. Additionally, the RBA minutes will provide insights into the central bank's thinking on the outlook for the Australian economy, as policymakers weigh the impact of the Omicron variant and the ongoing recovery from the pandemic.
Overall, the coming week is likely to be