The week was supposed to start off quiet on the macro news front, but the PBOC spoiled that with an unprecedented Monday, Feb 29 RRR cut, its fifth since the start of 2015. In any case, it slowly builds up to the week’s biggest event on Friday, when the BLS reports February payrolls and will be hard pressed to find all the seasonal adjustments it needs to cover for not only the lost jobs in the devastated energy sector but, as we reported over the weekend, the sudden dramatic air pocket in Silicon Valley jobs.
Here is a brief summary from DB what else the market will be focusing on: kicking off proceedings this morning is the February estimate for Euro area CPI (+0.1% mom expected) which disappointed materially after it printed at -0.2%, the lowest since last February. This afternoon in the US there will be a lot of focus on the February Chicago PMI number, while the Dallas Fed manufacturing activity index and January pending home sales data will also be released.
Tuesday morning kicks off with a bumper release in Asia including Japan employment data, final manufacturing PMI and capex data. Over in China meanwhile there’ll be no shortage of attention placed on the February manufacturing and services PMI’s. In Europe on Tuesday we’ll also get those final February manufacturing PMI’s for the Euro area and also regionally in Germany, France, UK, Spain and Italy. The Euro area unemployment rate is also due to be released. The big release in the US on Tuesday will be the ISM manufacturing (expected to nudge up to 48.6), while vehicles sales, construction spending, the IBD/TIPP economic optimism reading and manufacturing PMI will also be released.
With little of note in Asia or Europe on Wednesday, attention will be on the US ADP employment change reading as a prelude to Friday’s payrolls, while the Fed’s Beige Book is also due out.
Thursday looks set to be busy and we kick off in China with the non-official Caixin services and composite PMI’s for February, along with the non-official prints for Japan. Over in Europe we’ll get the final February services and PMI revisions along with Euro area retail sales and French employment data. Meanwhile in the US we’ve got final revisions to durable and capital goods orders for January, initial jobless claims, factory orders, final services and composite PMI revisions, Q4 nonfarm productivity and labour costs and finally the all important ISM non-manufacturing print for February (no change to 53.5 expected).
Closing out the week on Friday, with little of interest in Asia or Europe it’s all eyes on the February nonfarm payrolls print in the US in the afternoon (195k expected) and associated employment indicators. The January trade balance will also be released.
Here is a quick summary of the key US events from BofA:
And the entire G-5 developed world at a glance courtesy of SocGen:
via Zero Hedge http://ift.tt/21vQ9nI Tyler Durden