The coming week looks to be an exciting one for investors all over the world. The February jobs data from the Labor Department and Jerome Powell’s speech before Congress will be among the most keenly awaited events in the US. In February, the private payroll is predicted to have grown by 185,000, according to the ADP employment survey, while the Commerce Department’s trade balance report will be highly scrutinized. Canada will release its most recent employment figures, with economists anticipating a modest uptick in the unemployment rate to 5.1% in February. The Office for National Statistics in the UK will update monthly data on the GDP, manufacturing output, construction output, and international commerce. There will also be updates on the Halifax home price index and the construction PMI survey.
The Eurozone will publish its final estimate of fourth-quarter GDP, retail sales data for January, final inflation data for February from Germany, domestic trade data from Italy, inflation and unemployment data from Switzerland, industrial output data from Turkey, and consumer price index data from Russia. The Reserve Bank of Australia is anticipated to increase the cash rate in Australia for the sixth consecutive time by 25 basis points, to 3.6%. At its annual meeting, the National People’s Congress in China is anticipated to make significant changes to the government and set official growth goals for 2023. India will publish its industrial production numbers for January, while the Bank of Japan is anticipated to maintain its ultra-loose monetary policy.
The Central Bank of Malaysia is anticipated to maintain its policy rate, and South Korea and the Philippines will share February inflation readings. Consumer prices in South Korea likely increased by 2.3% in February compared to a year earlier, up from a 2.1% increase in January. February trade statistics will shed light on the COVID-19 pandemic’s effects on exports as well as the ongoing semiconductor scarcity.
Inflation in the Philippines is anticipated to have increased for a fourth straight month in February, while Malaysia is anticipated to keep its policy rate at a historically low level of 1.75 percent. As they process a variety of economic data releases and central bank announcements, investors will have a busy week. There will be many chances for traders to benefit, but there will also be many hazards to manage. In the coming days and weeks, it will be interesting to see how the markets respond to the most recent events and how they affect asset values around the world.
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