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What to Watch - Week of 25 November

It’s all about inflation this week with the monthly CPI print on Wednesday, seen holding at 2.1% y/y as electricity subsidies continue to flow. Investment partials ahead of Q3 GDP next week and a speech by RBA Governor Bullock on Thursday are also on watch. Globally, it’s a holiday shortened week stateside, which sees PCE and jobless claims pulled forward. Preliminary CPI data headlines the European data docket and Japan rounds out the week with its inflation drop on Friday. Here’s what you should watch.
NAB Markets Research
25 November 2024
Created by potrace 1.15, written by Peter Selinger 2001-2017 3 min read

Taylor Nugent & Tapas Strickland | Markets Research

Past Week

  • A quiet week in Australia, though the RBA Minutes did ruffle a few feathers, playing to the view of the RBA not being in a rush to cut rates
  • A few shops changed their RBA rate call to May (from Feb), which followed NAB’s change to May post the labour market data last week
  • Offshore, it has also been a quiet week with markets still attempting to discern the likely policy mix under a Trump Administration

Week ahead

  • The Australian October Monthly CPI indicator (Wednesday) is seen holding at 2.1% y/y as electricity subsidies continue to flow. It is not the full CPI and is goods heavy in October. Consensus is 2.3% y/y
  • Also in Australia are investment partials ahead of Q3 GDP the following week (Construction Work Done Wednesday, Capex Thursday). RBA Governor Bullock speaks Thursday evening.
  • The RBNZ is widely expected to deliver a 50bp cut on Thursday. Markets price 55bp.
  • It’s a holiday shortened week in the US with Thanksgiving on Thursday. October PCE and jobless claims are pulled forward to Wednesday, which also features the 2nd est. of Q3 GDP. The FOMC Minutes are Tuesday.
  • In Europe, preliminary CPI on Friday headlines, with a raft of country level readings out the prior day. Confidence data and the German IFO are also out during the week. It is quiet in the UK
  • Japan sees Tokyo CPI and the jobless rate on Friday. It is a quiet week in China, and Canada Q3 GDP rounds out the week on Friday.

View the full report here

Also in the What to Watch

 

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