- Industrial Production and Trade Balance (GBP, GMT 07:00) – For Q3 GDP growth was unexpectedly revised down to -0.3% q/q from -0.2% q/q reported initially. The annual rate was revised to 1.9% y/y from 2.4% y/y. The full breakdown flagged that the erosion of real disposable income has hit consumption. Gross fixed capital investment rose 1.1% q/q, but that that was much less than initially reported. Exports jumped and imports declined, which helped to prop up the overall number, but also flagged that the domestic economy is struggling. Industrial and ManufactuRing Production for November are expected to contract further at -0.3% and -0.2% respectively.
- Michigan Consumer Sentiment & New Home Sales (USD, GMT 15:00) – The preliminary Michigan sentiment report is expected to reveal a headline rise to 60.0 in January from 59.7, versus an all-time low of 50.0 in June, an 88.3 cycle-high in April of 2021, and an early-pandemic bottom of 71.8 in April of 2020. Current conditions should rebound to 60.0 from 59.4, versus an all-time low of 53.8 in June and a 97.2 cycle-high in April of 2021. Expectations should rise to 60.0 from 59.9 in December and a 5-month low of 55.6 in November, versus a 42-year low of 47.3 in July and an 83.5 cycle-high in June of 2021.
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Andria Pichidi
Market Analyst
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