As quantitative easing fades into the rear view mirror, the U.S. economy remains fragile, despite appearing healthy compared to its peer economies. Recent numbers from Europe, while promising, fall short of confirming a solid economic rebound. On the emerging markets front, China’s maturing pace of growth remains a shadow over markets.
Monday, November 3: The main macro headline in Asia is final October China HSBC purchasing managers’ index (PMI) data. In Japan, Monday is a market holiday. Final October PMI results from primary European economies on the schedule, as are U.S. Institute for Supply Management data. Also on deck are total U.S. October vehicle sales from research firm Autodata for October. Forecasts show an uptick from September. Corporations reporting quarterly earnings include American International Group and Gamco Investors.
Tuesday, November 4: The Reserve Bank of Australia makes its monthly rate announcement, with consensus forecasts for no policy shift. Australia is also publishing September trade data. In Europe, September producer price index (PPI) data for the euro zone is the primary economic release of the day while in the U.S., September macro trade data stands to be the main macro headline. International Paper and Motorola Solutions are among the large-cap equities reporting on Tuesday.
Wednesday, November 5: While services PMI data in Europe and ISM nonmanufacturing data in the U.S. are the key numbers coming out of either of those markets, the speech by Bank of Japan governor Haruhiko Kuroda will likely take the spotlight — especially after the surprise announcement on October 31. A slew of corporations are making earnings announcements, including Leucadia National Corp. and Prudential Financial.
Thursday, November 6: Economists expect a rebound in both German factory orders for September and U.K. industrial production for the same month in the lead up to an announcement from the European Central Bank. Despite expectations for no major shift in policy, investors may be more prepared for change. Jobless claims in the U.S. will be a major risk narrative focus, as labor markets continue to improve, albeit slowly. Walt Disney is reporting fiscal fourth-quarter earnings with expectations for higher results on the back of strong box office numbers from Guardians of the Galaxy.
Friday November 7: September industrial production figures from Germany are expected to rise modestly, while exports for the same month are forecast to rebound significantly from August doldrums. September U.K. trade data is also on the schedule. In the U.S. the ever-critical employment situation report is forecast to register further improvement. Chinese trade data will be released over the weekend.