Economic Events of the Coming Week - 9/18/2016

Monday: September’s Rightmove House Prices data will be released in the U.K., recently seeing a 1.2% MoM decline.August’s Unemployment rate will be released in Russia.

Tuesday: August’s Housing Starts data will be released in the U.S., with analysts expecting a small decline, to an elevated-still 1,190K. For Building Permits, alternatively, analysts expect a small gain.

Wednesday: August’s Trade Balance data will be released in Japan – analysts expect moderation at the trade deficit, to Yen 195.5 bln. In the U.S., a rate decision is due by the Fed. Bond markets are currently pricing in about a 20% chance for a hike on this one. It should also be noted that the bonds also attribute a 55% hike by December’s announcement, so if the Fed will want to keep rates unchanged this time, with a minimal shock to the markets, it will need to craft some hawkish guidance.

Thursday: September’s Manufacturing Confidence data will be released in France. Advance September Consumer Confidence Index data will be released in the Eurozone. The ECB’s Draghi is scheduled to speak in Frankfurt, where he is likely to retort to the previous day’s wording of the Fed. The Bank of England Governor, Carney, is also scheduled to speak in Berlin. In the U.S., the weekly Initial Jobless Claims will see light. August’s Existing Home Sales data will also see light in the U.S., as will the month’s Leading Index.

Friday: Nikkei / Markit Manufacturing Purchasing Mangers’ Indices will be released globally – Analysts expect a small deterioration for the Eurozone, to 51.5 points, and a U.S. gain, to 52.3 points. In Canada, August’s Consumer Price Index will see light.