Weekly Fundamental Bulletin: US Data Kicks Off 1st Trading Week Of 2021

Economists forecast to see an unchanged print for November.

Despite the monthly decline, pending home sales remain near 16.4% on the year. The data also showed that the current sales and prices were far stronger compared to a year ago.

Japan’s industrial output remains flat

The latest industrial production data from Japan showed a flat reading on a seasonally adjusted basis.

The data was released by the Ministry of Economy, Trade, and Industry. The flat reading for November missed the estimates of a 1.2% increase.

It also comes after October saw a 4.0% increase. On a year over year basis, industrial production fell by 3.4%, which was in line with the estimates.

Following the release, officials said that industrial production was picking up pace.

Upcoming Economic Events

OPEC+ ministers meet to discuss oil quotas

The new trading week of 2021 kicks off with the OPEC+ energy ministers holding a virtual monthly meeting.

A decision on whether to add as much as 500,000 barrels a day to production is on the agenda.

Recent data showed that OPEC+ managed to reach 104% of compliance.

Among the members, Russia is apparently in favor of raising oil production, while Saudi Arabia is preferring a more cautious approach.

Russia already voiced its opinion in favor of increasing production by 500,000 barrels per day from February this year.

Eurozone flash inflation data on tap

The preliminary inflation report for December is due from the Eurozone.

Forecasts point to a modest improvement, with headline inflation recovering from -0.3% in November to -0.2% in December on a year over year basis.

Core inflation is forecast to remain unchanged, albeit staying at historic lows of 0.2% on the year for the fourth consecutive month.

Consumer spending is forecast to decline in December due to increased restrictions across various parts of the Eurozone. This is expected to offset the modest gains in fuel costs during the month.

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