PA Market Report: Overview (May 10 – May 14) & Upcoming Events May’21

May 10 :

Fed’s Evans: It’ll be awhile until the US makes sufficient strides to talk about tapering (US)


May 11 :

Outlook Improves Significantly (Germany)

ZEW Index ZEW Indicator of Economic Sentiment in Germany Combination chart with 2 data series. The chart has 2 X axes displaying Time and navigator-x-axis. The chart has 2 Y axes displaying values and navigator-y-axis. 2019-05-11 2021-05-11 End of interactive chart.

Job Openings and Labor Turnover – March 2021 (US)

The number of job openings reached a series high of 8.1 million on the last business day of March, the U.S. Bureau of Labor Statistics reported today. Hires were little changed at 6.0 million. Total separations were little changed at 5.3 million. Within separations, the quits rate was unchanged at 2.4 percent while the layoffs and discharges rate decreased to a series low of 1.0 percent. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, by four geographic regions, and by establishment size class.

May 12 :

GDP monthly estimate: March 2021 (UK)

UK gross domestic product (GDP) is estimated to have grown by 2.1% in March 2021, the fastest monthly growth since August 2020, as schools in some parts of the UK reopened throughout the month. The service sector grew by 1.9% in March 2021, with schools re-opening across England and Wales and retail trade sales continuing to show strength.

Consumer Price Index – March 2021 (US)

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in April on a seasonally adjusted basis after rising 0.6 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 4.2 percent before seasonal adjustment. This is the largest 12-month increase since a 4.9-percent increase for the period ending September 2008. The index for used cars and trucks rose 10.0 percent in April.

Treasury Auction Results (US)

With the 10Y yield trading right on top of last week’s high. Many traders were expecting a relatively smooth sailing for today’s 10Y refunding auction in light of the sharp jump in yields which built in a generous concession ahead of today’s $41 billion auction.

May 13 :

Producer Price Indexes – April 2021 (US)

The Producer Price Index for final demand increased 0.6 percent in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices rose 1.0 percent in March and 0.5 percent in February.

May 14 :

Wholesale trade, March 2021 (Canada)

Sales by Canadian wholesalers rose 2.8% in March, the second increase in three months. The growth in March was due to increases in the building material and supplies subsector and the miscellaneous subsector. Wholesale sales volumes were up 1.9% to $61.9 billion. March was the eighth consecutive month where wholesale sales volumes were higher than the $59.7 billion recorded before the COVID-19 pandemic, in February 2020.

US Retail Sales Disappoint In April As Stimmy Surge Stalls (US)

After hot-hot-hot inflationary prints this week, following dismal jobs data last week, all eyes are on this morning’s retail sales data to discern if America’s future is a stagflationary cornering of The Fed.

Upcoming Events:

May 18

  • Monetary Policy Meeting Minutes
  • SNB Chairman Jordan Speaks

May 19

  • CPI y/y
  • ECB Financial Stability Review
  • CPI m/m
  • Crude Oil Inventories

May 20

  • FOMC Meeting Minutes
  • Employment Change
  • Unemployment Rate
  • Annual Budget Release
  • ECB President Lagarde Speaks
  • Philly Fed Manufacturing Index
  • Unemployment Claims

May 21

  • Retail Sales m/m (AUD)
  • Retail Sales m/m (GBP)
  • French Flash Manufacturing PMI
  • French Flash Services PMI
  • German Flash Manufacturing PMI
  • German Flash Services PMI
  • Flash Manufacturing PMI
  • Flash Services PMI
  • Flash Manufacturing PMI
  • Flash Services PMI
  • ECB President Laggards Speaks
  • Core Retail Sales m/m
  • Retail Sales m/m
  • Flash Manufacturing PMI
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