May 17 :
Joint EU – US statement on addressing global steel and aluminum excess capacity (Euro and US)
Executive Vice President Dombrovskis, Ambassador Tai and Secretary Raimondo acknowledged the impact on their industries stemming from global excess capacity driven largely by third parties. The distortions that result from this excess capacity pose a serious threat to the market-oriented EU and U.S. steel and aluminum industries and the workers in those industries.
UK Treasury prepares for bonfire of EU red tape (UK and Euro Zone)
UK Treasury prepares for bonfire of EU red tape … TELEGRAPH
Brussels’ reluctance to grant financial market access leaves Government poised to rip up rulebook to boost London’s trading status
May 18 :
European Commission adopts plan for single corporate tax rulebook for the EU (Euro Zone)
EU COMMISSION SAYS TAX PLAN WILL AIM TO ENCOURAGE COMPANIES TO FINANCE ACTIVITIES THROUGH EQUITY RATHER THAN DEBT
SNB’s Jordan: May take long time for challenger to displace USD (Switzerland)
*SNB’S JORDAN: MAY TAKE LONG TIME FOR CHALLENGER TO DISPLACE USD
So central bankers are already planning whats next!
May 19 :
Consumer price inflation, UK: April 2021 (UK)
The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 1.6% in the 12 months to April 2021, up from 1.0% growth to March. The largest upward contributions to the CPIH 12-month inflation rate came from housing and household services (0.57 percentage points), and transport (0.56 percentage points). On a monthly basis, the CPIH rose by 0.7% in April 2021, following a 0.2% increase in March 2021.
ECB’s De Guindos: The current yield rate is favorable (Euro Zone)
ECB’S VP DE GUINDOS: THE CURRENT YIELD RATE IS FAVORABLE.
ECB’S VP DE GUINDOS: THE VACCINE ROLLOUT SPEED IS CRUCIAL TO RECUPERATING.
ECB’S VP DE GUINDOS: AFTER THE PANDEMIC IS OVER, FISCAL STRENGTHENING PLANS ARE NEEDED.
Statement of the Monetary Policy Committee (Euro Zone; Ice Land)
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to raise the Bank’s interest rates by 0.25 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 1%. The economic recovery in H2/2020 was stronger than previously assumed.
Consumer Price Index, April 2021 (Canada)
The Consumer Price Index (CPI) rose 3.4% on a year-over-year basis in April, up from a 2.2% gain in March. A significant proportion of this increase was attributable to a steep decline in prices in April 2020, as the monthly CPI rose 0.5% in April 2021. On a seasonally adjusted monthly basis, the CPI rose 0.6% in April. Excluding energy, the CPI was up 1.6% year over year in April, following a 1.1% increase in March. In April 2020, the headline CPI fell 0.2% year over year—the first CPI decline in over a decade.
May 20 :
Labour Force, Australia, April 2021 (Austalia)
Key statistics Seasonally adjusted estimates for April 2021: • Unemployment rate decreased to 5.5%. • Participation rate decreased to 66.0%. • Employment decreased to 13,040,400. • Employment to population ratio decreased to 62.3%. • Underemployment rate decreased to 7.8%. • Monthly hours worked decreased by 13 million hours.
May 21 :
Return to growth of services buoys overall German activity (Euro Zone; Germany)
Germany’s private sector economy saw a slight pickup in growth in May, reflecting an improved performance across services, latest ‘flash’ PMI® data from IHS Markit showed. The survey pointed to a further loss of momentum in the manufacturing sector, however, as record supply delays caused disruption to production at an increasing number of businesses.
Lagarde: It Is Too Early To Ask Medium To Long Term Questions (Euro Zone)
ECB President Lagarde: It Is Too Early To Ask Medium To Long Term Questions
US output growth surpasses series high once again amid stronger client demand, but cost pressures mount further (USA)
Private sector firms across the US signalled an unprecedented expansion in business activity in May. Growth was driven by the fastest service sector upturn on record, with the increase in manufacturing output also accelerating amid stronger client demand. Adjusted for seasonal factors, the IHS Markit Flash U.S.
Upcoming News events
May 24
- BOJ Gov Kuroda Speaks
- BOE Gov Bailey Speaks
May 25
- German ifo Business Climate
- CB Consumer Confidence
May 26
- RBNZ Monetary Policy Statement
- RBNZ Rate Statement
- Official Cash Rate
- RBNZ Press Conference
- Crude Oil Inventories
May 27
- Prelim GDP q/q
- Unemployment Claims
- Pending Home Sales m/m
May 28
Core PCE Price Index m/m
