- Manufacturing PMI (CNY, GMT 01:30) – The NBS Manufacturing PMI is expected to decline to 50.5 in March from 52.6.
- Gross Domestic Product (GBP, GMT 06:00) – The economy is still expected to contract -0.4% in the first quarter, before stabilizing and starting to rise in the second half of the year, with overall GDP now expected to expand 0.2% in 2023. The BOE minutes showed that bank staff expects GDP to increase slightly in the second quarter, compared with the -0.4% decline anticipated in February.
- Consumer Price Index & Unemployment data (EUR, GMT 07:55) – The Eurozone unemployment rate in February be unchanged at 6.7% m/m, while the preliminary inflation for March is anticipated to rise at 7.2% y/y from 8.5% y/y.
- Gross Domestic Product (CAD, GMT 12:30) – Canada GDP results for January are seen to be slowing down to contraction, at a monthly rate of -0.1%.
- Core PCE Price Index (USD, GMT 12:30) – February personal income forecasted at 0.3% rise after a 0.6% January gain. Consumers are no longer spending more than they earn, as “stimulus funds” apparently ran dry around mid-2022. The rate is still well below the 8.7% pre-pandemic level in Q4 of 2019.
- Michigan Consumer Sentiment (USD, GMT 14:00) – The final Michigan sentiment report is expected to reveal no revision in the initial March headline drop to 63.4 from a 13-month high of 67.0. The confidence surveys overall have shown an updraft from troughs in mid-2022, though all of the measures have deteriorated sharply from mid-2021 peaks. Michigan sentiment and the IBD/TIPP are fluctuating around historically weak levels, while the Conference Board measure has remained resilient. All the surveys face headwinds from elevated mortgage rates, ongoing recession fears, and now bank failures.
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