6-Week Bill Auction

3.6%

ECB Lane Speech

In the Euro Area, benchmark interest rate is set by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability which is to keep inflation below, but close to 2 percent over the medium term. In times of prolonged low inflation and low interest rates, ECB may also adopt non-standard monetary policy measures, such as asset purchase programmes. The official interest rate is the Main refinancing operations rate.

Global Dairy Trade Price Index

-0.6%

The Global Dairy Trade Price Index measures the weighted-average price of nine dairy products sold at auction every two weeks in New Zealand.

Redbook YoY

9.1%

The Johnson Redbook Index is a sales-weighted of year-over-year same-store sales growth in a sample of large US general merchandise retailers representing about 9,000 stores. Same-store sales are sales in stores continuously open for 12 months or longer. By dollar value, the Index represents over 80% of the equivalent 'official' retail sales series collected and published by the US Department of Commerce. Redbook compiles the Index by collecting and interpreting performance estimates from retailers. The Index and its sub-groups are sales-weighted aggregates of these estimates. Weeks are retail weeks (Sunday to Saturday), and equally weighted within the month.

Import Prices YoY

4.2%

In the United States, Import Prices correspond to the rate of change in the prices of goods and services purchased by residents of that country from, and supplied by, foreign sellers. Import Prices are heavily affected by exchange rates.

Export Prices YoY

8.8%

In the United States, Export Prices correspond to the rate of change in the prices of goods and services sold by residents of that country to foreign buyers. Export Prices are heavily affected by exchange rates.

NY Fed Services Activity Index

-5.8

The Business Leaders Survey is a monthly survey conducted by the Federal Reserve Bank of New York that asks companies across its District - which includes New York State, Northern New Jersey, and Fairfield County, Connecticut - about recent and expected trends in key business indicators. This survey is designed to parallel the Empire State Manufacturing Survey, though it covers a wider geography and the questions are slightly different. Participants from the service sector respond to a questionnaire and report on a variety of indicators, both in terms of recent and expected changes. While January 2014 is the first published report, survey responses date back to September of 2004 and all historical data are available on our website. The survey is sent on the first business day of each month to the same pool of about 150 business executives, usually the president or CEO, in the region's service sector. In a typical month, about 100 responses are received by around the tenth of the month when the survey closes.

Export Prices MoM

3.3%

In the United States, Export Prices correspond to the rate of change in the prices of goods and services sold by residents of that country to foreign buyers. Export Prices are heavily affected by exchange rates.

Import Prices MoM

1.9%

In the United States, Import Prices correspond to the rate of change in the prices of goods and services purchased by residents of that country from, and supplied by, foreign sellers. Import Prices are heavily affected by exchange rates.

Housing Starts

1465000

Housing Starts refer to the number of new residential construction projects that have begun during any particular month. Estimates of housing starts include units in structures being totally rebuilt on an existing foundation.

Building Permits Prel

1423000

Building Permits refer to the approvals given by a local jurisdictions before the construction of a new or existing building can legally occur. Not all areas of the United States require a permit for construction.

Housing Starts MoM

-2.8%

Housing Starts refer to the number of new residential construction projects that have begun during any particular month. Estimates of housing starts include units in structures being totally rebuilt on an existing foundation.

Building Permits MoM Prel

4.4%

Building Permits refer to the approvals given by a local jurisdictions before the construction of a new or existing building can legally occur. Not all areas of the United States require a permit for construction.

Foreign Securities Purchases

4620000000

In Canada, the data series on international transactions in securities covers portfolio transactions in equity and investment fund shares, bonds and money market instruments for both Canadian and foreign issues. This activity excludes transactions in equity and debt instruments between affiliated enterprises, which are classified as foreign direct investment in international accounts.

Foreign Securities Purchases by Canadians

3900000000

In Canada, the data series on international transactions in securities covers portfolio transactions in equity and investment fund shares, bonds and money market instruments for both Canadian and foreign issues. This activity excludes transactions in equity and debt instruments between affiliated enterprises, which are classified as foreign direct investment in international accounts.

ADP Employment Change Weekly

29000

The preliminary estimate of the ADP National Employment Report reflects weekly changes in private employment and includes a four-week moving average of total private employment variation.

Retail Sales MoM

0.5%

In Brazil, the Retail sales report provides an aggregated measure of sales of retail goods and services over a specific time period. In Brazil, Retail sales are seasonal, volatile and relatively important to the overall economy.

Retail Sales YoY

4%

In Brazil, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

Core Inflation Rate YoY

3%

In Poland, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes some volatile price items.

IGP-10 Inflation MoM

0.89%

The IGP-10 (General Price Index - Market) is a key Brazilian inflation index calculated monthly by the Fundação Getúlio Vargas (FGV) to measure price changes in goods and services. It is analogue to the IGP-M index, although it is collected from the 11th day of the previous month to the 10th day of the current month. Often called the "rental inflation" index, it is commonly used to adjust rent contracts, public utility tariffs (energy/telecommunications), and financial instruments, due to its heavy weighting on wholesale prices.

3-Month DTB Auction

5.54%

5-Year Bobl Auction

2.85%

Treasury Gilt 2036 Auction

5.026%

Generally, a government bond is issued by a national government and is denominated in the country`s own currency. Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. The yield required by investors to loan funds to governments reflects inflation expectations and the likelihood that the debt will be repaid.

Wage Growth YoY

3%

In the Euro Area, wage growth refers to the change in the total remuneration, in cash or in kind, payable to all persons counted on the payroll (including home workers), in return for work done during the accounting period, regardless of whether it is paid on the basis of working time, output or piecework and whether it is paid regularly.

Labour Cost Index YoY Final

3.3%

The Labour Cost Index in the Euro Area is a short-term indicator showing the development of hourly labour costs incurred by employers, in nominal terms, that is without adjusting for price developments. It is calculated dividing the labour cost in national currency by the number of hours worked. The quarterly changes in hourly employers’ costs are measured for total labour costs and its main components: wages and salaries; and non-wage costs (labour costs other than wages and salaries). Total labour costs (TOT) cover wage and non-wage costs less subsidies. They do not include vocational training costs or other expenditures such as recruitment costs, spending on working clothes, etc.

ZEW Economic Sentiment Index

-9.1

In the Euro Area, the ZEW Economic Sentiment Index measures the level of optimism that analysts have about the expected economic developments over the next 6 months. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the development of the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts expect the economy to deteriorate) up to 100 (all analysts expect it to improve). A 0 value indicates neutrality.

ZEW Current Conditions

-77.8

In Germany, the ZEW Current Conditions Index measures the level of optimism that analysts have about the current economic situation. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts see deteriorating economic conditions) up to 100 (all analysts see improving economic conditions). A 0 value indicates neutrality.

ZEW Economic Sentiment Index

-10.2

In Germany, the ZEW Economic Sentiment Index measures the level of optimism that analysts have about the expected economic developments over the next 6 months. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the development of the economy. Therefore, the ZEW indicator measures the confidence on a scale of -100 (all analysts expect the economy to deteriorate) up to 100 (all analysts expect it to improve). A 0 value indicates neutrality.

FDI (YTD) YoY

-10.3%

In China, Foreign Direct Investment refers to foreign capital actually utilized, which is to the amount which has been actually used according to the agreements and contracts, including cash, materials and invisible capital such as labor service and technology which both parties agree to take as an investment.

Unemployment Rate

3.7%

In Hong Kong, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.

Harmonised Inflation Rate MoM Final

1.6%

Inflation Rate YoY Final

2.7%

In Italy, the most important categories in the Consumer Price Index are: food and non-alcoholic beverages (18 percent of total weight); transport (14 percent); and housing, water, electricity and other fuels (11 percent). The index also includes: miscellaneous goods and services (9 percent); restaurants and hotels (9 percent); health (9 percent); furnishings, household equipment and maintenance (8 percent); recreation and culture (7 percent); and clothing and footwear (6 percent). Alcoholic beverages and tobacco, communication, and education contribute to the remaining 7 percent of total weight.

Harmonised Inflation Rate YoY Final

2.8%

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term.

Inflation Rate MoM Final

1.1%

In Italy, the most important categories in the Consumer Price Index are: food and non-alcoholic beverages (16 percent of total weight); transport (15 percent); restaurants and hotels (12 percent); housing, water, electricity and other fuels (10 percent); and miscellaneous goods and services (10 percent). The index also includes: health (9 percent); recreation and culture (8 percent); clothing and footwear (7 percent); and furnishing and household equipment (7 percent). Alcoholic beverages, tobacco, communication and education contribute with the remaining 6 percent.

Bundesbank Balz Speech

Germany is a member of the European Union which has adopted the euro. Germany's benchmark interest rate is set by the European Central Bank. The official designation for the rate is main refinancing operation.

Auto Sales YoY

-1%

PPI MoM

1.4%

In the Czech Republic, Producer Price Inflation MoM measures a month-over-month change in the price of goods and services sold by manufacturers and producers in the wholesale market.

PPI YoY

1%

Producer prices change refers to year over year change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.

Retail Sales MoM

2.6%

In Turkey, the Retail sales report provides an aggregated measure of sales of retail goods and services over a specific time period. In Turkey, Retail sales are seasonal, volatile and relatively important to the overall economy.

Retail Sales YoY

21.2%

In Turkey, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

ECB Machado Speech

In the Euro Area, benchmark interest rate is set by the Governing Council of the European Central Bank. The primary objective of the ECB’s monetary policy is to maintain price stability which is to keep inflation below, but close to 2 percent over the medium term. In times of prolonged low inflation and low interest rates, ECB may also adopt non-standard monetary policy measures, such as asset purchase programmes. The official interest rate is the Main refinancing operations rate.

Auto Production YoY

5.3%

In Turkey, Total Motor Vehicles Production refers to the production of total motor vehicles, excluding tractors.

RBA Press Conference

In Australia, interest rates decisions are taken by the Reserve Bank of Australia's Board. The official interest rate is the cash rate. The cash rate is the rate charged on overnight loans between financial intermediaries, is determined in the money market as a result of the interaction of demand for and supply of overnight funds.

MAS 12-Week Bill Auction

1.53%

MAS 4-Week Bill Auction

1.44%

RBA Interest Rate Decision

4.35%

In Australia, interest rates decisions are taken by the Reserve Bank of Australia's Board. The official interest rate is the cash rate. The cash rate is the rate charged on overnight loans between financial intermediaries, is determined in the money market as a result of the interaction of demand for and supply of overnight funds.

BoJ Interest Rate Decision

0.75%

In Japan, interest rates are set by the Bank of Japan's Policy Board in its Monetary Policy Meetings. The BoJ's official interest rate is the discount rate. Monetary Policy Meetings produce a guideline for money market operations in inter-meeting periods and this guideline is written in terms of a target for the uncollateralized overnight call rate.

6-Month Bill Auction

2.7149%

3-Month Bill Auction

2.4908%

1-Year Bill Auction

3.055%

Fixed Asset Investment (YTD) YoY

-1.6%

In China, urban investment in fixed assets is one of the main measures of capital spending. It refers to investment in construction projects with a total planned investment of 5 million yuan; machinery and equipment and real estate development in both urban and rural areas. It refers to investment made by state-owned enterprises and private businesses, institutions or individuals.

Industrial Production YoY

4.1%

In China, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

Unemployment Rate

5.2%

In China, Urban Surveyed Unemployment Rate is calculated by a sample survey, which refers to the ratio of urban unemployed population to the sum of the employed population and the unemployed population.

Retail Sales YoY

0.2%

In China, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

House Price Index YoY

-3.5%

In China, Housing Index is measured by year-over-year change in the index of newly built residential buildings in 70 medium and large cities. The index is calculated in weighted average method and the weight of each city is based on the population.

Youth Day

Passenger Vehicles Sales YoY

2.5%

Muharram/Islamic New Year

Food Inflation YoY

2.6%

In New Zealand, the food price index (FPI) measures the changes in prices that households pay for food.

Import Prices YoY

20.2%

In South Korea, Import Prices correspond to the rate of change in the prices of goods and services purchased by residents of that country from, and supplied by, foreign sellers. Import Prices are heavily affected by exchange rates.

Export Prices YoY

40.8%

In South Korea, Export Prices correspond to the rate of change in the prices of goods and services sold by residents of that country to foreign buyers. Export Prices are heavily affected by exchange rates.

NOPA Crush Report