As a hopeful, and exhausted, Jim Reid writes this morning in his Early Morning Reai report, "it should be a quieter week as the recent relentless wave of US macro, earnings and political news flow in theory slows down with the main story on this front being on potential political appointments for the new Trump administration with Treasury secretary the one creating most interest with a huge amount of jockeying for position over the weekend between what are perceived to be the front runners, namely Scott Bessent and Howard Lutnick." The DB strategist also notes that Elon Musk endorsed the latter over the weekend suggesting he would be a disruptor. Indeed one of his recent quotes is that "When was America great? 125 years ago. We had no income tax, and all we had was tariffs." So this will be a fascinating race.
Indeed, although the macro world will be much quieter this week just when you thought it was a good point to have a lie down after a busy few weeks, the biggest global earnings event happens after the bell on Wednesday with $3.48 trillion of market cap at stake. Yes you guessed it Nvidia reports after the bell. For context, the entire FTSE, DAX and CAC have a market cap of £2.08tn, €1.71tn and €2.31tn, respectively. So it's like a whole G7 country's stock markets reporting at exactly the same time.
The next most important event might be the global flash PMIs on Friday. The reason being that they may capture some of the initial sentiment impact from around the world regarding Trump's victory. Europe will be especially interesting on this front as the continent awaits their trade fate. In the US, the main events are the Housing Starts and Building Permits on Tuedsay, Jobless Claims, and Philly Fed manufacturing index on Thursday, and the UMich and US PMIs on Friday.
Outside of that there will be a focus on inflation with final Eurozone CPI (tomorrow), Canadian CPI (tomorrow), UK CPI (Wednesday), German PPI (Wednesday), and Japan CPI (Thursday) being the key ones. For the UK, DB sees a mixed bag of inflation data, with headline CPI (DB forecast 2.07% YoY) and RPI (DB forecast 3.29%) picking up amid higher energy prices but core CPI is seen declining to 3.07% YoY and services CPI slowing to 4.78% YoY. His full preview is here. In Japan, our Chief Japan economist sees the nationwide CPI printing 2.1% YoY for core inflation ex. fresh food (2.4% in September) and core-core inflation ex. fresh food and energy at 2.2% (+2.1%).
There are also plenty of central bank speakers which you can see in the day-by-day week ahead at the end as usual which includes all the other data highlights this coming week.
Courtesy of DB, here is a day-by-day calendar of events
Monday November 18
Tuesday November 19
Wednesday November 20
Thursday November 21
Friday November 22
Finally, looking at just the US, Goldman writes that the key economic data release this week is the Philly Fed manufacturing index on Thursday. There are several speaking engagements from Fed officials this week.
Monday, November 18
Tuesday, November 19
Wednesday, November 20
Thursday, November 21
Friday, November 22
Source: DB, Goldman