German business sentiment deteriorated unexpectedly at the start of the year, reflecting companies' more pessimistic outlook for months ahead. The business climate index dropped to 95.9 in January from 96.3 a month ago, survey data from the ifo institute showed Monday. The reading was expected to rise to 97.0. The German economy is starting the year in a cautious mood, ifo President Clemens Fu
Business confidence survey data from Germany is due on Monday, headlining a light day for the European economic news. At 2.00 am ET, Statistics Finland releases monthly consumer confidence survey results for January. In the meantime, industrial sentiment survey data is due.
The U.S. dollar gained in strength against most major currencies on Friday, due largely to its safe-haven appeal, after worries about the impact of the coronavirus resurfaced.
The UK private sector returned to growth in January as the receding political uncertainty lifted new orders, survey results from IHS Markit and the Chartered Institute of Procurement & Supply showed Friday. The flash composite output index rose to a 16-month high of 52.4 in January from 49.3 in December.
The euro area private sector grew at the same moderate pace as seen in the final month of 2019, reflecting muted pace of new order growth, flash survey data from IHS Markit showed Friday. The composite output index held steady at 50.9 in January, indicating a further muted increase in activity across the currency bloc. The score was expected to rise to 51.1.
Flash Purchasing managers' survey data from euro area and the UK are due on Friday, headlining a light day for the European economic news. At 1.00 am ET, Statistics Finland is scheduled to issue labor force survey and producer prices for December. At 3.00 am ET, Spain's INE releases producer prices for December.
The U.S. dollar gained against most major currencies on Thursday amid continued optimism about growth in the world's largest economy.
The euro lost ground against its major trading partners in the European session on Thursday, after European Central President Christine Lagarde struck a cautious tone on the euro area economy, saying that inflation remained subdued and the weakness in the manufacturing sector posed a drag on growth momentum.
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European Central Bank President Christine Lagarde on Thursday launched a broad review of the bank's monetary policy strategy, which she said will cover "a whole host of issues" ranging from the inflation target to the impact of climate change. "The review will have to do with how we deliver, how we measure, how we communicate when it comes to decision making, publication, outreach," Lagarde said.
Reflecting large negative contributions from rising unemployment insurance claims and a drop in housing permits, the Conference Board released a report on Thursday showing a slightly bigger than expected decrease by its index of leading U.S. economic indicators.
First-time claims for U.S. unemployment benefits showed a modest increase in the week ended January 18th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims rose to 211,000, an increase of 6,000 from the previous week's revised level of 205,000.
The European Central Bank on Thursday announced the launch of a review of its monetary policy strategy, the first such exercise since 2003, as it left its interest rates, asset purchases and forward guidance unchanged. The central bank is set to provide the details about the scope and timetable of the review in a separate press release at 15:30 CET.
The interest rate announcement from the European Central Bank is due on Thursday, headlining a busy day for the European economic news. At 2.00 am ET, Statistics Norway is slated to issue unemployment data for November. The jobless rate is forecast to remain unchanged at 3.8 percent.
The Philippine economy expanded at a faster pace in the fourth quarter driven by government spending, but missed the government's full year growth target, data from the Philippine Statistics Authority showed Thursday. Gross domestic product grew 6.4 percent on a yearly basis in the fourth quarter, faster than the 6 percent expansion logged in the third quarter.
The U.S. dollar stayed sideways against most major currencies on Wednesday, amid news about the coronavirus outbreak and the latest batch of economic data from across the globe. Traders were also awaiting the European Central Bank's monetary policy announcement, due on Thursday.