Good Morning Traders! With the week getting underway, Tuesday brings us UK Employment data as well as Eurozone GDP and German ZEW numbers later on.
Here is what to expect before today's session.
Sentiment
Consumer spending and industrial activity in China expanded more slowly than anticipated in April, adding to indications that the world's second-largest economy's recovery is stalling. People are anticipating that the People's Bank of China may reduce the reserve requirement ratio for banks or lower interest rates in the upcoming months after it signalled Monday that it will maintain a supportive monetary policy.
On Monday, Treasury Secretary Janet Yellen renewed her caution that if Congress does not increase or extend the federal debt ceiling, her agency might run out of money as early as June 1. She emphasised that the US has already paid a price for not raising the federal debt ceiling.
Two Federal Reserve officials indicated they were in favour of delaying interest rate rises, but a third policymaker claimed the central bank still had work to do to control inflation.
Treasury Secretary Janet Yellen told lawmakers that her department's ability to avoid exceeding the statutory debt ceiling through special accounting manoeuvres may run out around the time that US debt due in early June matures is continuing to raise concerns about the possibility of a government default.
Docket
02:00 AM ET
UK Unemployment Change
Median Forecast -15.0k | Prior 28.2k
UK Unemployment Rate
Median Forecast 3.8% | Prior 3.8%
05;00 AM ET
Eurozone GDP QoQ Flash Estimate
Median Forecast 0.1%| Prior 0.1% | Range 0.3%/0.0%
Eurozone GDP YoY Flash Estimate
Median Forecast 1.3%| Prior 1.3% | Range 1.3%/1.2%
German ZEW Current Conditions
Median Forecast -37| Prior -32.5 | Range -25.0/-40.0
German ZEW Economic Sentiment
Median Forecast -5| Prior 4.1 | Range 7.0/-15.0
Speakers
04:15 AM ET
ECB's Makhlouf Speaks
Good Luck Today Traders!
