Written Commentary
Written by Marc Ostwald, ADMISI’s Global Strategist & Chief Economist
Very modest schedule of data and events to start week; digesting Japan Services survey, German Production drop; awaiting BoE’s Bailey; Oil price jump on Saudi oil facilities attack, US fiscal package passage the points of focus
German Production slide all about Construction, Manufacturing dip modest after 5 strong months; still likely to reaffirm view Europe recovery lag
Week Ahead: focus on US and China inflation, Bank of Canada and ECB meetings as Fed goes into purdah
Week Ahead: WASDE, OPEC and EIA energy outlooks, Chevron investor day and Fastmarkets Copper conference
EVENTS PREVIEW
The week gets off to a very subdued start in terms of scheduled data and events, with the run of Japan’s Current Account, Bank Lending and Economy Watchers survey, German Industrial Production and the Bank of France’s Industry Sentiment survey to digest. Otherwise there is no data of particular note ahead, and only BoE’s Bailey speech on the events schedule, as a further sharp rise in oil prices following the Houthi attacks on Saudi facilities ramps up energy price pressures further. The passage of the $1.9 Trln Biden fiscal package through the Senate leaves the question “now what?” and also, once re-ratified by the House, what impact will it have on the Treasury’s borrowing schedule. The much weaker than expected German Industrial Production (-2.5% m/m) will reinforce the view that the Eurozone/Europe will lag the recoveries in China, Asia and North America, though it was largely a function of a lockdown related 12.0% m/m drop in Construction Output, with Manufacturing down a modest 0.5% m/m, following five months of strong gains.
To view the full report and to sign up for daily market commentary please email admisi@admisi.com
The information within this publication has been compiled for general purposes only. Although every attempt has been made to ensure the accuracy of the information, ADM Investor Services International Limited (ADMISI) assumes no responsibility for any errors or omissions and will not update it. The views in this publication reflect solely those of the authors and not necessarily those of ADMISI or its affiliated institutions. This publication and information herein should not be considered investment advice nor an offer to sell or an invitation to invest in any products mentioned by ADMISI.
© 2021 ADM Investor Services International Limited.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2024 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.