Upcoming Week's Events

​Current Week Wrap & Upcoming Week

Emerging-Market Stocks Posted Their Biggest Weekly Loss In 11 Months As A Selloff In Treasuries Triggered A Slide In Risk Assets

Currencies and Bonds Declined Even As The Federal Reserve Pledged To Keep Policy Accommodative

Pfizer Inc. and BioNTech SE Were Both Overwhelmingly Effective Against The Covid-19 Virus

China’s Home-Price Growth Accelerated In Jan. as Low Inventories Stoked A Fear Of Missing Out Among Buyers, Even As Authorities Widened Curbs

Hong Kong Gave Consumers a Boost With Spending Vouchersand Loans For The Unemployed In a HK$120 billion ($15.5 billion) Budget, While Hitting Investors With A Planned Tax Hike On Stock Trading

India’s Economy Ended a Recession And Returned To Growth Last Quarter, Helped By a Boost In Government Spending And The Reopening Of The Economy; Business And Consumer Activity Showed More Signs Of Gathering Momentum

India Will Start Vaccinating People Over The Age Of 60 And Those Above 45 Who Suffer From Co-Morbidities Starting March 1

Bank of Korea Governor Lee Ju-Yeol Downplayed The Risk Of a Rapid Pickup In Inflation And Said Any Discussion Of Withdrawing Stimulus At This Stage Is Premature

Demand For The Chips Used Inside Cars, Touch Screenso, And Work-From-Home Gear Amid The Pandemic Fueled The Biggest Jump In South Korea’s Early-Month Exports Since 2018

Overseas Orders Placed With Taiwanese Exporters Surged By The Most In 11 Years As Global Demand For Semiconductors Showed No Sign Of Abating

Taiwan More Than Doubled Its Forecast For Export Growth This Year, But Sounded A Warning That The Global Scramblefor Computer Chips Is Going To Add Further Upward Pressure To Its Currency

Eastern European Countries Will Test Investor Appetite For Record-Long Bonds As They Seek To Lock In Low Borrowing Costs

Biden Administration Is Preparing Sanctions And Other Measures To Punish Russia Over The Solarwinds Cyber Hack And The Near-Fatal Poisoning Of A Russian Opposition Leader, Washington Post

Financial Institutions In Russia May Be Granted Easier Access To Funding If They Improve Their Environmental, Social And Governance Standards, According To A Proposal Being Discussed By The Central Bank

South Africa Signaled A Shift In Budgetary Policy, Backtracking On Planned Tax Increases As It Switched Focus To Reigniting The Coronavirus-Battered Economy By Bolstering Consumption And Investment

The Rand Strengthened Through A Key Level, Equities Pushed Higher And Bond Yields Dropped By The Most Since November As South Africa Lowered Its Debt Projections. It Then Slumped On Thursday And Friday

Saudi Arabia Joined The Ranks Of Countries That Get Paid To Borrow In Euros As The Outlook For The Kingdom Turns Favorable With A Recovery In Oil Prices. The Nation Sold 1.5 Billion Euros Of Bonds ($1.8 Billion), The Second Time It’s Issued Debt In The Common Currency

Brazilian Markets Slumped After President Jair Bolsonaro Ousted The Head Of Oil Giant Petrobras, Sparking Concern About Government Meddling And A Break With His Administration’s Market-Friendly Pledges

Bolsonaro Came Out In Support Of Embattled Economy Minister Guedes And Signed A Decree To Move Forward With The Privatization Of Eletrobras In Attempts To Walk Back The Damage Caused By Fear Of His Growing Economic Nationalism

Swap Rates Jumped And Started To Fully Price In A Half-Percentage Point Increase In The Next Central Bank Meeting

Mexico’s Economic Recovery Lost Momentum At The End Of Last Year Despite Strong U.S. Demand, While Members Of The Central Bank Board Signaled It May Further Cut Rates To Fight The Slowdown

Peru May Return To International Debt Markets In What Would Be Its Second Bond Sale In Three Months

 

 

Upcoming Week

 

Sunak Delivers U.K. Budget; OPEC+ Meets: Week Ahead March 1-5

Broadcom, Lufthansa, Zoom Video, LSE, Vivendi, Kroger earnings

China National People’s Congress Begins; Australia Sets Ratesby Phyllis Halliday, Pete Norman And Stanley James

Coronavirus Cases And Deaths, Including Those From More Infectious Mutations, Are Still Raging Across Much Of The World, But Good News Is Beginning To Overtake The Bad As New Global Infections Slow Significantly And Vaccinations Expand

U.K. Prime Minister Boris Johnson announced that all schools in England will reopen from March 8. Germany Has Been Slow To Reopen As Infection Rates Tick Up, But This Week Germans Will Be Able To Visit Hairdressers Again. New York City Residents Can Watch A Movie, In A Theater. And Taiwan Will Ease Its Entry Ban On Non-Resident Foreign Nationals.

Virus Infections Are Higher Than Ever In Some Countries. The Czech Republic Is Preparing To Impose Stricter Lockdowns To Prevent The Collapse Of Its Medical System.

A Medical Worker Waits For A Client At A Drive-In Coronavirus Testing Station On February 23, 2021 In Prague.

More Than 113 Million People Globally Have Been Infected With The Coronavirus, And The Death Toll Has Surpassed 2.5 Million. More Than 225 Million Vaccines Have Been Given Worldwide. The U.S. Hit A Grim Milestone When It Reached Covid 500,000 Deaths This Week.

Companies To Report Earnings:

U.K. insurer Admiral Group, AutoZone, Avast, Aviva, Berkshire Hathaway, Bollore, Broadcom, Brown-Forman, Costco, CRH, Dassault Aviation, Deutsche Lufthansa, Dollar Tree, Evonik, Femsa, FirstRand, online gambling company Flutter Entertainment, GSX Techedu, HelloFresh, Henkel, Hewlett Packard, Kroger, London Stock Exchange, Brazil’s Magazine Luiza, Man Group, Marvell Technology, Merck KGaA, NIO, Nordstrom, Okta, Reach, ProSiebenSat.1., Prudential, Ross Stores, Sberbank of Russia, Schroders, IT provider Sea, software company Snowflake, Splunk, Italy’s Stellantis, Target, Taylor Wimpey, Techtronic, Thales, Veeva Systems, Vivendi, Germany’s Vonovia, William Hilland Zoom Video.

Monday, March 1

New York Fed President John Williams Speaks At A Virtual Conference Hosted By His Bank. Fed Presidents Raphael Bostic (Atlanta), Loretta Mester(Cleveland) And Neel Kashkari (Minneapolis) Take Part In A Virtual Panel Discussion On Racism And The Economy, With A Focus On Housing.

ECB Vice President Luis De Guindos And Governing Council Members Gabriel Makhlouf And Francois Villeroy De Galhau Speak At An Online Conference On Macroprudential Regulation.

CERAWeek 2021 Will Be Held Virtually. U.S. Special Presidential Envoy For Climate John Kerry And The Next CEO Of Amazon.com, Andy Jassy, Plus OPEC Secretary General Mohammad Barkindo Are Among The Speakers Over The Five-Day Event.

BMO Capital Markets Hosts The 30th Global Metals & Mining Conference. Normally Held In Florida, It Is Fully Digital This Year. Through March 5.

Calendar***

Chile Economic Activity

U.S. Construction Spending, ISM Manufacturing

China Caixin manufacturing PMI

Markit manufacturing PMI: India, France, Germany, Eurozone, U.K., U.S., Canada, Brazil, Mexico, Vietnam, Malaysia, Indonesia, Thailand, Philippines, Myanmar, CzechRepublic, Russia, Poland, Italy, Australia

South Africa Absa manufacturing PMI

CPI: Indonesia, Pakistan, Germany, Italy

Japan Vehicle Sales, Jibun Bank manufacturing PMI

Macau hotel occupancy rate

U.K. mortgage approvals

Australia AiG performance of manufacturing index, Melbourne Institute inflation gauge

South Korea trade

GDP: Serbia, Turkey, Estonia, Lithuania

 

Tuesday, March 2

Reserve Bank Of Australia Policy Decision

Target, Kohl’s Report Earnings

Fed Governor Lael Brainard Takes Part In A Virtual Discussion Hosted By The Council On Foreign Relations. San Francisco Fed President Mary Daly Speaks To The Economic Club Of New York.

European Commission President Ursula Von Der Leyen Speaks At A Diversity Conference In Germany.

Calendar***

U.S. Vehicle Sales

Australia BoP Current Account Balance, Building Approvals

GDP: Czech Republic, Hungary, Canada

CPI: Eurozone, Georgia

Unemployment: Germany, Spain

South Korea Industrial Production, Markit Manufacturing PMI

Taiwan Markit Manufacturing PMI

U.K. Nationwide House Prices

Japan Jobless Rate, Monetary Base, Capital Spending

Singapore PMI

Kazakhstan CPI, PPI

 

Wednesday, March 3

U.K. Chancellor Of The Exchequer Rishi Sunak Presents His Budget

EIA Crude Oil Inventory Report

Exxon Mobil Investor Day

Rishi Sunak, The U.K.’s Chancellor Of The Exchequer, Delivers His Budget To Parliament. He Could Raise The Corporation Tax To Help Fund Some Of The Massive Spending Accrued During The Pandemic.

German Chancellor Angela Merkel Will Meet With State Leaders To Discuss The Possibility Of Loosening Pandemic Curbs Further If Contagion Rates Allow.

Philadelphia Fed President Patrick Harker Takes Part In A Virtual Discussion On An Equitable Workforce. Chicago Fed President Charles Evans Discusses The Economic Outlook During A Virtual Event Hosted By The CFA Society Chicago.

BOE Policy Maker Silvana Tenreyro Speaks On A Webinar Discussion About Negative Rate Policies.

Hoover Institution Hosts Trump’s Former National Security Adviser H.R. McMaster and Yair Lapid, Opposition Leader In The Israeli Parliament, To Discuss Israel’s Security And Prospects For Enduring Peace In The Levant And The Broader Middle East.

Calendar***

U.S. Federal Reserves Releases Beige Book, ADP Employment Change

Canada Building Permits

GDP: Brazil, Australia, Italy

Mexico central bank quarterly inflation report

China Caixin services PMI

Hong Kong retail sales, Markit PMI

Markit services PMI: U.K., India, Russia

Markit PMI: Egypt, Saudi Arabia, UAE, Singapore

Australia AiG performance of construction index, Markit PMI

New Zealand building permits, ANZ commodity prices

Japan Jibun Bank services PMI

CPI: Turkey, Russia

Eurozone Markit services PMI, PPI

Poland rate decision

 

Thursday, March 4

OPEC+ Meeting On Output

OPEC+ Holds A Ministerial Meeting, Via Video Conference, To Decide Whether To Provide More Crude To The Market In April.

ECB Governing Council Members Klaas Knot And Mario Centeno Participate On A Panel At The Politico Finance Summit.

World Bank President David Malpass Participates In A Virtual Event: “Corporate Debt in Developing Countries: Managing a Rising Threat to Global Recovery.”

Sweden Riksbank Deputy Governor Cecilia Skingsley takes part in a panel discussion on digital payments.

Ngozi Okonjo-Iweala

The Brookings Institution Holds An Eventon Women In Leadership, Featuring Ngozi Okonjo-Iweala, Director-General Of The World Trade Organization, Who Begins Her Term This Week.

The Arnold Palmer Invitational Begins At The Bay Hill Club In Orlando, Florida. Past Champions Rory Mcilroy And Tyrrell Hatton Will Be Among Those Teeing It Up For a $9.3 Million Purse. Through march 7.

Calendar***

U.S. Factory Orders, Initial Jobless Claims, Durable Goods Orders

Canada international merchandise trade

Australia retail sales, trade balance

Malaysia rate decision

South Korea GDP, CPI, foreign reserves

Sri Lanka rate decision

Eurozone retail sales, unemployment

Hungary trade balance

Russia gold and foreign exchange reserves

Ukraine rate decision

 

Friday, March 5

U.S. Employment Report For February

China Kicks Off The Annual Session Of Its National People’s Congress In Beijing. The country’s Highest-Profile Political Meeting Was Delayed Last Year Because Of The Coronavirus Pandemic. The Gathering Is Expected To Run Shorter Than Its Regular Two Weeks Due To Continued Virus Concerns.

BOE Policy Maker Jonathan Haskel Speaks On A Panel About The Economic Challenges Facing The New U.S. Treasury Secretary Janet Yellen.

The February U.S. Employment Report Will Provide An Update On The Speed And Direction Of The Nation’s Labor Market Recovery. Millions Of Americans Remain Unemployed As Covid-19 Continues To Weigh On The Nation’s Service Sector.

Calendar***

Industrial production: Brazil, Hungary

U.S. unemployment, trade, nonfarm payrolls

GDP: Slovakia, Macau

CPI: Philippines, Thailand, Russia, Colombia, Estonia

Singapore Retail Sales

Foreign reserves: Indonesia, Hong Kong, Malaysia, Thailand, Philippines, Taiwan, Australia

Trade: Sri Lanka, France

Germany factory orders

South Africa gross reserves

Australia AiG Performance Of Services Index

Switzerland Foreign Currency Reserves