Rabobank analysts argue that, with geopolitics reshaping the world economy in real time, upcoming macro data are of secondary importance. Still, the bank lists a full week of releases, including global PMIs, Eurozone CPI, Australian GDP, US ISM surveys, the Fed’s Beige Book, and US non-farm payrolls, with unemployment seen at 4.3% and 60k jobs.

Heavy data slate overshadowed by geopolitics

"Monday: With geopolitical events again remaking the world economy in real time, lagging datapoints are a virtual irrelevance. Nevertheless, today brings NZ filled jobs, global PMIs, US manufacturing ISM, AU GDP partials, German retail sales and UK house prices."

"Tuesday: Japan jobless figures and Q4 capital spending are out, followed by Aussie building approvals, Spain employment data, and Eurozone CPI for February. RBA Governor Bullock is scheduled to speak."

"Wednesday: Aussie Q4 GDP is released, global services PMIs follow, then it’s the ADP employment survey and the ISM services index in the USA. The Fed’s Beige Book will be released and BoC Governor Macklem is speaking."

"Thursday: Aussie trade figures are followed by French industrial production, Eurozone retail sales, the Challenger job cuts series and US weekly jobless claims. Christine Lagarde will be speaking."

"Friday: US non-farm payrolls and retail sales are the highlights of the day. The former is expected to reveal an unemployment rate of 4.3% and +60k new jobs."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)