Economic events this week bring focus on China GDP, Bank of Canada, ECB

The new trading week will be filled with some important economic events. The market focus will remain on China but attention will also be paid to the UK which will release a slew of data. Also the ECB meeting will be important to watch.

China will be releasing GDP figures on Tuesday, which are expected to show a further slowing of growth in the fourth quarter. Economists are generally forecasting a 6.8% annual rise, down from 6.9% in the third quarter and the weakest since the start of 2009. Industrial production data are also due.

Inflation data are meanwhile published in the eurozone, UK and US, all of which are expected to show no surprises as low oil prices feed through to weak consumer inflation rates.

The UK will release inflation data on Tuesday and then employment data on Wednesday, while on Friday retail sales are due.

On Thursday the ECB will be holding their monthly policy meeting. No move is expected by the ECB to cut rates. Many will be listening closely to ECB President Mario Draghi’s press conference if he will announce more QE beyond the current March 2017 programme and further cuts to deposit rates, which are already negative.

Eurozone Flash PMI data for January will be updated on Friday, giving clues as to growth and inflation, and therefore future ECB policy.

The Bank of Canada policy meeting on Thursday is also considered to be one of the important events of the week. Canada is facing a struggling economy and its currency has slid to a 12-year low versus the greenback on falling oil prices – a major export of Canada. Most economists expects a rate cut by the BoC next week.

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