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In the eurozone this morning, we get region-wide data on retail sales for November, as well as the December figure for inflation. Retail sales are expected to have grown by about 1% year on year, with Spain and France showing the biggest gains.
Meanwhile, eurozone-wide inflation is expected to come in at around 1.3%. That’s still well below the European Central Bank’s target of just below 2%. That means we can expect to see money printing in the eurozone for the foreseeable future.
In the US this afternoon, we get the latest reading on the health of the services sector.
As with everywhere else in the world, US manufacturing is struggling. The most recent survey suggested that activity in the sector in December was weaker than at any point since 2009. However, the services sector is far more important in terms of economic impact, and so far has remained healthy. Researchers at Capital Economics expect the survey to rebound from November’s reading of 53.9, to above 55, indicating solid growth.