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UK and Global Services PMI, ECB and Fed Minutes




The global services sector will be spotlighted this week to see how the country’s service industry has been well endured. The service continues to endure the coronavirus pandemic. Photo: Getty

Investors will focus on the Purchasing Managers Index (PMI) results of service sector activities around the world. The second quarter of this year begins after the eventful first three months.

Otherwise, it’s a light week in terms of data, with the UK shortening one week due to a four-day Easter break.

Central banks will also be closely monitored, with the Federal Reserve (Fed) and the European Central Bank (ECB) holding meetings at their last policy meetings on Wednesday and Thursday, respectively.

The International Monetary Fund (IMF) is dealing with a few things on Tuesday.

IMF Managing Director Kristalina Georgieva, President David Malpass, and US Treasury Secretary Janet Yellen will be speaking at the IMF’s Spring Meeting. It will also host a virtual press briefing on the Global Financial Stability Report for 2021 and the updated global economic outlook.

As usual, COVID-19 is still the driving force behind the market as new blockades have been imposed across European countries, including France and Italy, which have implemented stringent Easter blockades and continuous supply of vaccines.

The World Health Organization (WHO) criticized the continent on Friday for its “unacceptably slow” vaccination program and said the situation in the region was worse than it had been in months.

Miscellaneous: The Australian Central Bank (RBA) will announce its interest rate decision on Tuesday, and China’s Caixin Services PMI will also be announced the same day. Japanese Prime Minister Suga Yoshihide will meet US President Joe Biden at the White House on Friday, April 9.

Weekend developments you may be interested in during the week:

UK: PMI for Services and Construction, COVID Overseas Travel Update, Halifax Home Price Index

The story continues

With the UK economy currently in the second phase of its resumption and businesses and non-essential retailers are preparing to resume on April 12, expectations for a second quarter rebound are high due to the UK’s COVID vaccine launch. Photo: David Cliff/NurPhoto (Getty Images)

The UK will have a short week with financial markets closed on Easter Monday.

However, Prime Minister Boris Johnson is expected to announce that on April 5th coronavirus regulation will be eased and overseas travel will resume under the traffic light system if there is a position on the vaccine passport.

Although the PM hinted that the vaccine passport would “definitely” play a role in resuming international travel.

Most international travel to and from the UK is currently banned, but the Global Travel Taskforce, which was due to release a report on potential new rules on April 12th, can now post it this Monday.

In addition to traveling abroad, PMI data will be the main economic data for the week. Services, the PMI figure for March in the UK’s largest sector, close on Wednesday.

With the UK economy currently in the second phase of its resumption and businesses and non-essential retailers are preparing to resume on April 12, expectations for a second quarter rebound are high due to the UK’s COVID vaccine launch.

At the end of last month, flash PMI figures rose from 49.5 in February to 56.8 in the sector’s activity. It is expected to maintain the uptrend and show modest growth with a forecast of 56.8.

The construction PMI is showing a slight gain with Thursday’s estimate of 51.0.

Other than that, the Royal Institute of Chartered Surveyors and mortgage lender Halifax will publish their March home price survey results on Wednesday and Friday respectively.

The Bank of England (BoE) quarterly bulletin will also be posted on Friday.

Key company results:

AA, Hilton Food (HFG.L), Saga (SAGA.L) Finals (Wednesday)

Asos (ASC.L) half a year (Thursday)

Dunelm (DNLM.L) Q3 (Thursday)

Watch: Vaccine passports will’definitely’ be part of overseas travel, PM says.

Eurozone: ECB minutes, service PMI, French and German industry data

The coronavirus will once more dominate the region, and it is currently fighting the third wave of COVID as an increase in infections is causing disruption in several EU countries.

Both the slow coronavirus vaccine launch and the various closures appearing across the EU will all remain at the top of the Eurozone list this month.

The region is addressing all of the problems that the European Index has not given up and relatively solid during the ongoing crisis, especially with Germany’s DAX (^ GDAXI), which hit new highs several times.

Regarding the release, we have a final zone full service PMI for Wednesday March. This is followed by German factory orders and ECB minutes on Thursday, while industrial production figures in Germany and France close on Friday.

United States: Federal Reserve Bank Minutes, Weekly Unemployment Claims, Trade Data

At the IMF’s spring meeting, we will be closely watching Federal Reserve Chairman Jerome Powell’s comments. Photo: Susan Walsh/POOL/AFP via Getty Images

There is a lot of interest in the Feds Minutes of the March 16-17 FOMC meeting, hints on inflation thresholds and views of the central bank’s monthly purchases, which have the potential to move financial markets.

There are also many Fed conversations with speeches from Chicago Feds Charles Evans, Dallas Feds Robert Kaplan, St Louis Feds Jim Bullard and Minneapolis Feds Neel Kashkari.

Investors will honed the nature of the discussions among FOMC members to gauge where the divide on tapers or when rate hikes will come from. Atlanta Fed chairman Raphael Bostic has already suggested that the central bank will begin reviewing rate hikes in 2023 if data backs it up.

Meanwhile, Fed Chair Jerome Powells’ remarks at the IMF’s spring meeting will be closely watched.

In addition to that, final service PMI and factory orders figures are on Monday’s slate, followed by JOLTS job opening figures on Tuesday, unemployment claims on Thursday, and PPI figures on Friday.

WATCH: What is inflation and why is it important?

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