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Date Count. Event For Unit Imp. Act. Cons. Prev.
Nov 22 - 21:45 NZ  NZ External MigrationChange in the number of short-term overseas visitors who arrived in the country. It is important because tourism plays an important role in the economy - about 10% of the population is employed by the tourism industry, and a sizable portion of the nation's GDP is indirectly related to tourism Oct (sa, net people) 1800
Nov 23 - 00:00 JP  JP Market Holiday - Labor Thanksgiving Day
Nov 23 - 00:00 EU  EU EU Parliament Plenary session (23rd-26th)
Nov 23 - 00:30 AU  AU New motor vehicle salesTracks automobile sales in Australia . Though motor vehicle sales are a small component of the overall economy, expenditures of such "big-ticket" items give good insight into consumer's spending ability. Additionally, the figure gauges consumer confidence; consumers and businesses are only likely to make the outlays needed for motor vehicles if they are optimistic about their current and future economic well being.

The figure is reported both as number of new automobile sales and as monthly percentage change.		 Oct % m/m 2.9
Nov 23 - 00:30 AU  AU New motor vehicle salesTracks automobile sales in Australia . Though motor vehicle sales are a small component of the overall economy, expenditures of such "big-ticket" items give good insight into consumer's spending ability. Additionally, the figure gauges consumer confidence; consumers and businesses are only likely to make the outlays needed for motor vehicles if they are optimistic about their current and future economic well being.

The figure is reported both as number of new automobile sales and as monthly percentage change.		 Oct % y/y -2
Nov 23 - 07:00 DE  DE Import prices (23rd-27th) Oct % m/m 0.4 -0.9
Nov 23 - 07:00 DE  DE Import prices (23rd-27th) Oct % y/y -7.8 -11
Nov 23 - 07:00 GB  GB Nationwide house prices (nsa) (23rd-30th) Nov % y/y 2
Nov 23 - 07:00 GB  GB Nationwide house prices (sa) (23rd-30th) Nov % m/m 0.4
Nov 23 - 07:30 DE  DE Flash Manuf. PMI Nov index 51.6 51
Nov 23 - 07:30 DE  DE Flash Services PMIGauge for the overall performance of the German service sector. The Services PMI interviews German executives on the status of sales, employment, and their outlook. Because the performance of the German service sector is extremely consistent over time, services does not impact final GDP figures as much as the more volatile figure on the manufacturing sector. For this reason Services PMI usually causes little market movement. The survey results are quantified and presented as an index on a 1-100 scale. The headline figure is the percentage change in the index.
The survey results are quantified into index where 0 represents long term manufacturing business conditions. The headline figure is expressed in percentage change.		 Nov index 51 50.7
Nov 23 - 08:00 FR  FR Flash Manuf. PMI Nov index 55 55.6
Nov 23 - 08:00 FR  FR Flash Services PMILevel of a diffusion index based on surveyed purchasing managers in the services industry. Above 50.0 indicates industry expansion, below indicates contraction. There are 2 versions of this report released about a week apart – Flash and Final. The Flash release, which the source began reporting in Mar 2008, is the earliest and thus tends to have the most impact. The Final is not reported for lack of significance. Nov index 57 57.7
Nov 23 - 09:00 EU  EU Flash Composite PMI Nov index 53.3 53
Nov 23 - 09:00 EU  EU Flash Manuf. PMI Nov index 51.4 50.7
Nov 23 - 09:00 EU  EU Flash Services PMIThe Euro-zone Services Purchasing Managers Index (PMI) assesses business conditions in the services sector. The figure is determined based on monthly surveys of executives in Germany , France , Ireland , Italy and Spain . Combined, these countries account for roughly four fifths of total service sector activity in the Euro-zone. Since services account for two thirds of total Euro-zone GDP, the Services PMI is both a significant and timely indicator of the health of the economy. Higher Service PMI levels suggest upward future trends in output and employment of the industry.

The headline figure is reported an in index where 50 reflects the centerline of boom-bust sentiment. A larger divergence from 50 indicates a larger rate of change in business conditions.		 Nov index 52.6 52.6
Nov 23 - 09:00 IS  IS Wage Index Oct % m/m 0.3
Nov 23 - 09:00 IS  IS Wage Index Oct % y/y 1.9
Nov 23 - 12:45 EU  EU ECB President Trichet to give speech at a financial sector convention
Nov 23 - 13:30 CA  CA Retail SalesGauges sales at Canadian retail outlets. The report serves as a direct gauge of consumption and consumer confidence. Retail Trade is one an important leading indicator for Canada and part of the Index of Leading Indicator used to forecast economic developments. An increasing number of sales can signal consumer confidence and growth to come, but higher consumption can also lead to inflationary pressures.

The report considers sales for nine categories of retailers: automotive, furniture and electronics, building supplies, food and beverages, pharmaceuticals, clothing and accessories, general merchandise, and miscellaneous.		 Sep % m/m 0.8
Nov 23 - 15:00 US  US Existing home salesRecords sales of previously owned homes in the United States . This report provides a fairly accurate assessment of housing market conditions, and because of the sensitivity of the housing market to business cycle twists, it can be an important indicator of overall conditions at times when housing is particularly important to the economy.

While used home sales are not counted in GDP, they do affect the United States economy. Sellers of used homes often use capital gains from property sales on consumption that stimulate the economy. Higher levels of consumer spending may also increase inflationary pressures, even as they help grow the economy.

The existing home sales report is not as timely as other housing indicators like New Home Sales or Building Permits. By the time the Existing Home Sales are recorded, market conditions may have changed.

The headline is the total value of properties sold.		 Oct mn 5.65 5.57
Nov 24 - 00:00 CH  CH SNB Governing Board Chairman Roth gives speech on "The Financial Crisis Recedes: Lessons for Future Action by Central Banks" at International Center for Monetary and Banking Studies
Nov 24 - 00:00 IS  IS Gallup Expectations Nov index 47.9
Nov 24 - 06:00 DE  DE GDP (s.a) (F)Gross Domestic Product (GDP) measures the value of goods and services produced with in a country. GDP is the most comprehensive overall measure of economic output and provides key insight as to the driving forces of the economy.
Due to the untimeliness of this report and because data on GDP components are available beforehand, the actual GDP figure is usually well anticipated. But given its overall significance GDP has the tendency to move the market upon release, acting to confirm or upset economic expectations. Robust GDP growth signals a heightened level of activity that is generally associated with a healthy economy. However economic expansion also raises concerns about inflationary pressures which may lead to monetary policy tightening.

Technically, Gross Domestic Product is calculated in the following way:

GDP = C + I + G + (EX - IM)
where
C = private consumption
I = private investment
G = government expenditure
EX = exports of goods and services
IM = imports of goods and services

The figure is commonly reported in headlines as an annualized percentage, based on quarterly data.

On a technical note: The GDP can be reported in either real or nominal terms, real GDP being adjusted for inflation.		 Q3 %q/q
Nov 24 - 06:00 DE  DE GDP (wda) (F)Gross Domestic Product (GDP) measures the value of goods and services produced with in a country. GDP is the most comprehensive overall measure of economic output and provides key insight as to the driving forces of the economy.
Due to the untimeliness of this report and because data on GDP components are available beforehand, the actual GDP figure is usually well anticipated. But given its overall significance GDP has the tendency to move the market upon release, acting to confirm or upset economic expectations. Robust GDP growth signals a heightened level of activity that is generally associated with a healthy economy. However economic expansion also raises concerns about inflationary pressures which may lead to monetary policy tightening.

Technically, Gross Domestic Product is calculated in the following way:

GDP = C + I + G + (EX - IM)
where
C = private consumption
I = private investment
G = government expenditure
EX = exports of goods and services
IM = imports of goods and services

The figure is commonly reported in headlines as an annualized percentage, based on quarterly data.

On a technical note: The GDP can be reported in either real or nominal terms, real GDP being adjusted for inflation.		 Q3 %y/y
Nov 24 - 06:00 JP  JP BoJ publishes Monthly Report (English translation for full text released at 07:30GMT)
Nov 24 - 07:00 DE  DE GDP (s.a) (F)Gross Domestic Product (GDP) measures the value of goods and services produced with in a country. GDP is the most comprehensive overall measure of economic output and provides key insight as to the driving forces of the economy.
Due to the untimeliness of this report and because data on GDP components are available beforehand, the actual GDP figure is usually well anticipated. But given its overall significance GDP has the tendency to move the market upon release, acting to confirm or upset economic expectations. Robust GDP growth signals a heightened level of activity that is generally associated with a healthy economy. However economic expansion also raises concerns about inflationary pressures which may lead to monetary policy tightening.

Technically, Gross Domestic Product is calculated in the following way:

GDP = C + I + G + (EX - IM)
where
C = private consumption
I = private investment
G = government expenditure
EX = exports of goods and services
IM = imports of goods and services

The figure is commonly reported in headlines as an annualized percentage, based on quarterly data.

On a technical note: The GDP can be reported in either real or nominal terms, real GDP being adjusted for inflation.		 Q3 %q/q 0.7 0.7
Nov 24 - 07:00 DE  DE GDP (wda) (F)Gross Domestic Product (GDP) measures the value of goods and services produced with in a country. GDP is the most comprehensive overall measure of economic output and provides key insight as to the driving forces of the economy.
Due to the untimeliness of this report and because data on GDP components are available beforehand, the actual GDP figure is usually well anticipated. But given its overall significance GDP has the tendency to move the market upon release, acting to confirm or upset economic expectations. Robust GDP growth signals a heightened level of activity that is generally associated with a healthy economy. However economic expansion also raises concerns about inflationary pressures which may lead to monetary policy tightening.

Technically, Gross Domestic Product is calculated in the following way:

GDP = C + I + G + (EX - IM)
where
C = private consumption
I = private investment
G = government expenditure
EX = exports of goods and services
IM = imports of goods and services

The figure is commonly reported in headlines as an annualized percentage, based on quarterly data.

On a technical note: The GDP can be reported in either real or nominal terms, real GDP being adjusted for inflation.		 Q3 %y/y -4.8 -4.7
Nov 24 - 07:00 FI  FI Unemployment Oct % rate 8.1 7.3
Nov 24 - 07:00 CH  CH UBS Consumption IndicatorIndex for consumer spending in Switzerland. The Consumption Indicator moves with changes in real consumer spending and can be used as a gauge of the strength of domestic demand. A rising indicator value reflects rising consumer spending, which generally leads to economic growth and potentially augur inflationary pressures to come.

The UBS Consumption Indicator is calculated using five specific indicators of spending and expressed in the form of an index. These indicators are: new car sales, business trends in retail, overnight hotel stays by Swiss nationals in Switzerland , the consumer sentiment index and credit card transactions.

The headline is the index value for the month. Because the index value is always positive markets compare the current index value to the short and long-term average values in order to gauge Switzerland 's economic health. In the long term the average has been approximately 1.5, but may change with time.		 Oct index 0.632
Nov 24 - 07:45 FR  FR INSEE Business ConfidenceA measure of the prevailing sentiment among French business leaders. The Business Confidence Indicator is based on a survey querying expectations for new orders and impressions on the general economic situation. Increasing Business Confidence numbers usually accompany increases in business investment that lead to higher levels of output. The headline figure is the difference between positive and negative responses, as a percentage of the total number of answers, using 100 as the centerline for boom bust sentiment. Nov index 91 89
Nov 24 - 07:45 FR  FR INSEE Production Outlook Indicator Nov index -8 -11
Nov 24 - 07:50 FR  FR Consumer SpendingChange in the total value of inflation-adjusted goods expenditures by consumers. Oct % m/m 0.5 2.3
Nov 24 - 07:50 FR  FR Consumer SpendingChange in the total value of inflation-adjusted goods expenditures by consumers. Oct % y/y 1
Nov 24 - 08:00 ES  ES PPI Oct %y/y -5.4
Nov 24 - 08:30 NL  NL Producer Confidence Nov index s.a -7 -7.8
Nov 24 - 08:30 SE  SE PPI Oct % m/m -0.9
Nov 24 - 08:30 SE  SE PPI Oct % y/y -1.6
Nov 24 - 09:00 NO  NO GDP, Total (nsa) Q3 % y/y -4.8
Nov 24 - 09:00 NO  NO GDP, Total (sa) Q3 %q/q 1.3
Nov 24 - 09:00 NO  NO GDP (sa) Q3 % q/q 1.3
Nov 24 - 09:00 DE  DE IFO Business ClimateOne of the country's key business sentiment surveys (IFO - Information and Forschung Survey). The survey is conducted monthly, querying German firms on the current German business climate as well as their expectations for the next six months. As the largest economy in the Euro-zone, Germany is responsible for approximately a quarter of the total Euro-Zone GDP. Consequently, the German IFO is a significant economic health indicator for the Euro-zone as a whole. Positive readings bode well for the economy, suggesting increased consumer spending and economic growth. Conversely, low IFO readings may be indicative of economic slowdown.

The index uses 100 as a centerline between positive and negative outlooks; the further the value is from 100 the stronger the sentiment. The survey presents two equally weighted sub-indices: Current Assessment and Business Expectations.

IFO Current Assessment
Measures current German business conditions, without considering future expectations.

IFO Expectations
Based on firms' expectations for the next six months, where firms rate the future outlook as better, same, or worse.		 Nov Index 92.5 91.9
Nov 24 - 09:00 DE  DE IFO Current ConditionsOne of the country's key business sentiment surveys (IFO - Information and Forschung Survey). The survey is conducted monthly, querying German firms on the current German business climate as well as their expectations for the next six months. As the largest economy in the Euro-zone, Germany is responsible for approximately a quarter of the total Euro-Zone GDP. Consequently, the German IFO is a significant economic health indicator for the Euro-zone as a whole. Positive readings bode well for the economy, suggesting increased consumer spending and economic growth. Conversely, low IFO readings may be indicative of economic slowdown.

The index uses 100 as a centerline between positive and negative outlooks; the further the value is from 100 the stronger the sentiment. The survey presents two equally weighted sub-indices: Current Assessment and Business Expectations.

IFO Current Assessment
Measures current German business conditions, without considering future expectations.

IFO Expectations
Based on firms' expectations for the next six months, where firms rate the future outlook as better, same, or worse.		 Nov Index 88 87.4
Nov 24 - 09:00 DE  DE IFO ExpectationsOne of the country's key business sentiment surveys (IFO - Information and Forschung Survey). The survey is conducted monthly, querying German firms on the current German business climate as well as their expectations for the next six months. As the largest economy in the Euro-zone, Germany is responsible for approximately a quarter of the total Euro-Zone GDP. Consequently, the German IFO is a significant economic health indicator for the Euro-zone as a whole. Positive readings bode well for the economy, suggesting increased consumer spending and economic growth. Conversely, low IFO readings may be indicative of economic slowdown.

The index uses 100 as a centerline between positive and negative outlooks; the further the value is from 100 the stronger the sentiment. The survey presents two equally weighted sub-indices: Current Assessment and Business Expectations.

IFO Current Assessment
Measures current German business conditions, without considering future expectations.

IFO Expectations
Based on firms' expectations for the next six months, where firms rate the future outlook as better, same, or worse.		 Nov Index 97.2 96.8
Nov 24 - 09:00 NO  NO GDP, Mainland (nsa) Q3 % y/y -5
Nov 24 - 09:00 NO  NO GDP, Mainland (sa) Q3 %q/q 0.5 0.3
Nov 24 - 09:30 GB  GB Total Business Investment (P)Change in the total inflation-adjusted value of capital investments made by businesses and the government. There are 2 versions of this report released about a month apart – Preliminary and Revised. The Preliminary release is the earliest and thus tends to have the most impact.
Q3 % q/q -3.9 -10.2
Nov 24 - 09:30 GB  GB Total Business Investment (P)Change in the total inflation-adjusted value of capital investments made by businesses and the government. There are 2 versions of this report released about a month apart – Preliminary and Revised. The Preliminary release is the earliest and thus tends to have the most impact.
Q3 % y/y -22.5 -21.8
Nov 24 - 09:30 GB  GB BBA Mortgage ApprovalsNumber of new mortgages approved for home purchase by BBA-represented banks during the previous month. The BBA represents major banks that make up around 60% of total UK mortgage lending. Oct K 42.088
Nov 24 - 10:00 EU  EU EU Ind. new orders (wda) Sep %m/m 0.8 2
Nov 24 - 10:00 EU  EU EU Ind. new orders (sa)The value of new contracts for goods produced by the manufacturing sector. A rising level of Industrial New Orders forecasts increased production and a rising GDP. There are two headline numbers released for this report, month to month and annualized change.

Note: Although the industrial manufacturing sector contributes only a quarter of Euro-zone GDP, it accounts for most of the variations in GDP. 		Sep % y/y -17.2 -23.1
Nov 24 - 13:30 US  US GDP Annualized (P)The GDP for the United States is a gauge of the overall output (goods & services) of the U.S. economy on the continental US GDP is the most comprehensive overall measure of economic output and provides key insight as to the driving forces of the economy.

GDP Influence On Markets
If the figure increases, then the economy is improving, and thus the dollar tends to strengthen. If the number falls short of expectations or meets the consensus, dollar bearishness may be triggered. This sort of reaction is again tied to interest rates, as traders expect an accelerating economy, consumers will be affected by inflation and consequently interest rates will rise. However, much like the CPI, a negative change in GDP is more difficult to trade; just because the pace of growth has slowed does not mean it has deteriorated. On the other hand, a better than expected number will usually result in the dollar rising as it implicates that a quickly expanding economy will sooner or later require higher interest rates to keep inflation in check. Overall though, the GDP has fallen in significance and its ability to move markets since most of the components of the report are known in advance

Due to the untimeliness of this report and because data on GDP components are available beforehand, the actual GDP figure is usually well anticipated. But given its overall significance GDP has the tendency to move the market upon release, acting to confirm or upset economic expectations. Robust GDP growth signals a heightened level of activity that is generally associated with a healthy economy. However economic expansion also raises concerns about inflationary pressures which may lead to monetary policy tightening.

Gross Domestic Product is calculated in the following way
GDP = C + I + G + (EX - IM)
where
C = private consumption
I = private investment
G = government expenditure
EX = exports of goods and services
IM = imports of goods and services

The figure is commonly reported in headlines as an annualized percentage, based on quarterly data.

On a technical note: The GDP can be reported in either real or nominal terms, real GDP being adjusted for inflation. GDP actually has three releases, as an Advanced, Preliminary, and Final figure. The Advanced figure is released four weeks following the quarter's end. One month later, the Preliminary GDP is released, followed by the Final GDP measure at the end of the quarter following the reporting quarter. As the most timely measure, the Advanced GDP tends to move markets the most.		 Q3 % q/q ann
Nov 24 - 13:30 US  US Core PCE Price Index (P)Personal Consumption Expenditure (PCE).
Comprehensive measure of how much consumers spend each month, counting expenditures on durable goods, consumer products, and services. Personal Consumption is a comprehensive measure of GDP; consequently the figure is watched as an indicator for economic trends. Spending also has direct affect on inflationary pressures.

A healthy Personal Spending figure means that consumers are buying goods and services, fueling the economy and spurring output growth. The report is particularly valued for forecasting inflationary pressures. Taken in excess these high levels of consumption and production may lead to an overall increase in prices. Indeed, the Fed uses a measure of inflation derived from the PCE as their primary gauge of inflation.

On the other hand, persistently low Personal Spending may result in decreasing levels of output and an economic downturn.

Because income is either spent or saved, Personal Spending (when reported as a percent of income rather than the headline percent change) has an inverse relationship to personal saving. Economists watch the growth of Personal Spending in relation to income and saving to determine if consumers are living beyond their means, which would influence levels of borrowing and future consumption.

The PCE figure is released in headlines as a percent change from the previous month.

Core Personal Consumption Expenditure
Volatile items like food and energy can fluctuate widely due to seasonal and non-systemic factors. In order to provide a less erratic picture of Personal Consumption, food and energy items are excluded in the PCE core report.

The headline figure of PCE is expressed in percentage change in spending for the quarter. 		Q3 index 1.4 1.4
Nov 24 - 13:30 US  US GDP Annualized (P)The GDP for the United States is a gauge of the overall output (goods & services) of the U.S. economy on the continental US GDP is the most comprehensive overall measure of economic output and provides key insight as to the driving forces of the economy.

GDP Influence On Markets
If the figure increases, then the economy is improving, and thus the dollar tends to strengthen. If the number falls short of expectations or meets the consensus, dollar bearishness may be triggered. This sort of reaction is again tied to interest rates, as traders expect an accelerating economy, consumers will be affected by inflation and consequently interest rates will rise. However, much like the CPI, a negative change in GDP is more difficult to trade; just because the pace of growth has slowed does not mean it has deteriorated. On the other hand, a better than expected number will usually result in the dollar rising as it implicates that a quickly expanding economy will sooner or later require higher interest rates to keep inflation in check. Overall though, the GDP has fallen in significance and its ability to move markets since most of the components of the report are known in advance

Due to the untimeliness of this report and because data on GDP components are available beforehand, the actual GDP figure is usually well anticipated. But given its overall significance GDP has the tendency to move the market upon release, acting to confirm or upset economic expectations. Robust GDP growth signals a heightened level of activity that is generally associated with a healthy economy. However economic expansion also raises concerns about inflationary pressures which may lead to monetary policy tightening.

Gross Domestic Product is calculated in the following way
GDP = C + I + G + (EX - IM)
where
C = private consumption
I = private investment
G = government expenditure
EX = exports of goods and services
IM = imports of goods and services

The figure is commonly reported in headlines as an annualized percentage, based on quarterly data.

On a technical note: The GDP can be reported in either real or nominal terms, real GDP being adjusted for inflation. GDP actually has three releases, as an Advanced, Preliminary, and Final figure. The Advanced figure is released four weeks following the quarter's end. One month later, the Preliminary GDP is released, followed by the Final GDP measure at the end of the quarter following the reporting quarter. As the most timely measure, the Advanced GDP tends to move markets the most.		 Q3 % q/q ann 3 3.5
Nov 24 - 13:30 US  US GDP Deflator (P)Measures changes in the prices of goods and services that are included in US GDP. The GDP deflator is an indicator for inflation calculated by comparing the current GDP to GDP in the reference year. A high or rising GDP deflator, like other indicators of inflation, puts pressure on the Federal Reserve to raise interest rates.

Unlike some price indexes, such as CPI, the GDP deflator is not based on a fixed basket of goods and services. The basket is allowed to change with people's consumption and investment patterns. (Specifically, for GDP, the "basket" in each year is the set of all goods that were produced domestically, weighted by the market value of the total consumption of each good.) Therefore, new expenditure patterns are allowed to show up in the deflator as people respond to changing prices. The advantage of this approach is that the GDP deflator reflects up to date expenditure patterns.		 Q3 % q/q ann 0.8 0.8
Nov 24 - 14:00 US  US S&P Case-Shiller Home Price Sep % y/y -9.15 -11.32
Nov 24 - 14:00 BE  BE BNB Business Sentiment Nov Index -14.2
Nov 24 - 14:00 US  US FHFA House Price Index Sep % m/m -0.3
Nov 24 - 15:00 US  US Consumer confidenceAssessment of consumer sentiment regarding business conditions, employment and personal income. Based on a representative sample of thousands of mail-in surveys, the Conference Board index has the largest pooling sample of any U.S. measure of consumer confidence. Consumer Confidence levels are generally linked with consumer spending. For instance, when consumer confidence is on the rise consumer spending tends to increase. Low or falling consumer confidence on the other hand is typically associated with decreased spending and consumer demand.

Some analysts criticize the Consumer Confidence figure for its volatile tendencies and weak connection to household expenditure, turning instead to the University of Michigan Consumer Confidence numbers. The volatility of the Consumer Confidence figure is attributed to two factors: its pooling size and the survey time frame focus. The Conference Board surveys an entirely new group of people each month, resulting in more erratic month to month figures. Additionally, the survey queries respondents on expectations for the following six months, a relatively short term evaluation. Conversely, the U. Michigan survey will re-poll many individuals and focuses on expectations for the next one to five years. The long term focus has a stabilizing effect on consumer confidence.

Survey results are printed in the headlines where 100 reflects a recent base year.		 Nov index 47 47.7
Nov 24 - 15:00 US  US FHFA House Price Index Sep %ann 0.2 -0.3
Nov 24 - 22:20 AU  AU RBA Governor Battellino gives speech at the 6th National Housing conference
Nov 24 - 23:50 JP  JP CSPI Oct index -2.6 -3.2
Nov 24 - 23:50 JP  JP Customs Cleared Trade Oct Y bn 465.5 525.3
Nov 25 - 00:00 AU  AU DEWR Skilled Vacancies Nov % m/m 1.9
Nov 25 - 00:30 AU  AU Construction Work Done Q3 % y/y -0.1
Nov 25 - 00:45 JP  JP BoJ Deputy Governor Yamaguchi gives speech before a financial forum in Tokyo
Nov 25 - 06:15 CH  CH Employment Level (25th-28th) Q3 %y/y
Nov 25 - 06:15 CH  CH Employment Level (25th-28th) Q3 mn
Nov 25 - 07:00 DE  DE GFK Consumer SentimentConsumer Sentiment (or Consumer Confidence) measures the level of confidence households have in economic performance. Generally rising consumer confidence acts as a precursor to higher consumer expenditures which drive economic expansion. The report also breaks down results into parts of the economy, giving a detailed picture of the consumer climate in German. GfK Consumer Confidence is one of the most closely watched surveys.

The survey results are quantified into index where 0 represents long term Consumer Confidence averages. The headline figure is expressed in percentage change.
On a technical note: The German Consumer Confidence survey is conducted monthly by GfK, a market research organization, on behalf of the EU commission. The survey results are obtained monthly based on more than 2000 consumer interviews about their personal spending patterns, inflationary expectations and opinion on economic outlook. Then the aggregate result is categorized by German social groups: students, high/medium/low income and the retired.		 Dec Index 4 4
Nov 25 - 08:15 CH  CH Employment Level (25th-28th) Q3 mn 3.945
Nov 25 - 08:15 CH  CH Employment Level (25th-28th) Q3 %y/y -0.4
Nov 25 - 08:15 SE  SE Consumer Confidence Nov Index 7.5
Nov 25 - 08:15 SE  SE Economic Tendency Survey Nov Index 94.8
Nov 25 - 08:15 SE  SE Manufacturing Confidence Nov Index -13
Nov 25 - 08:30 IT  IT ISAE Consumer Confidence Nov index 111 111.7
Nov 25 - 09:00 IT  IT Retail sales (nsa)Change in the total value of sales at the retail level. Data can be seasonally adjusted data (sa) or non-seasonally adjusted (nsa). Sep % y/y -2.9
Nov 25 - 09:00 IT  IT Retail sales (sa)Change in the total value of sales at the retail level. Data can be seasonally adjusted data (sa) or non-seasonally adjusted (nsa). Sep % m/m -0.2 -0.1
Nov 25 - 09:00 NO  NO Unemployment (AKU/LFS) (sa) Sep % rate 3.2
Nov 25 - 09:30 GB  GB GDP (2nd est) Q3 % q/q -0.3 -0.4
Nov 25 - 09:30 GB  GB GDP (2nd est) Q3 % y/y -5.1 -5.2
Nov 25 - 13:30 US  US Initial ClaimsThe number of individuals who filed for unemployment insurance for the first time during the past week. This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes. 21-Nov k 500 505
Nov 25 - 13:30 US  US Core PCE Price IndexPersonal Consumption Expenditure (PCE).
Comprehensive measure of how much consumers spend each month, counting expenditures on durable goods, consumer products, and services. Personal Consumption is a comprehensive measure of GDP; consequently the figure is watched as an indicator for economic trends. Spending also has direct affect on inflationary pressures.

A healthy Personal Spending figure means that consumers are buying goods and services, fueling the economy and spurring output growth. The report is particularly valued for forecasting inflationary pressures. Taken in excess these high levels of consumption and production may lead to an overall increase in prices. Indeed, the Fed uses a measure of inflation derived from the PCE as their primary gauge of inflation.

On the other hand, persistently low Personal Spending may result in decreasing levels of output and an economic downturn.

Because income is either spent or saved, Personal Spending (when reported as a percent of income rather than the headline percent change) has an inverse relationship to personal saving. Economists watch the growth of Personal Spending in relation to income and saving to determine if consumers are living beyond their means, which would influence levels of borrowing and future consumption.

The PCE figure is released in headlines as a percent change from the previous month.

Core Personal Consumption Expenditure
Volatile items like food and energy can fluctuate widely due to seasonal and non-systemic factors. In order to provide a less erratic picture of Personal Consumption, food and energy items are excluded in the PCE core report.

The headline figure of PCE is expressed in percentage change in spending for the quarter. 		Oct index 0.1 0.1
Nov 25 - 13:30 US  US Durable goods ordersThe value of orders placed for relatively long lasting goods. Durable Goods are expected to last more than three years. Such products often require large investments and usually reflect optimism on the part of the buyer that their expenditure will be worthwhile.

Because orders for goods have large sway over the actual production, this figure serves as an excellent forecast of U.S. output to come. Durable Goods are typically sensitive to economic changes. When consumers become skeptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Conversely, when consumer confidence is restored, orders for durable goods rebound quickly. The data is highly volatile as well, some volatility is eliminated with the Durable Goods Orders excluding Transportation figure, making it the more closely watched indicator.

The headline figure is expressed as a percentage change from previous months.		 Oct % m/m 0.5 1.4
Nov 25 - 13:30 US  US Durables ex defenceThe value of orders placed for relatively long lasting goods. Durable Goods are expected to last more than three years. Such products often require large investments and usually reflect optimism on the part of the buyer that their expenditure will be worthwhile.

Because orders for goods have large sway over the actual production, this figure serves as an excellent forecast of U.S. output to come. Durable Goods are typically sensitive to economic changes. When consumers become skeptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Conversely, when consumer confidence is restored, orders for durable goods rebound quickly. The data is highly volatile as well, some volatility is eliminated with the Durable Goods Orders excluding Transportation figure, making it the more closely watched indicator.

The headline figure is expressed as a percentage change from previous months.

Durable Goods Orders Excluding Transportation

The Durable Goods Orders figure is also reported excluding transportation expenditures. Orders for items like civilian vehicles or aircrafts are fairly expensive and fluctuate idiosyncratically, distorting the Durable Goods Orders figure. Such goods are excluded to provide a better measure of durable goods orders.		 Oct % m/m 0.5
Nov 25 - 13:30 US  US Durables ex transportThe value of orders placed for relatively long lasting goods. Durable Goods are expected to last more than three years. Such products often require large investments and usually reflect optimism on the part of the buyer that their expenditure will be worthwhile.

Because orders for goods have large sway over the actual production, this figure serves as an excellent forecast of U.S. output to come. Durable Goods are typically sensitive to economic changes. When consumers become skeptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Conversely, when consumer confidence is restored, orders for durable goods rebound quickly. The data is highly volatile as well, some volatility is eliminated with the Durable Goods Orders excluding Transportation figure, making it the more closely watched indicator.

The headline figure is expressed as a percentage change from previous months.

Durable Goods Orders Excluding Transportation

The Durable Goods Orders figure is also reported excluding transportation expenditures. Orders for items like civilian vehicles or aircrafts are fairly expensive and fluctuate idiosyncratically, distorting the Durable Goods Orders figure. Such goods are excluded to provide a better measure of durable goods orders.		 Oct % m/m 0.8 1.2
Nov 25 - 13:30 US  US Personal incomeBroad gauge of employee earnings in the US. Personal Income measures the pre-tax income households receive from employment, investments, and transfer payments. As wages and salaries make up the majority of Personal Income, the figure can provide insight on the US employment situation. However, because Personal Income is released after the headline employment figure and earnings figures, its impact on the market is muted. The figure is still useful in gauging the purchasing ability of consumers, though, as rising Personal Income allows for strong consumers spending. Such spending drives output growth and fuels the US economy. Oct % m/m 0.2
Nov 25 - 13:30 US  US Personal spendingComprehensive measure of how much consumers spend each month, counting expenditures on durable goods, consumer products, and services. Personal Consumption is a comprehensive measure of GDP; consequently the figure is watched as an indicator for economic trends. Spending also has direct affect on inflationary pressures.

A healthy Personal Spending figure means that consumers are buying goods and services, fueling the economy and spurring output growth. The report is particularly valued for forecasting inflationary pressures. Taken in excess these high levels of consumption and production may lead to an overall increase in prices. Indeed, the Fed uses a measure of inflation derived from the PCE as their primary gauge of inflation.

On the other hand, persistently low Personal Spending may result in decreasing levels of output and an economic downturn.

Because income is either spent or saved, Personal Spending (when reported as a percent of income rather than the headline percent change) has an inverse relationship to personal saving. Economists watch the growth of Personal Spending in relation to income and saving to determine if consumers are living beyond their means, which would influence levels of borrowing and future consumption.

The PCE figure is released in headlines as a percent change from the previous month.

Core Personal Consumption Expenditure
Volatile items like food and energy can fluctuate widely due to seasonal and non-systemic factors. In order to provide a less erratic picture of Personal Consumption, food and energy items are excluded in the PCE core report.

The headline figure of PCE is expressed in percentage change in spending for the quarter.

Note: The Personal Consumption Expenditure figure is reported with the Personal Income and Outlays figure. 		Oct index 0.5 -0.5
Nov 25 - 13:30 NL  NL DNB conference on the shift of power to emerging markets
Nov 25 - 14:55 US  US Univ of Mich Sent. (F)Assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. Especially valued for its quick turnaround, the University of Michigan Confidence survey is considered one of the foremost indicators of US consumer sentiment. The survey polls a smaller sample of consumers and is less established than the Conference Board Consumer Confidence Index.

Declining consumer confidence levels usually accompany any fall income or wages and precede drops in consumer spending. A low or falling U Mich Sentiment value is considered an early indicator of an economic downturn. As a result, investors, retailers and traders alike all watch the figure for insight into the general health of the economy. UMich figures have recently preceded turning in overall GDP.

The headline figure is calculated by subtracting the percentage of unfavorable replies from the percentage of favorable replies.		 Nov index 67 66
Nov 25 - 15:00 US  US New Home SalesRecords sales of newly constructed residences in the United States . The figure is a timely gauge of housing market conditions counting home sales when initial housing contracts are signed. Because New Home Sales usually trigger a sequence of consumption, they have significant market impact upon release. In addition to the high expenditure of the new home, buyers are likely to spend more money on furnishing customizing and financing their home. Consequently, g rowth in the housing market spurs more consumption, generating demand for goods, services and the employees who provide them.

Generally the housing market is tracked by a number of reports that mark different stages of the construction and home sale process. The first stage is Building Permits, which precede Housing Starts, which lead to Construction Spending, MBA Mortgage Applications and, finally, New Home Sales and Existing Home Sales. As the headline housing figure, New Home Sales are believed to control for some of the volatility of other data. For instance, Building Permits and Housing Starts are considered more indicative of business confidence and production rather than consumer spending. And while Existing Home Sales figures are more indicative of consumer expenditures, they are lagging indicators with less predictive value. New Home Sales numbers are considered confirmatory of housing trends and still predictive of consumer spending.

New Home Sales is also a good indicator of economic turning points due to its sensitivity to consumer income. Buying a house is always a major expenditure, typically only undertaken when consumers have sufficient savings or are optimistic about future earnings. Historically, when economic conditions slow, New Home Sales are one of the first indicators to reflect the change. By the same token, New Home Sales undergo substantial growth when the economy has emerged from recession and wages have begun to pick up.

The report headline is the total amount of properties sold.		 Oct k 410 402
Nov 25 - 15:00 EU  EU ECB Governing council member Mersch gives speech at a conference in Luxembourg
Nov 25 - 19:00 US  US Fed release minutes from prior (Nov 3rd-4th) FOMC meeting
Nov 25 - 23:00 BE  BE PPI Oct % m/m -0.8
Nov 25 - 23:00 BE  BE PPI Oct %y/y -8.2
Nov 25 - 23:50 JP  JP BoJ release minutes from prior (30th Oct) MPC Meeting (08:50 JST on 26th Nov)
Nov 26 - 00:00 US  US Market Holiday - Thanksgiving
Nov 26 - 00:00 DE  DE CPI (P)Assesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in Germany , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical German household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items.

The German CPI is significant as one of the primary gauges of inflation. As the largest Euro-zone economy, inflation in Germany will contribute significantly to inflation in the Euro-zone and the behavior of the European Central Bank. High or rising inflation acts as a signal to the ECB to raise interest rates, an action which will result in the strengthening of the Euro. The headline figure for CPI is the percentage change in monthly and annualized percentage term. 		Nov % m/m 0.1
Nov 26 - 00:00 DE  DE CPI (P)Assesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in Germany , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical German household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items.

The German CPI is significant as one of the primary gauges of inflation. As the largest Euro-zone economy, inflation in Germany will contribute significantly to inflation in the Euro-zone and the behavior of the European Central Bank. High or rising inflation acts as a signal to the ECB to raise interest rates, an action which will result in the strengthening of the Euro. The headline figure for CPI is the percentage change in monthly and annualized percentage term. 		Nov % y/y 0.5
Nov 26 - 00:00 DE  DE HICP (P)Assesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in Germany , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical German household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items.

The German CPI is significant as one of the primary gauges of inflation. As the largest Euro-zone economy, inflation in Germany will contribute significantly to inflation in the Euro-zone and the behavior of the European Central Bank. High or rising inflation acts as a signal to the ECB to raise interest rates, an action which will result in the strengthening of the Euro. The headline figure for CPI is the percentage change in monthly and annualized percentage term.

The Harmonized Index of Consumer Prices (HICP) provides a common measurement of inflation that facilitates carrying out international comparisons. It is obtained as a result of homogenising the most significant methodological aspects of each one of the Consumer Price Indices from each one of the member states of the European Union (EU) to make them comparable.

The HICP of each country covers the divisions that exceed one per thousand of the total expense of the national shopping basket. 		Nov % m/m 0.1
Nov 26 - 00:00 DE  DE HICP (P)Assesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in Germany , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical German household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items.

The German CPI is significant as one of the primary gauges of inflation. As the largest Euro-zone economy, inflation in Germany will contribute significantly to inflation in the Euro-zone and the behavior of the European Central Bank. High or rising inflation acts as a signal to the ECB to raise interest rates, an action which will result in the strengthening of the Euro. The headline figure for CPI is the percentage change in monthly and annualized percentage term.

The Harmonized Index of Consumer Prices (HICP) provides a common measurement of inflation that facilitates carrying out international comparisons. It is obtained as a result of homogenising the most significant methodological aspects of each one of the Consumer Price Indices from each one of the member states of the European Union (EU) to make them comparable.

The HICP of each country covers the divisions that exceed one per thousand of the total expense of the national shopping basket. 		Nov % y/y 0.5 -0.1
Nov 26 - 00:00 NZ  NZ NBNZ Business Confidence Nov index 48.2
Nov 26 - 00:00 WLD  WLD 5th Annual OECD-CEPII Conference: Developing Countries and the Global Crisis (26th-27th)
Nov 26 - 00:30 AU  AU Capital ExpenditureThe value of actual and expected purchases of new capital. Capital purchases are investments in productive capacity like new machinery, plants, or improvements & additions to existing assets. Such purchases are made by companies optimistic that costs will be surmounted by future demand. For instance, Gold mines may purchase new Gold mining equipment to increase productivity in order to meet rising demand for Gold. Private Capital Expenditures generally indicate higher business confidence and reflect a healthy economy.

The headline number is the seasonally adjusted percentage change in new private capital expenditures from the previous quarter.		 Q3 % q/q 1 3.3
Nov 26 - 07:30 SE  SE Riksbank release Financial Stability Report 2009:2
Nov 26 - 08:00 ES  ES Retail Sales Oct % y/y -3.4
Nov 26 - 08:30 DK  DK Unemployment (sa) Oct % Rate 4.3 4.1
Nov 26 - 08:30 IT  IT ISAE Business Sentiment Nov index 77.1 77.1
Nov 26 - 08:30 NL  NL Consumer Spending Sep % y/y -3.5
Nov 26 - 08:30 SE  SE Trade Balance (nsa) Oct SEK bn 5.5
Nov 26 - 09:00 EU  EU M3 (sa)The broadest measure of money supply in use by Euro-zone nations. It includes all currency in circulation, bank deposits, repurchase agreements, debt securities up to 2 years, and the value of money market shares. A larger money supply reduces the purchasing power of the Euro and puts downward pressure on the exchange rate. However, because an increase in M3 leads to price inflation, this figure can also be indicative of the likelihood of future interest rate hikes. The Euro-zone M3 is reported in headlines as a percent change from the previous month or as a Three Month Average, which smoothes monthly volatility in the money supply. Oct % y/y 0.7 1.8
Nov 26 - 09:00 EU  EU M3 3 month (sa)The broadest measure of money supply in use by Euro-zone nations. It includes all currency in circulation, bank deposits, repurchase agreements, debt securities up to 2 years, and the value of money market shares. A larger money supply reduces the purchasing power of the Euro and puts downward pressure on the exchange rate. However, because an increase in M3 leads to price inflation, this figure can also be indicative of the likelihood of future interest rate hikes. The Euro-zone M3 is reported in headlines as a percent change from the previous month or as a Three Month Average, which smoothes monthly volatility in the money supply. Oct % y/y 1.7 2.5
Nov 26 - 09:00 IT  IT Non EU Trade balance Sep EUR mn -513
Nov 26 - 09:00 NO  NO Unemployment (nsa) (NAV) Nov % rate 2.6
Nov 26 - 09:00 IS  IS CPI Nov % m/m 1.1
Nov 26 - 09:00 IS  IS CPI Nov % y/y 9.7
Nov 26 - 11:00 GB  GB CBI Distributive TradesLevel of a diffusion index based on surveyed retailers and wholesalers: above 0 indicates higher sales volume, below indicates lower. This is a survey of about 160 retail and wholesale companies which asks respondents to rate the relative level of current sales volume. It's a leading indicator of consumer spending because retailer and wholesaler sales are directly influenced by consumer buying levels. Nov Index 8
Nov 26 - 21:45 NZ  NZ Trade BalanceA country's trade balance reflects the difference between exports and imports of goods and services. The trade balance is one of the biggest components of the Balance of Payment, giving valuable insight into pressures on country's currency.

Surpluses and Deficits
A positive Trade Balance (surplus) indicates that exports are greater than imports. When imports exceed exports, the country experiences a trade deficit. Because foreign goods are usually purchased using foreign currency, trade deficits usually reflect currency leaking out of the country. Such currency outflows may lead to a natural depreciation unless countered by comparable capital inflows (inflows in the form of investments, FDI - where foreigners investing in local equity, bond or real estates markets). At a bare minimum, deficits fundamentally weigh down the value of the currency.

Ramifications of Trade Balance on Markets
There are a number of factors that work to diminish the market impact of Trade Balance upon immediate release. The report is not very timely, coming some time after the reporting period. Developments in many of the figure's components are also typically anticipated well beforehand. Lastly, since the report reflects data for a specific reporting month or quarter, any significant changes in the Trade Balance should plausibly have already been felt during that period - and not during the release of data.

However, because of the overall significance of Trade Balance data in forecasting trends in the Forex Market, the release has historically been one of the more important reports out of the any country.		 Oct NZ $ mn -480 -424
Nov 26 - 23:30 JP  JP CPI Core (Nation)The key gauge for inflation in Japan . Simply put, inflation reflects a decline in the purchasing power of the Yen, where each Yen buys fewer goods and services. In terms of measuring inflation, CPI is the most obvious way to quantify changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical Japanese household might purchase. An increase in the index indicates that it takes more Yen to purchase this same set of basic consumer items.

Markets will typically pay more attention to "CPI excluding Fresh Food," because it excludes volatile food prices that can distort overall CPI. The headline figure for CPI is the percentage change in the index on a month to month or year to year basis.

As the most important indicator of inflation, CPI figures are closely followed by the Bank of Japan. Rising Consumer Prices may prompt the BoJ to raise interest rates in order to manage inflation and slow economic growth. Higher interest rates make holding the Yen more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Yen.		 Oct % y/y -2.4 -2.3
Nov 26 - 23:30 JP  JP CPI Core (Tokyo)Change in the price of goods and services purchased by consumers in Tokyo, excluding fresh food.
Tokyo is Japan's most populated city and releases CPI data a month ahead of National CPI. This early data is thought to be the most important consumer inflation release, yet it tends to have a relatively muted impact in light of the nation's tame inflation situation.
Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.
 Oct % y/y -2.3 -2.2
Nov 26 - 23:30 JP  JP Real Household SpendingA survey of both wage-earning and non-working households, such as those classified as single-member, unemployed, or retired. The headline figure is the percentage change in average spending per household from the previous year. Increases in household spending are favorable for the Japanese economy because high consumer spending generally leads to higher levels of economic growth. Higher spending is also a sign of consumer optimism, as households confident in their future outlook will spend more. At the same time accelerated growth exerts inflationary pressure, which can lead to interest rate increases in the future. Oct % y/y 1.2 1
Nov 26 - 23:30 JP  JP UnemploymentThe percentage of the labor force that is unemployed. A lower jobless rate translates into more income-earning workers and greater consumption. Such increased expenditure accelerates economic growth, but can also heighten inflationary pressures. On the other hand, a higher jobless rate tends to precede lower consumer spending and a contracting economy. Oct % rate 5.3 5.3
Nov 26 - 23:50 JP  JP Large Retailers SalesThe total value of goods sold in large department stores, chain convenience stores, and supermarkets in a particular month. The report serves as a direct gauge of consumption and consumer confidence. Consumer spending is one of the most important leading indicators for the Japanese economy. An increasing number of sales can signal consumer confidence and economic growth, but higher consumption can also leads to inflationary pressures.

Retail Sales can be volatile due to seasonal fluctuations in demand. Thus the headline figure is the seasonally adjusted percentage change in sales compared to the previous year.		 Oct % y/y -5.8 -5.6
Nov 26 - 23:50 JP  JP Retail salesThe total value of goods and services sold each month at retail outlets. The report serves as a direct gauge of consumption and consumer confidence. Consumer spending is one of the most important leading indicators for the Japanese economy. An increasing number of sales signal consumer confidence and economic growth, but higher consumption also leads to inflationary pressures. The headline figure they release is a year-on-year percentage change in the nominal value of items sold. Oct %y/y -1.6 -1.3
Nov 27 - 01:00 NZ  NZ Monetary Aggregates M3The broadest monetary aggregate, accounting for all New Zealand Dollars in circulation plus bank deposits. As an official measure of the New Zealand 's money supply, M3 will show the immediate impacts of monetary policy actions and can give an indication into the future direction of inflation. An expansion in the monetary base is generally inflationary while a decline will likely have the opposite effect. Oct % y/y 2.7
Nov 27 - 07:45 FR  FR Consumer ConfidenceConsumer confidence is a measure of popular sentiment concerning the French economy. The figure is derived from a telephone survey of 2000 of French households that inquires about expenditure patterns and inflationary expectations. In general, rising consumer confidence precedes increased consumer spending, which drives both economic growth and inflation. Thus, d omestic consumer confidence is an important gauge of overall economic activity and inflationary expectations.

The headline figure is the difference between the percentage of positive responses and the percentage of negative answers.		 Nov index -35 -35
Nov 27 - 08:00 ES  ES Flash HICP Oct % y/y -0.6
Nov 27 - 08:30 SE  SE GDP (sa) Q3 %q/q 0.6 0.2
Nov 27 - 08:30 SE  SE GDP (wda) Q3 %y/y -5.2 -6
Nov 27 - 08:30 SE  SE Retail sales (nsa) Oct %y/y 2.7
Nov 27 - 08:30 SE  SE Retail sales (sa) Oct %m/m 0.2
Nov 27 - 09:00 EU  EU Bloomberg Retail PMIA monthly survey of business optimism. The survey asks managers about their purchasing patterns in recent months as well as expected purchases to come. Because managers generally have good insight into the direction of future demand, trends in Bloomberg PMI(R) suggests consumer consumption patterns. As a driving force behind the economy, consumer spending fuels economic growth. Consumer demand can also lead to growing price pressures and inflation. Finally, the Bloomberg PMI comes out a month ahead of government figures that relate to retail sales, so it is the earliest indication of the health of the retail sector.

A headline value above 50 indicates growth, while a value below 50 indicates contraction; the greater the distance from 50, the stronger the effect.

Note: To construct the index, 1000 retailers from the Euro Zone's principal retail economies (Germany, France, and Italy) are surveyed for the report each month. Because these three countries make up over 75% of the Euro Zone's retail sector, retail sales from these three countries are a good measure of the overall health of the Euro Zone retail sector.		 Nov index
Nov 27 - 09:00 EU  EU Bloomberg Retail PMIA monthly survey of business optimism. The survey asks managers about their purchasing patterns in recent months as well as expected purchases to come. Because managers generally have good insight into the direction of future demand, trends in Bloomberg PMI(R) suggests consumer consumption patterns. As a driving force behind the economy, consumer spending fuels economic growth. Consumer demand can also lead to growing price pressures and inflation. Finally, the Bloomberg PMI comes out a month ahead of government figures that relate to retail sales, so it is the earliest indication of the health of the retail sector.

A headline value above 50 indicates growth, while a value below 50 indicates contraction; the greater the distance from 50, the stronger the effect.

Note: To construct the index, 1000 retailers from the Euro Zone's principal retail economies (Germany, France, and Italy) are surveyed for the report each month. Because these three countries make up over 75% of the Euro Zone's retail sector, retail sales from these three countries are a good measure of the overall health of the Euro Zone retail sector.		 Nov index
Nov 27 - 09:00 IT  IT Hourly Wages Oct % y/y 3.1
Nov 27 - 09:00 IT  IT Hourly Wages Oct %m/m 0.7
Nov 27 - 10:00 EU  EU Business ClimateGauges current business conditions in the Euro-zone. Based on industrial sector surveys the BCI strives to provide a timely and clear picture of business sentiment in the Euro-zone. A high or rising Business Climate figure generally indicates a healthy economy and business climate; conversely, a low or declining figure signals an unfavorable or worsening economy. As business and consumer confidence increases we typically see similar increases in investments, production, and consumption and economic growth.

The figure is determined by the difference between positive and negative answers. Therefore a headline above zero indicates positive service sector confidence, while a negative number shows negative confidence.		 Nov index -1.65 -1.78
Nov 27 - 10:00 EU  EU Economic sentimentAn overall gauge of sentiment toward the economy in the Euro-zone. The index is a composite of most of the sector specific surveys done by the European Commission. A high or rising level of Economic sentiment (also called Economic Confidence) indicates healthy levels of purchasing, business spending, and investment - a positive economic outlook conducive to the strengthening of the economy and the Euro.

Reported in the European Commission's Business and Consumer Surveys, economic confidence brings together 5 confidence indicators with different weights: Industrial Confidence (40%), Service Confidence (30%), Consumer Confidence (20%), Construction Confidence (5%), and Retail Trade Confidence Indicator (5%).		 Nov index 88 86.2
Nov 27 - 10:00 EU  EU Industrial sentiment Nov index -19 -21
Nov 27 - 10:00 EU  EU Consumer sentimentMeasures consumer sentiment in the Euro-zone nations. The figure is the result of Euro-zone consumer surveys personal finance, the job market, the likelihood of saving and expectations on the economy. High levels of consumer confidence bode well for the economy, indicating consumers are more likely to increase consumption spurring growth and potentially sparking inflation. Conversely, low consumer confidence levels suggest decreased spending.

The figure is determined by the difference between positive and negative answers. Therefore a headline above zero indicates positive consumer confidence, while a negative number shows more negative answers.		 Nov index -17 -18
Nov 27 - 10:30 BE  BE CPI Nov % m/m 0.05
Nov 27 - 10:30 BE  BE CPI Nov %y/y -0.97
Nov 27 - 10:30 CH  CH KOF leading indicatorSwiss KoF Leading Indicators A composite of business surveys from various sectors of the economy (industry, retail and wholesale) that is combined to form a leading indicator that aims to project GDP growth approximately 8 months into the future.

Measures overall economic activity through a qualitative business survey about developments in the recent past, the current situation and expectations for the next three to six months. Survey questions relate to production, orders and stocks of finished goods. The Swiss Institute for Business Cycle Research (KOF) publishes this indicator monthly.

The KOF institute sponsors a number of business surveys, namely a monthly industry survey, a monthly retail trade survey, and a quarterly wholesale activity survey. These surveys, along with other information, are used to construct the monthly KOF composite leading indicator, which aims to track GDP growth and provide indications of major cyclical turning points about eight months in advance. In practice, the indicator appears to give a reading of the behaviour of GDP growth in the quarter of the reference month. Results are reported as the percent balance between optimistic and pessimistic responses. In addition to the monthly industry survey, the KOF also conducts a more exhaustive quarterly survey, which includes information on capacity utilization.

The composite leading indicator has six components: the change in manufacturers' orders inflow compared to the previous year's month; the change in manufacturers' order backlog over the previous month; manufacturers' expected purchase of intermediate and raw materials within the next three months; the judgement of stocks in wholesale business (quarterly series); households' judgements of their financial situation in the next year (from the quarterly survey of consumer confidence by the State Secretariat for Economic Affairs); and the quantitative year-to-year change in real orders' backlog in the construction sector (quarterly series). The three quarterly components of the leading indicator are introduced into the calculations for the KOF leading indicator for the reference month after the end of that quarter. The six component series are seasonally adjusted before being combined into the composite leading indicator.		 Nov index 1.75 1.45
Nov 27 - 13:30 CA  CA Current accountSummarizes the flow of goods and services, income payments, and transfers in and out of Canada. The report acts as a gauge of how Canada's economy interacts with the rest of the world. Where the other side of the Balance of Payments, the Capital and Financial Accounts, deals mainly with financial assets and investments, the Current Account gives a detailed breakdown of how the country intermingles with rest of the global economy on a practical, non-investment basis.

The Current Account tracks the trade balance (exports and imports for goods and services), income payments (such as interest, dividends and salaries) and unilateral transfers (aid, taxes, and one-way gifts). A positive value (current account surplus) indicates that the flow of capital from these components into Canada exceeds capital leaving the country. A negative value (current account deficit) means that there is a net capital outflow from these sources. Persistent Current Account deficits may lead to a natural depreciation of a currency, as trade, income and transfer payments usually reflect Canadian dollars leaving the country to make payments in a foreign currency (just as underlying surpluses act as an appreciating weight).

Canada has a historically had an export oriented economy and has relied on exports (particularly oil) as the engine for economic expansion. To this day, trade surpluses form the foundation of Canadian current account surpluses.

There are a number of factors that often work to diminish the impact of the Current Account release on the market. The report is not very timely, released quarterly about two months after the reporting period. Additionally, many of the components that lead to the final Current Account production and trade figures are known well in advance. Lastly, since the report reflects data for a specific reporting quarter, any significant developments in the Current Account should plausibly have been already felt during that quarter and not during the release of data.

But just like GDP and Trade Balance, Current Account is central to forecasting long term developments in foreign exchange rates. It gives a detailed picture of how the Canadian economy interacts internationally, breaking down these interactions into separate components that can be tracked and often anticipated. Thus the Current Account's importance has led it to historically be one of the more important reports out of Canada .		 Q3 C$ bn -11.2