Slovenia holds a second round (run-off) presidential election
The country’s constitution requires presidents to be elected with a simple majority of the vote. If no candidate receives more than half the votes in a preliminary round, the top two candidates face off in a second round. Incumbent Danilo Türk (Independent) trailed challenger Borut Pahor (Social Democrats) in the preliminary round and in polling ahead of the Sunday vote.
EU finance ministers meet to debate whether the ECB should supervise all eurozone banks
This is a seemingly contentious issue that’s likely far from being resolved.
November manufacturing PMI prints
France, Germany, the eurozone, the UK and US (Markit and ISM) release manufacturing data. Recent reports, despite some weakness, continue to reflect resilience. The flash estimate of eurozone PMI showed a manufacturing sector contracting at a slower pace than most expected. Following an unexpected acceleration in October, US manufacturing reports are expected to remain steady.
November Japan PMI composite
October US construction spending
Turkey Q3 CPI
Brazil Q3 trade balance
Reserve Bank of Australia monetary policy announcement
The RBA left its official interest rate steady at 3.25% in early November, citing a mix of improved global conditions, higher inflation and domestic economic uncertainty. Expectations are for a 25 basis point cut.
November US motor vehicle sales
October eurozone PPI
Australia Q3 GDP
China November PMI composite
Brazil October industrial production
Bank of Canada monetary policy announcement
France and eurozone November PMI composite
UK November CIPS/PMI services index
South Korea Q3 GDP
Ireland announces its 2013 budget—expected to include 4.5 billion in spending cuts and tax increases
Eurozone September retail sales
US Q3 revised productivity and costs
October US factory orders
November US ISM non-manufacturing index
Eurozone preliminary Q3 GDP
The preliminary estimate follows a flash reading suggesting the eurozone—by one common definition—entered recession (falling -0.1% q/q and -0.2% q/q in Q1). Although the preliminary estimate is based on more complete data, overall eurozone weakness is unlikely to change materially. And that outcome shouldn’t surprise most folks, given the eurozone’s exhibited economic weakness for years now.
BOE and ECB monetary policy announcements
US weekly jobless claims
South American leaders gather for the Mercosur trade summit in Brasilia, Brazil
Despite some protectionist sentiment creeping up in certain parts of the world, overall, barriers to free trade continue to fall globally. South American leaders may be the poster children for this bifurcated sentiment regarding trade, so it will be interesting to see what, if anything, comes of the meeting from a policy standpoint.
November US Monster employment index and employment situation report
UK October industrial production
Germany October industrial production and manufacturer’s orders
December University of Michigan consumer sentiment report
Confidence and other sentiment-based readings are backward-looking and presage little about the future direction of the economy or markets.