Week ahead 21-25 April: Final review of the Portuguese Assistance Programme begins

WEEK IN REVIEW: US data surprises on the upside

The World Trade Organisation has raised its forecast for global trade growth to 4.7 % in 2014 up from 4.5% previously, However, the WTO cited increased geopolitical risks and the slowdown in the emerging market as downside risks to the forecast. In the US, data (retail sales, unemployment claims) generally surpassed expectations, giving further fuel to market speculation that the Fed will start raise rates sooner rather than later. In the Euro area, inflation was confirmed at 0.5%yoy in March, adding-up pressure for the ECB to take further action. Industrial production was up 0.2%mom (+1.7%yoy), suggesting the recovery is ongoing but remains modest.

WEEK AHEAD: Final review of the Portuguese Assistance Programme begins

22 April:

  • Eurozone April Flash consumer sentiment indicator: further small rise expected as another signal of an ongoing soft recovery
  • Final review of the Portuguese Assistance Programme begins

23 April:

  • Eurozone Flash April PMI: small rise expected in services and manufacturing indicators. Composite PMI to remain above 50, the zero-growth threshold.
  • Portugal holds its first 10-year non-syndicated bond issuance worth between EUR 500 – 750 mn: a real test for the Portuguese Government’s ability to attract investors’ interest as this operation will not be supported by a syndicate of banks but will be held as a normal bond auction.