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Amid a holiday-shortened week in Europe, traders will be looking ahead to the latest flash PMI surveys from the Eurozone to get a sense of how business confidence has fared in the wake of the Russian invasion of Ukraine. Meanwhile Tesla and Netflix earnings reports are among the highlights from Wall Street as the Q1 reporting season continues. 

Eurozone data 

A big focus for the market will the latest Eurozone purchasing managers indices (PMIs). EU consumer confidence tumbled due to the war in Ukraine, with inflation the big kitchen table worry. The last round of flash PMIs released on March 23rd pointed to surging input cost inflation and this being passed onto consumers. The German private sector saw the steepest rise in overall input costs on record for the series (since Jan 1998). Incidentally, the PMIs show activity was holding up pretty well, in part it seems because for now companies can pass the costs on, and demand is not a problem.  

However, the business confidence reading from the French PMI fell to its lowest since January 2021. In Germany, businesses’ expectations worsened considerably, falling to their lowest since June 2020. German manufacturer confidence turned negative, suggesting more firms expect a fall in output in the year ahead, for the first time since May 2020. Confidence has been shaken by the war in Ukraine, a natural reaction, but also very much by the subsequent expected rise in inflation, which was already high, and supply disruption, which was already bad. 

Earnings Season 

18.04 19.04 20.04 21.04 22.04 

Bank of America Corp (BAC) PMO 




Johnson & Johnson (JNJ) PMO 


International Business Machines (IBM) AMC 


Netflix Inc (NFLX) AMC 



Procter & Gamble (PG) PMO 


Tesla Inc (TSLA) AMC 





Philip Morris International (PM) PMO 



American Express (AXP) PMO 


Schlumberger Ltd (SLB) PMO 


Verizon Communications Inc (VZ) PMO 


Major economic data 


Mon Apr 18 12:01am GBP Rightmove HPI m/m 
 12:30am JPY National Core CPI y/y 
 3:00am CNH GDP q/y 
  CNH Retail Sales y/y 
  CNH Fixed Asset Investment ytd/y 
  CNH Industrial Production y/y 
  CNH NBS Press Conference 
  CNH Unemployment Rate 
 All Day CHF Bank Holiday 
 All Day GBP Bank Holiday 
 All Day EUR French Bank Holiday 
 All Day EUR German Bank Holiday 
 All Day EUR Italian Bank Holiday 
 Tentative EUR German Buba Monthly Report 
 1:15pm CAD Housing Starts 
 3:00pm USD NAHB Housing Market Index 
 Day 1 All IMF Meetings 
 11:30pm NZD BusinessNZ Services Index 
Tue Apr 19 2:30am AUD Monetary Policy Meeting Minutes 
 5:30am JPY Revised Industrial Production m/m 
 1:30pm CAD Foreign Securities Purchases 
  USD Building Permits 
  USD Housing Starts 
 Day 2 All IMF Meetings 
 3:30pm AUD CB Leading Index m/m 
 Tentative NZD GDT Price Index 
Wed Apr 20 12:50am JPY Trade Balance 
 1:30am AUD MI Leading Index m/m 
 5:30am JPY Tertiary Industry Activity m/m 
 7:00am EUR German PPI m/m 
 9:00am CHF Credit Suisse Economic Expectations 
  EUR German ifo Business Climate 
  EUR Italian Trade Balance 
 10:00am EUR Trade Balance 
 11:00am GBP CBI Industrial Order Expectations 
 Tentative EUR German 30-y Bond Auction 
 Tentative EUR German 10-y Bond Auction 
 Tentative GBP 30-y Bond Auction 
 1:30pm CAD CPI m/m 
  CAD Common CPI y/y 
  CAD Median CPI y/y 
  CAD Trimmed CPI y/y 
  CAD Core CPI m/m 
  CAD NHPI m/m 
 3:00pm USD Existing Home Sales 
 Day 3 All IMF Meetings 
 3:30pm USD Crude Oil Inventories 
 7:00pm USD Beige Book 
 11:45pm NZD CPI q/q 
Thu Apr 21 1:30am JPY Flash Manufacturing PMI 
 8:15am EUR French Flash Services PMI 
  EUR French Flash Manufacturing PMI 
 8:30am EUR German Flash Manufacturing PMI 
  EUR German Flash Services PMI 
 9:00am EUR Flash Manufacturing PMI 
  EUR Flash Services PMI 
 9:30am GBP Flash Manufacturing PMI 
  GBP Flash Services PMI 
 10:00am EUR Final CPI y/y 
  EUR Final Core CPI y/y 
 1:30pm USD Philly Fed Manufacturing Index 
  USD Unemployment Claims 
 3:00pm EUR Consumer Confidence 
  USD CB Leading Index m/m 
 Day 4 All IMF Meetings 
 3:30pm USD Natural Gas Storage 
Fri Apr 22 12:00am AUD Flash Manufacturing PMI 
  AUD Flash Services PMI 
 12:01am GBP GfK Consumer Confidence 
 7:00am CHF Trade Balance 
  GBP Retail Sales m/m 
 9:00am EUR Current Account 
 11:00am GBP CBI Realized Sales 
 1:30pm CAD Core Retail Sales m/m 
  CAD Retail Sales m/m 
  CAD IPPI m/m 
  CAD RMPI m/m 
 2:45pm USD Flash Manufacturing PMI 
  USD Flash Services PMI 
 Day 5 All IMF Meetings 
 Tentative USD Treasury Currency Report 

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