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European Central Bankers

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  • Chinese data (for what it is worth) showed an 11% nominal retail sales growth rate. This is in excess of the nominal GDP figure and does at least suggest that there is a rising retail sales to GDP ratio.
  • UK labour market data is due out. The labour market has been showing some signs of tightness creeping into wage pressures of late – possibly the spare capacity of European labour inflow is fading from the economy.
  • Bank of England Governor Carney is speaking today, in the wake of the last monetary policy committee that was viewed as less inclined to raise rates early. The topic is financial market reform which may allow for some discussion of the regulatory policy channel.
  • ECB President Draghi is speaking – and doubtless will be pursuing his desire to ease further with his characteristic single-minded focus. Schaeuble of Germany is speaking on European integration which is a potentially important topic in the context of the debate over migration, and the forthcoming UK referendum.