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January 16, 2026
Russia’s Inflation Decelerated Sharply in December but Risks Remain
January 16, 2026 7:06 PM UTC
Bottom Line: After edging down to 6.6% y/y in November, Russian inflation continued its decreasing pattern in December and stood at 5.6% y/y owing to lagged impacts of previous aggressive monetary tightening and relative resilience of RUB, the State Statistics Service (Rosstat) said. Despite Central
Preview: Due January 26 - U.S. November Durable Goods Orders - Aircraft to lead, but ex transport trend positive
January 16, 2026 4:23 PM UTC
We expect November durable goods orders to increase by 4.5%, led by a strong rise in aircraft as implied by Boeing data, though we expect ex transport orders to show a positive trend persisting with a rise of 0.6%.
U.S. January NAHB Homebuilders Index - Revival losing momentum
January 16, 2026 3:08 PM UTC
January’s NAHB homebuilders’ index of 37 from 39 has seen a correction after three straight gains. The gains in Q4 appear to have been supported by Fed easing. If the Fed pauses in Q1, the housing sector revival may lose momentum too.
U.S. Decmember Industrial Production - Business equipment leading, autos weak
January 16, 2026 2:42 PM UTC
December industrial production is stronger than expected with a 0.4% increase with November revised up to 0.4% from 0.2%, though October was revised down to -0.3% from -0.1%. Manufacturing rose by 0.2%, following an upwardly revised 0.3% in November, but has still not fully erased a downwardly revis
Preview: Due January 19 - Canada December CPI - Slower even with upward tax distortion
January 16, 2026 1:20 PM UTC
We expect December’s Canadian CPI to slip to 2.1% yr/yr (2.11% before rounding) from 2.2% in both October and November, with each of the three Bank of Canada core rates slipping to 2.7% from 2.8%, leaving the average core rate at its slowest pace since March.
January 15, 2026
South Africa Inflation Preview: Inflation is Expected to Hover Around 3.5% y/y in December
January 15, 2026 2:31 PM UTC
Bottom Line: After inflation decreased to 3.5% YoY in November, we foresee inflation will stand around 3.5% y/y in December supported by suspended power cuts (loadshedding), stronger Rand (ZAR), and decrease in inflation expectations. Lower international food prices and slightly elevated fuel costs
U.S. Initial Claims low, Philly Fed and Empire State surveys stronger at the start of 2026
January 15, 2026 2:09 PM UTC
The latest US data suggests a stronger start to 2026, with initial jobless claims very low at 198k from 207k in a week not including a holiday and is thus less prone to a surprise, and also positive manufacturing surveys from the Empire State at 7.7 and the Philly Fed at 12.6, both contrasting negat
January 14, 2026
Preview: Due January 22 - U.S. Final (Second) Estimate Q3 GDP - Marginally stronger still
January 14, 2026 8:12 PM UTC
We expect a marginal upward revision to Q3 GDP to 4.4% from an already strong 4.3%. The only component we are expecting a revision to is inventories, on an upward revision to September retail inventories led by autos.
Preview: Due January 22 - U.S. October and November Personal Income and Spending - Heading for annualized Q4 gains a little above 2.0%
January 14, 2026 5:51 PM UTC
January 22 will see a personal income and spending report for both October and November. We expect personal income to rise by 0.4% in October and 0.5% in November and personal spending to rise by 0.2% in October and 0.5% in November. For core PCE prices, we expect gains of 0.2% in October and 0.1%
U.S. Retail Sales and PPI over October and November not far from expectations
January 14, 2026 2:15 PM UTC
November retail sales with a rise of 0.6% are marginally stronger than expected but the data is close to expectations net of modest negative back month revisions. PPI has been released for both October and November, also net in line with expectations, with October on the firm side in the core rate f
January 13, 2026
Preview: Due January 23 - U.S. Q3 Current Account - Correction from record pre-tariff deficit extending further
January 13, 2026 5:22 PM UTC
We expect a Q3 US current account deficit of $223bn, down from $251.3bn in Q2 and the narrowest since Q3 2023. As a proportion of GDP the deficit would be 2.9%, down from 3.3% in Q2 and the narrowest since Q1 2020. The correction from the record $439.8bn pre-tariff deficit in Q1 continues.
U.S. September and October New Home Sales - Trend showing signs of improvement
January 13, 2026 3:23 PM UTC
October new home sales at 737k are slightly above consensus and almost unchanged from September’s 738k, which was released for the first time with this October report. August however was revised down quite sharply from a surprisingly strong 800k to 711k, while June and July were also revised lower
Preview: Due January 14 - U.S. October and November PPI - Moderate gains, with risk of some volatility
January 13, 2026 2:49 PM UTC
October and November PPI will be released together on January 14. Unlike CPI which was not measured in October we will see data for both months, but the October PPI data will be collected on a delay and that adds to the risk of inaccuracy. We expect PPI to rise by 0.1% in October and 0.3% in Novembe
Preview: Due January 14 - U.S. November Retail Sales - A mostly subdued month, but December may be stronger
January 13, 2026 2:41 PM UTC
We expect a modest 0.3% increase in November retail sales, with positive contributions from autos and gasoline, Ex autos we expect a rise of 0.2% with ex auto and gasoline sales rising by only 0.1%.
U.S. December CPI - Moderate rebound from weak November leaves a subdued Q4
January 13, 2026 2:09 PM UTC
December’s CPI has come in slightly softer than expected, not showing a strong rebound from the weak 2-month change in November and thus leaving a subdued Q4. December CPI rise by 0.3% as expected but with the core rate weaker than expected at 0.2%, 0.24% before rounding. CPI ex food, energy and s
India CPI Review: December CPI Signals End of Disinflation Cycle
January 13, 2026 8:50 AM UTC
December’s CPI print reinforces that the inflation trough is behind us. While headline inflation remains below target, a sharp rebound in core driven by gold and jewellery could limit the RBI’s room for manoeuvre in early 2026. With a new CPI series incoming, the next few months will test the cr
January 12, 2026
Preview: Due January 13 - U.S. September and October New Home Sales - August overstated, but trend poised to improve
January 12, 2026 4:31 PM UTC
Delayed September and October new home sales data will be released on January 13. August data was surprisingly strong, up 20.5% to 800k, and despite signs of improvement in the housing sector since then, we expect September to be softer at 700k, before a bounce to 750k in October.
Preview: Due January 19 - Canada December CPI - Slower even with upward tax distortion
January 12, 2026 4:14 PM UTC
We expect December’s Canadian CPI to slip to 2.1% yr/yr (2.11% before rounding) from 2.2% in both October and November, with each of the three Bank of Canada core rates slipping to 2.7% from 2.8%, leaving the average core rate at its slowest pace since March.
Preview: Due January 13 - U.S. December CPI - Soft November probably understates true picture
January 12, 2026 1:22 PM UTC
We expect gains of 0.3% in both December overall and ex food and energy CPI, with the gains being close to 0.3% even before rounding. There is extra uncertainty over this release as it is unclear whether the surprisingly soft data for November, after a missing October, represented a slowing in trend
January 09, 2026
Preview: Due January 23 - U.S. Q3 Current Account - Correction from record pre-tariff deficit extending further
January 9, 2026 5:36 PM UTC
We expect a Q3 US current account deficit of $223bn, down from $251.3bn in Q2 and the narrowest since Q3 2023. As a proportion of GDP the deficit would be 2.9%, down from 3.3% in Q2 and the narrowest since Q1 2020. The correction from the record $439.8bn pre-tariff deficit in Q1 continues.
Canada December Employment - A fairly stable underlying picture
January 9, 2026 2:55 PM UTC
After three surprisingly strong months, which followed two surprisingly weak months, Canada’s December employment report has delivered a normal outcome, with employment modestly positive at 8.2k, and unemployment bouncing to 6.8% from 6.5%, through in remaining below October’s 6.9% and the highs