Market Analysis

Economic Diary:
Week Commencing 15/12/25


Monday 15 December

Indicator Previous Expected Actual
Retail Sales Retail Sales Chart 2.9% 2.8% 1.3%
Retail Sales Retail Sales Chart 2.9% 2.8% 1.3%
House Price Index Month on Month (Nationwide) House Price Index Month on Month (Nationwide) Chart 0.3%
House Price Index Year on Year (Nationwide) House Price Index Year on Year (Nationwide) Chart 1.8%
Industrial Production Year on Year Industrial Production Year on Year Chart 1.2% 1.9% 2.0%
Industrial Production Month on Month   0.2% 0.8% 0.8%
Industrial Production Month on Month   0.2% 0.8% 0.8%
Industrial Production Year on Year Industrial Production Year on Year Chart 1.2% 1.9% 2.0%
House Starts Annualized House Starts Annualized Chart 232.8k 250.0k 254.1k
House Starts Annualized House Starts Annualized Chart 232.8k 250.0k 254.1k
CPI Boc Core Month on Month CPI Boc Core Month on Month Chart 0.6% -0.1%
CPI Month on Month CPI Month on Month Chart 0.2% 0.1% 0.1%
CPI Month on Month CPI Month on Month Chart 0.2% 0.1% 0.1%
CPI Year on Year CPI Year on Year Chart 2.2% 2.3% 2.2%
CPI BoC Core Year on Year CPI BoC Core Year on Year Chart 2.9% 2.9%
Housing Starts Housing Starts Chart 1.307Mln 1.320Mln
CPI Boc Core Month on Month CPI Boc Core Month on Month Chart 0.6% -0.1%
CPI BoC Core Year on Year CPI BoC Core Year on Year Chart 2.9% 2.9%
CPI Year on Year CPI Year on Year Chart 2.2% 2.3% 2.2%
New Home Sales-Units Month on Month New Home Sales-Units Month on Month Chart 0.800Mln 0.709Mln
Consumer Sentiment Consumer Sentiment Chart 12.8% -9.0%

Tuesday 16 December

Indicator Previous Expected Actual
House Price Index Year on Year (Nationwide) House Price Index Year on Year (Nationwide) Chart 1.8%
House Price Index Month on Month (Nationwide) House Price Index Month on Month (Nationwide) Chart 0.3%
Unemployment Rate (ILO) Unemployment Rate (ILO) Chart 5.0% 5.1% 5.1%
Claimant Count Unemployment Change Claimant Count Unemployment Change Chart 29.0k 20.1k
Average Weekly Earnings 3 Month Year on Year Average Weekly Earnings 3 Month Year on Year Chart 4.8% 4.4% 4.7%
CPI Final Month on Month   -0.2% -0.2% -0.2%
CPI Final Year on Year   1.1% 1.1% 1.1%
Trade Balance Trade Balance Chart -0.042Bln EU -1.310Bln EU
Trade Balance Trade Balance Chart 19.4Bln EU 18.4Bln EU
ZEW Economic sentiment ZEW Economic sentiment Chart 38.5 38.7 45.8
ZEW Current Conditions ZEW Current Conditions Chart -78.7 -80.0 -81.0
Non-Farm Payrolls Non-Farm Payrolls Chart 108K -105K
Retail Sales Month on Month   0.2% 0.1% 0.0%
Retail Sales Ex-Auto Month on Month   0.3% 0.3% 0.4%
Housing Starts Housing Starts Chart 1.307Mln 1.320Mln
PCE Price Index Year on Year PCE Price Index Year on Year Chart 2.8%
Personal Spending Real Month on Month Personal Spending Real Month on Month Chart 0.0%
PCE Core Price Index Year on Year PCE Core Price Index Year on Year Chart 2.8%
PCE Core Price Index Month on Month PCE Core Price Index Month on Month Chart 0.2%
Personal Income Month on Month Personal Income Month on Month Chart 0.4%
PCE Price Index Month on Month PCE Price Index Month on Month Chart 0.3%
Non-Farm Payrolls Non-Farm Payrolls Chart -105K 51K 64K
Unemployment Rate Unemployment Rate Chart 4.4% 4.5% 4.6%
Business Inventories Month on Month Business Inventories Month on Month Chart 0.0% 0.1% 0.2%
New Home Sales-Units Month on Month New Home Sales-Units Month on Month Chart 0.800Mln 0.709Mln
Trade Balance Trade Balance Chart -231.8Bln JP 71.2Bln JP 322.2Bln JP
Exports Year on Year Exports Year on Year Chart 3.6% 4.8% 6.1%
Imports Year on Year Imports Year on Year Chart 0.7% 2.5% 1.3%

Wednesday 17 December

Indicator Previous Expected Actual
RPI Year on Year RPI Year on Year Chart 4.3% 4.2% 3.8%
House Price Index Year on Year (Nationwide) House Price Index Year on Year (Nationwide) Chart 1.8%
PPI Core Month on Month (nsa) PPI Core Month on Month (nsa) Chart 0.1% 0.0%
PPI Core Year on Year (nsa) PPI Core Year on Year (nsa) Chart 3.5% 3.5%
CPI Year on Year CPI Year on Year Chart 3.6% 3.5% 3.2%
CPI Month on Month CPI Month on Month Chart 0.4% 0.0% -0.2%
House Price Index Month on Month (Nationwide) House Price Index Month on Month (Nationwide) Chart 0.3%
RPI Month on Month RPI Month on Month Chart 0.3% 0.0% -0.4%
IFO Business Climate Expectations IFO Business Climate Expectations Chart 90.6 90.5 89.7
CPI Final Month on Month CPI Final Month on Month Chart 0.2% -0.3% -0.3%
CPI Final Year on Year CPI Final Year on Year Chart 2.2% 2.2% 2.1%
Personal Spending Real Month on Month Personal Spending Real Month on Month Chart 0.0%
Personal Income Month on Month Personal Income Month on Month Chart 0.4%
Housing Starts Housing Starts Chart 1.307Mln 1.320Mln
PCE Core Price Index Year on Year PCE Core Price Index Year on Year Chart 2.8%
PCE Core Price Index Month on Month PCE Core Price Index Month on Month Chart 0.2%
PCE Price Index Month on Month PCE Price Index Month on Month Chart 0.3%
PCE Price Index Year on Year PCE Price Index Year on Year Chart 2.8%
New Home Sales-Units Month on Month New Home Sales-Units Month on Month Chart 0.800Mln 0.709Mln
EIA Weekly Crude Oil Stocks   -1.812Mln -1.066Mln -1.274Mln

Thursday 18 December

Indicator Previous Expected Actual
MPC Vote For Rate Cut   4 5 5
BoE Rate Decision BoE Rate Decision Chart 4.00% 3.75% 3.75%
MPC Vote For Rate Hike   0 0 0
MPC Vote For Rate Unchanged   5 4 4
ECB Rate Decision ECB Rate Decision Chart 2.15% 2.15% 2.15%
CPI Year on Year (nsa) CPI Year on Year (nsa) Chart 3.0% 3.1% 2.7%
CPI Month on Month (sa) CPI Month on Month (sa) Chart 0.3% 0.3%
Personal Income Month on Month Personal Income Month on Month Chart 0.4%
PCE Price Index Year on Year PCE Price Index Year on Year Chart 2.8%
Personal Spending Real Month on Month Personal Spending Real Month on Month Chart 0.0%
Philadelphia Fed Business Index Philadelphia Fed Business Index Chart -1.7 3.0 -10.2
PCE Price Index Month on Month PCE Price Index Month on Month Chart 0.3%
PCE Core Price Index Month on Month PCE Core Price Index Month on Month Chart 0.2%
Housing Starts Housing Starts Chart 1.307Mln 1.320Mln
PCE Core Price Index Year on Year PCE Core Price Index Year on Year Chart 2.8%
New Home Sales-Units Month on Month New Home Sales-Units Month on Month Chart 0.800Mln 0.709Mln
CPI Overall Nationwide CPI Overall Nationwide Chart 3.0% 2.9%
CPI Core Nationwide Year on Year CPI Core Nationwide Year on Year Chart 3.0% 3.0% 3.0%

Friday 19 December

Indicator Previous Expected Actual
GFK Consumer Confidence GFK Consumer Confidence Chart -19 -18 -17
GFK Consumer Confidence GFK Consumer Confidence Chart -19 -18 -17
GFK Consumer Confidence GFK Consumer Confidence Chart -23.2 -23.2 -26.9
Retail Sales Month on Month Retail Sales Month on Month Chart -1.1% 0.4% -0.1%
PPI Month on Month PPI Month on Month Chart 0.1% 0.1% 0.0%
PPI Year on Year PPI Year on Year Chart -1.8% -2.2% -2.3%
GFK Consumer Confidence GFK Consumer Confidence Chart -23.2 -23.2 -26.9
Retail Sales Year on Year Retail Sales Year on Year Chart 0.2% 0.9% 0.6%
PPI Month on Month PPI Month on Month Chart 0.0% 1.1%
Consumer Confidence   95.0 96.0 96.6
Consumer Confidence   95.0 96.0 96.6
Personal Spending Real Month on Month Personal Spending Real Month on Month Chart 0.0%
PCE Core Price Index Month on Month PCE Core Price Index Month on Month Chart 0.2%
Retail Sales Month on Month Retail Sales Month on Month Chart -0.7% 0.0% -0.2%
PCE Core Price Index Year on Year PCE Core Price Index Year on Year Chart 2.8%
Personal Income Month on Month Personal Income Month on Month Chart 0.4%
Housing Starts Housing Starts Chart 1.307Mln 1.320Mln
PCE Price Index Month on Month PCE Price Index Month on Month Chart 0.3%
PCE Price Index Year on Year PCE Price Index Year on Year Chart 2.8%
Existing Home Sales Existing Home Sales Chart 4.10Mln 4.15Mln 4.13Mln
Univ Michigan Sentiment Univ Michigan Sentiment Chart 53.3 53.4 52.9
New Home Sales-Units Month on Month New Home Sales-Units Month on Month Chart 0.800Mln 0.709Mln
Univ Michigan Conditions Univ Michigan Conditions Chart 50.7 50.4
Dallas Fed PCE Dallas Fed PCE Chart 1.9%
Univ Michigan Expectation Univ Michigan Expectation Chart 55.0 54.6

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