Weekly

After a data-poor period, next week will bring a strong dataset. On Monday, we will see November inflation data (preliminary reading: 2.4% y/y), which will allow for a more accurate assessment of the source of the declining price trajectory. NBP will also release October balance of payments. On Tuesday, we will see core inflation in November, on Wednesday the results of the December consumer sentiment survey. Then, on Thursday, the November's wages, employment, production, and its prices. Industrial production may record a slightly worse result than in October (2.7% instead of 3.2% y/y), similarly to construction and assembly production (2.5% vs. 4.1% y/y). In the US, delayed economic data for October and some new data for November will be released, in particular: on Tuesday, we should see the non-farm payrolls, unemployment rate, and retail sales report, on Thursday, inflation data, and on Friday, the Michigan Consumer Confidence Index. (...)

 

The coming week will be very quiet in terms of new data releases. The domestic calendar is virtually empty, while abroad we’ll see, among others, Germany’s foreign trade data, industrial production in selected European countries, as well as Czech, Hungarian and German inflation for November.
The atmosphere should be enlivened by the publication of our MACROscope report with updated forecasts for 2026, which we plan to release at the start of the week.
Global markets’ attention will focus on the last FOMC meeting of the year (...)