Has the US housing slide finally reached bottom?
After last week's positive surprise in US housing market data, markets will eagerly await this week's release of the MBA mortgage application figures and the new and existing home starts in order to see if last week's figures were a mere blip in a...
After last week's positive surprise in US housing market data, markets will eagerly await this week's release of the MBA mortgage application figures and the new and existing home starts in order to see if last week's figures were a mere blip in a downtrend or whether we are finally approaching a bottom.
GDP figures are also expected to steal the headlines on both sides of the Atlantic as fourth quarter figures are released. US GDP is expected to have shrunk by 6.6% during the last quarter of 2008.
Closing this week's US data schedule is the personal consumption figures during the fourth quarter and the personal income and spending both for February.
In the UK, the main focus will be the release of the Gross Domestic Product (GDP), which is expected to have declined 1.9% compared to the equivalent 2007 figure.
Meanwhile, the retail sales figure for February are likely to have remained sluggish. The release of the February consumer and retail price index, and the current account figures, will wrap up this week's data release.
Some very important data will be released in Europe this week, enabling markets to assess the state of the eurozone economy. These include figures on construction output activity and industrial new orders for goods produced by the manufacturing sector, both for January.
Meanwhile, the Manufacturing and Services Purchasing Manager Index (PMI) will gauge conditions of both the manufacturing and services sector within the euro-zone. The eurozone trade balance and current account figures will round off this week's European data release.
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