Germany About to Find Out Whether Its Recovery Is Real

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The fallout from the US Supreme Court’s decision to strike down Trump’s global trade duties will also garner attention.

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Click here for what happened in the past week, and below is our wrap of what’s coming up in the global economy.

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US and Canada

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The latest report on US wholesale inflation will likely be the most closely watched in the coming week. Growth in producer prices is expected to have settled back in January after jumping at the end of last year.

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February data on manufacturing activity from the Richmond Fed and consumer confidence are also on the schedule, along with weekly labor reports on private payrolls from ADP Research and unemployment claims.

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Fed Governors Christopher Waller and Lisa Cook are scheduled to speak, as are regional presidents Austan Goolsbee and Raphael Bostic, among others.

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Statistics Canada will release fourth-quarter GDP by expenditure, with the Bank of Canada expecting a flat reading even as industry-based data point to a contraction. US tariffs and slowing immigration continue to weigh on growth, while higher government capital spending and modestly accommodative rates are helping to offset some of that drag.

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Asia

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Several inflation reports will grab the spotlight in the Asia-Pacific. 

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Fresh off the Reserve Bank’s rate hike earlier in the month, Australia gets data Wednesday that will indicate whether elevated price gains at the end of 2025 carried over into January. 

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On Friday, Japan’s price data for Tokyo are likely to show that the gauge excluding fresh food slid to 2% in February, the slowest pace in more than a year. Even so, the figures won’t derail the Bank of Japan from its quest to normalize policy settings with rate hikes, as the slowdown will reflect temporary effects from utility subsidies and comparison with a fast advance a year earlier. 

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Also in the coming week, Sri Lanka publishes its Colombo CPI gauge for February, and Singapore releases January CPI data. 

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India publishes fourth-quarter GDP figures on Friday, with economists looking for a slight moderation of growth to 7.4% year on year after an 8.2% surge in the previous period. 

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New Zealand releases a pair of February sentiment surveys, the ANZ Business Confidence gauge on Thursday and, a day later, the ANZ Consumer Confidence index. The latter soared to its highest reading in more than four years in January. 

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Trade data is scheduled from Sri Lanka, Hong Kong, Thailand and the Philippines.

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On the policy front, China will likely hold its 1- and 5-year loan prime rates steady on Tuesday, while Bank of Thailand officials gather a day later to debate whether to follow their December rate cut with another. With the government having upgraded its growth projections for 2026, the broad consensus is for a hold, but it’s not a unanimous position. 

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The Bank of Korea on Thursday is expected to hold its base rate steady after essentially ending its easing cycle in recent months, with the focus falling on any hints about the policy trajectory in 2026. 

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Europe, Middle East, Africa

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Germany, France and Spain will release preliminary inflation data for February, with Bloomberg Economics seeing energy and food prices as the main drivers.

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Those numbers — due at the end of the week — come after the final reading for the euro area, which will shed light on what pushed the services measure lower in January.

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A few ECB speakers are set to appear, with Lagarde kicking off things on Sunday in an interview on the CBS program Face the Nation. She then speaks at an award ceremony in Washington on Monday and faces lawmaker scrutiny in the ECON Committee of EU Parliament in Brussels on Thursday.