December 4, 2022

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It can be a festive atmosphere in time for May 17 - May 24

It can be a festive atmosphere in time for May 17 – May 24

The figures released by China on Monday will reveal how the harsh handling of the epidemic is affecting the economy.

Chief Economist Kyrre M. Knudsen at Sparebank 1 SR-Bank believes that increased mobility across national borders could contribute to reducing wage pressures in Norway in the future.
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Not these key numbers coming in this week, but the background with a lot of turmoil and big moves in the financial markets in and of itself makes it an exciting week, says Kyrre M. Knudsen, chief economist at Sparebank 1 SR-Bank.

Last week, the broad S&P 500 index in the United States fell more than five percent, before recovering at the end of the week with a four percent rise.

We’ve seen very significant impacts across all markets. Moreover, China’s handling of the epidemic, Knudsen told E24 on Sunday.

Next week begins with an influx of numbers from China.

– We get this monthly package, with the numbers for industrial production, investments and retail. Knudsen says it may give some indication of whether China is doing better or worse than expected.

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Unlikely with interest rate jumps

The day after the figures are released on the state of the Chinese economy, the US Federal Reserve will be interviewed live.

Everything that Central Bank Governor Powell says is getting a lot of attention, says Knudsen.

US Federal Reserve Chairman Jerome Powell

Earlier in May, Powell and the Fed raised key interest rates by 0.5 percentage point. This leap has not been made in 22 years.

– In a way, he said that there will be no interest rate increases of 0.75 percent, and they will be limited to 0.5 percentage points, but there is still some uncertainty. In the interview, he is likely to maintain this line, but core inflation from last week shows that it is still high and that depends on the incoming data, says Rogalandsbanken’s chief economist.

Party atmosphere the day before May 17th

On the day before National Day, we also get numbers on the amount of coins ringing in the treasury. Statistics Norway will join next Foreign Trade Figures in April.

Gas price hike. It provides a good income, while electricity prices have also gone up. It could create some headlines, Knudsen says.

Two days later on May 17, we also got to know how many people are in Norway. Then the statistics for Norway are updated Population Statistics.

Population growth slowed during the pandemic, but more people are now expected to cross national borders. That could help relieve pressure in the job market, which has a record number of job vacancies and the lowest unemployment rate in 15 years right now, Knudsen says.

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