In the US session Empire State Manufacturing Index and Industrial Production figures were released. The December 2014 Empire State Manufacturing Survey indicates that business activity declined for New York manufacturers. The headline general business conditions index dropped fourteen points to -3.6, its first negative reading in nearly two years. Analysts were anticipating incline to 12.1 points. The new orders index also fell into negative territory, tumbling eleven points to -2.0, and the shipments index fell to -0.2.
Industrial production increased 1.3% in November after edging up in October, beating market expectations on 0.8% growth. Output is now reported to have risen at a faster pace over the period from June through October than previously published. In November, manufacturing output increased 1.1% with widespread gains among industries.
European part of session tomorrow will be marked UK CPI and PPI figures, though BoE Financial Stability Report is scheduled for a release as well. CPI is anticipated to increase by 1.2%, down from 1.3% last month, while PPI should decline by 1.1%. In the US session Building Permits and Housing Starts figures will be released. Figures slightly above 1 million are predicted for both data.
Figures to watch:
CPI/PPI (Tuesday 10:30)
Building Permits/Housing Starts (Tuesday 14:30)
