Economic calendar: Industrial production in the EU, inflation in Canada (15.12.2025)

Monday will not be unusually light on macroeconomic releases, although attention will be focused largely outside the United States.

After data from Switzerland, investors in Europe will be watching closely the industrial production reading for October. While the data rebounded from the August low in the previous month, it did so far less strongly than expected (1.2% vs a 2.1% forecast), weighed down mainly by the consumer goods sector. For investors, the release will therefore serve as a litmus test for recent ECB signals pointing to higher growth forecasts for the euro area. In Poland, the final CPI reading for November will also be published.

Across the Atlantic, a series of releases from Canada is scheduled. The CPI reading will play a particularly important role, given the ongoing pause in interest rate cuts. In the U.S., the only release will be the regional New York manufacturing PMI.

Economic calendar for today:

07:30 GMT, Switzerland – Inflation data for November:

• PPI: current -1.6% y/y; previous -1.7% y/y

• PPI: current -0.5% m/m; previous -0.3% m/m

09:00 GMT, Poland – Inflation data for November:

• CPI: forecast 2.4% y/y; previous 2.8% y/y

• CPI: forecast 0.1% m/m; previous 0.1% m/m

10:00 GMT, Euro area – Industrial production for October:

• Industrial production: previous 1.2% y/y

• Industrial production: previous 0.2% m/m

13:15 GMT, Canada – Housing starts for November:

• previous 232.8k

13:30 GMT, Canada – Manufacturing sales for October:

• forecast -1.1% m/m; previous 3.3% m/m

13:30 GMT, Canada – Inflation data for November:

• Monthly CPI: previous 0.2% m/m

• Annual CPI: previous 2.2% y/y

• Core CPI (monthly): previous 0.6% m/m

• Core CPI (annual): previous 2.9% y/y

• Common CPI: previous 2.7% y/y

• Trimmed CPI: previous 3.0% y/y

• Median CPI: previous 2.9% y/y

13:30 GMT, United States – NY Empire State Manufacturing Index for December:

• previous 18.70

15:30 GMT, United States – FOMC member John Williams speaks

00:30 GMT, Japan – PMI data for December:

• au Jibun Bank Services PMI: previous 53.2

• au Jibun Bank Manufacturing PMI: previous 48.7

• Manufacturing & Services PMI: previous 52.0