Government Delivery Stability Program 2019-2023
The government is delivering this Monday in Parliament and it sends the Stability Program 2019-2023 to the European Commission. The document updates the macroeconomic forecasts included in the State Budget for 2019 (OE2019), highlighting four indicators: Gross Domestic Product, budget deficit, public debt and unemployment rate. Finance Minister Mário Centeno has already signaled that he will not revise the estimate for this year's deficit, but the international situation is pressuring the Government to postpone the national economy growth target of 2.3% by the end of the period of projection.
US business earnings season continues
Analysts and investors are still looking at US corporate earnings for signs of performance in the coming months. After the good results of JP Morgan and Wells Fargo released last Friday, the week begins with the results of Goldman Sachs. Following are BlackRock and Bank of America on Tuesday and Morgan Stanley on Wednesday.
Treasury issues up to 1,250 million euros in the short term
Portugal is back on the market Wednesday to fund short-term financing with an indicative global amount of between € 1 billion and € 1,250 million. The IGCP – Treasury and Public Debt Management Agency conducts a double auction at three and 11 months, with maturities on July 19, 2019 and March 20, 2020. On March 20, the agency that manages the Portuguese public debt issued 1,100 million euros, with a rate of -0.366%. Already in the shortest maturity, in February, the IGCP issued 150 million at a weighted average rate of -0.389%.
What signs come from the second largest world economy?
This Wednesday the focus is on the dissemination of data on the Chinese economy. Economists estimate Chinese GDP growth to 1.4% in the first quarter of the year, down from 1.5% and 6.4% in the previous quarter. "China's GDP data will show that the economy slowed again in the first quarter, probably at the weakest pace since 1990," said Tom Orlik, chief economist at Bloomberg Economics, quoted by the agency. "Even so, early indications suggest that March data will be more positive, as the acceleration of credit expansion addresses domestic demand. We think the first quarter will be the worst of the year. "
INE announces Economic Synthesis of Conjuncture
The INE publishes this Wednesday the economic summary of conjuncture relative to March. In February, both the indicator of economic activity, up to January, and the economic climate until February increased, according to INE data. The economic activity indicator increased in January after stabilizing in November and December. The economic climate indicator "increased, interrupting the downward movement observed in the previous three months".