The Impact of Economic Data on Financial Markets
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Course Outline
Understanding the role of economic indicators which determine market performance is an essential skill in the context of an increasingly sophisticated and complex financial marketplace. This course identifies the information that really matters and provides an insight into how best to interpret the increasing wealth of data now available.
Objectives
This programme will provide an understanding of what economic data mean and how they relate to each other. Participants will learn to identify those statistics most likely to move the markets and to define what makes a market-useful economic indicator. They will also examine how some statistics can be employed as leading indicators for others.
The problems of gauging the market consensus will be highlighted in the programme and insights provided into how best to interpret the information. The potential dangers of taking the figures at face value will be emphasised and the different perspectives of the market and the policymakers looked at in detail.
Who The Course is For
This programme is for anyone who needs to appreciate the relevance of economic statistics to the financial markets including:
- Traders
- Corporate treasurers
- Investment and risk managers
- Consultants
- Sales people
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Prior Knowledge
General concepts of macroeconomic and applied economic theory, broad goals of monetary and fiscal policies, basic principles of financial products, probability theory.
This
program is eligible for
16 Continuing Education credit hours from the CFA Institute. If you are a
CFA Institute member, CE credit for your participation in this program
will be automatically recorded in your CE Diary.
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Day One
Understanding the Data
General data Issues
- Why the data matters
- Data collection techniques
- Different types of sampling errors
- The statistical bottom line
Relative indicator importance
- What makes a good indicator
- Different types of indicator
- Indicator rankings
Market reaction functions
- Consensus economics: measuring market expectations
- How markets react
Economic Indicators in detail
- Key market moving statistics
- Survey data
- Other indicators
Behind and beyond the headline
- Actual versus underlying
- Seasonality
- Revisions
Exercises
Day Two
Policies, Perspectives and Projections
Using current data to forecast the future
- Higher frequency to lower frequency
- Medium-term pointers
- Cyclical indicators
Economic policy and market behaviour
- Fiscal policy
- Monetary policy
- Unconventional monetary policy
Economic policy perspectives
- Interpreting the policymakers
- Using official forecasts
The global economic crisis
- Causes
- Recent developments
- Policy responses
- Exit strategies
Economic forecasts
- Current forecasts
- Forecast risks
