China on holiday while key data due in rest of the world

<p>Kia ora,</p><p>Welcome to Monday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the international edition from Interest.co.nz.</p><p>And today we lead with news today is a holiday in many countries, including China and India, and a number of European countries.</p><p>This week is set to be busy on the global economic front, with a number of key events scheduled. Locally, all eyes will be on Wednesday's labour market report for March. Analysts are expecting little-change with the jobless rate staying at 3.5%. The same day there is a dairy auction. And the same day the RBNZ releases its Financial Stability Review. Later in the week, investors will closely follow the US labour report, and before that both the US Fed and the ECB will update their monetary policy settings. The central banks in Australia, Brazil, Malaysia, and Norway will decide on interest rates, while inflation rates will be released for the Euro Area, Italy, the Philippines, Switzerland, South Korea, Indonesia, and the Netherlands. Finally, PMIs are due from the US, India, Canada, Italy, South Korea, and Russia this week.</p><p>But first in the US, their central bank <a href="https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf" target="_blank"><strong>faulted itself</strong></a> over the weekend for failing to “take forceful enough action” to address growing risks at Silicon Valley Bank ahead of the lenders collapse, one which raised turmoil across the global banking industry. It is a brutal self-review, reflecting very poorly on supervision by the San Francisco Fed. But behind it all was a 2018 roll-back of post GFC rules, handicapping regulators. Another US agency also released <a href="https://www.fdic.gov/news/press-releases/2023/pr23033a.pdf" target="_blank"><strong>their review</strong></a> as well. The Fed said it will revisit the range of rules that apply to banks with more than US$100 bln in assets, including stress testing and liq