Next Week

September 4, 2009

The coming week starts with tomorrow’s concluding session of G-20 finance ministers, sees Labor Day observances on Monday in both the United States and Canada, and ends with the eighth anniversary of the Al Qaeda attacks on America.  Central bank meetings are scheduled in Britain, Korea, New Zealand, Peru, Chile and Canada, none of which are expected to change interest rates.  Several ECB and Fed officials have public speaking engagements, and Treasury Secretary Geithner will be on Capitol Hill testifying.  Most important from this standpoint will be President Obama’s address to Congress on health care reform.

Scheduled U.S. economic data are of a second-tier nature, including consumer credit, trade, the University of Michigan sentiment index, wholesale inventories, import prices, the Federal budget, the Fed Beige Book, plus the usual assortment of weekly releases like jobless claims, energy inventories, mortgage applications, and chain store sales.

Many countries will releasing trade and/or current account figures: the U.S., Canada, Great Britain, Germany, France, China, Mexico, Taiwan, Malaysia, France, Japan, Hungary, Turkey, Romania, and the Czech Republic.  There’s also considerable price data on the calendar especially consumer prices in Germany, Spain, Sweden, Norway, Poland, Taiwan, Brazil, Chile, Mexico, China, Poland, Hungary, and Romania.  Euroland’s big three (Germany, France, and Italy) will each be reporting industrial production, as will Britain and The Netherlands.

Other planned U.K. releases include the Halifax and RICs house price measures, same-store sales and shop prices compiled by the British Retail Consortium, producer prices, the Nationwide index of consumer confidence, and the NIESR estimate of August GDP growth.

Germany releases industrial orders,  French employment and business sentiment will also arrive, and so will revised Italian and Belgian GDP. 

Japan and China have heavy data slates aside from trade figures.  Japan reports money and credit growth, the economy watchers index, the indices of leading, lagging and coincident indicators, machinery orders, machine tool orders, corporate goods prices, private consumption, consumer confidence and, most importantly, revised second-quarter GDP.  China also releases money and credit aggregates, producer prices, retail sales, industrial production and fixed asset investment.  India will announce industrial production.

Canada has a light calendar consisting of building permits, housing starts, home prices, and trades.  New Zealand house prices are due, while neighboring Australia is scheduled to announce business and consumer sentiment, job ads, mortgage approvals, and retail sales.

GDP releases are scheduled in the Czech Republic, Turkey, and Hungary.  Norway and Sweden report industrial production.  Norwegian producer prices and consumer confidence and Swedish industrial orders and GDP are also due.

Copyright Larry Greenberg 2009.  All rights reserved.  No secondary distribution without express permission.

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