Next Week

December 11, 2009

Central banks hold monetary policy meetings next week in the United States, Japan, Sweden, Norway, the Czech Republic, Hong Kong, the Philippines, Colombia and Turkey, but not are expected to change rates.  The BOJ Board meets not long after an emergency meeting that approved a new injection of short-term liquidity in Japan.  The FOMC statement will be combed for any greater clarification on the timing of a rate hike, and the communque from the Norges Bank, Europe’s only central bank to have already lifted rates, will be keenly awaited . The climate conference in Copenhagen will draw great world attention.

Scheduled U.S. data include the quarterly current account and monthly industrial production, capacity usage, producer prices, consumer prices, housing starts, the NAHB index, the index of leading economic indicators, Treasury capital flows (TIC) and the Empire State and Philly Fed indices.  Weekly jobless claims, chain store sales, energy inventories, consumer confidence, and mortgage approvals will also be watched.

Canada has a comparatively large data calendar: auto sales, wholesale turnover, manufacturing sales orders and inventories, quarterly productivity and unit labor costs, capacity utilization, consumer prices, and securities transactions with other countries.

The Bank of Japan’s quarterly business survey (the so-called Tankan), which always contains a huge amount of timely information, arrives on Monday.  Japan also releases the tertiary index for services, machine tool orders and revised index of leading and coincident economic indicators.

Euroland data due next week are headed by the flash PMI results for the bloc as a whole and both Germany and France.  There will be composite indices and their breakdown between manufacturing and services.  Also from Euroland arrives industrial production, labor costs, consumer prices, trade figures and the current account.  The German ZEW and IFO indices, which respectively capture the the sentiment of financial analysts and businessmen, will be reported, as will producer prices in the euro area’s biggest economy.  France, Italy, and Spain release CPI data, and Belgium and the Netherlands announce consumer confidence figures.  Italian trade data are also due.

Britain has a lengthy list of indicators due next week, the most important of which will be retail sales, unemployment and worker earnings.  Several of the releases are related to housing such as the Rightmove home price index, the RICs housing index, and the government’s own DCLG measure.  Monthly public finance data are due, and so is M4 and bank lending.

Switzerland releases producer prices and industrial production.  Swedish labor figures, Norwegian trades, Poland’s consumer and producer prices, and Czech retail sales are arriving, too.

Some of the Latin American data highlights will be retail sales from Brazil, labor statistics from Argentina, and industrial production from Mexico and Colombia.  South Africa announces its latest CPI and PPI data, and Turkey releases unemployment.

From the Pacific Rim comes Australian housing starts and leaders, New Zealand retail sales and business sentiment, S. Korean unemployment, Singaporean retail sales, and Hong Kong unemployment and industrial production.

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

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