Next Week
May 29, 2010
The coming week has a very crowded data calendar, central bank meetings in Australia, Canada, Thailand, Hungary, Indonesia and the Philippines, and Monday holiday closures in the United States and Great Britain. New purchasing manager survey findings will be released for many countries in all regions. GDP figures get reported in Euroland, Switzerland, Australia, Canada, Poland, India and South Korea, and labor market statistics arrive in Euroland, Canada, the United States, France and Germany. Japan, South Korea, Mexico, Hungary, Brazil and Thailand will be reporting industrial production, while CPI data get released for Euroland, the Phillippines, Turkey, Holland, Thailand, and Italy. The Bank of Canada and Bangko Sentral ng Pilipinas are likely to implement their first rate increases of the cycle, while the other aforementioned central banks will probably keep existing rate levels. The United States observes Memorial Day on May 31, and Britain has scheduled a Spring Bank Holiday that same day.
The fifth month of 2010 ends on Monday as well. The S&P 500 index booked its worst May performance, a decline of 8.3%, in 48 years.
Being the first week of June, there will be four key labor market data releases in the United States — the ADP estimate of private employment on Wednesday, weekly jobless insurance claims and revised productivity and unit labor costs on Thursday, and the May Labor Department labor force survey on Friday. Other U.S. releases include monthly chain store sales, factory orders, motor vehicle sales, pending home sales, construction spending, and the Dallas Fed index, plus weekly energy inventories, mortgage applications, consumer confidence, and chain store sales.
Japan’s Ministry of Finance releases its quarterly corporate survey. Japanese housing starts, construction orders, motor vehicle sales, and monetary base are due as well. Some other Asian figures to watch will be South Korean, Thai and Malaysian trades and Korea’s index of leading economic indicators.
Euroland monthly confidence indices for the consumer, business, construction, services and the overall economy get releases. So will money and credit growth in the region, producer prices, and retail sales. Italy reports producer prices as well as consumer prices, and Germany announces retail sales.
Two widely followed British house price measures, the Halifax index and the Nationwide measure arrive, as do mortgage approvals, M4 growth, and auto sales numbers. Sweden releases consumer confidence and wage figures, while Norwegian retail sales are scheduled.
Canada will be reporting both quarterly GDP on a national income accounts basis and March GDP on an industry-by-industry basis. The IVEY-PMI index, raw material prices, producer prices arrive, too. From Australia, investors will get trade and current account numbers, private credit data, as well as GDP. South Africa announces money and credit growth and auto sales, and Turkey will release producer prices at the same time as the release of its consumer prices.
Atlanta Fed President Lockhart, Bank of Japan Board member Suda, and Swiss National Bank President Hildebrand are among the renowned officials with speaking engagements next week.
Copyright Larry Greenberg 2010. All rights reserved. No secondary distribution without express permission.
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