Next Week

August 5, 2011

The start of next week will mark the fourth anniversary of the onset of the subprime housing loan crisis.  On August 8, 2007, Mortgage Guaranty Insurance Corporation revealed a $1 billion loss of its investment in C-BASS.  The next day BNP Paribas suspended three investment funds that invested in subprime mortgage debt, and the ECB in response injected EUR 95 billion into the European banking system.

Bank of Japan minutes, the quarterly Bank of England Inflation Report, and the ECB Bulletin get published next week.  Interest rate policy meetings are scheduled at the Fed, Bank Indonesia, Norges Bank and Bank of Korea.

Scheduled U.S. data include retail sales, the monthly federal budget, trade figures, the JOLTS index of layoffs, wholesale and business inventories, quarterly productivity and unit labor costs, the IBD/TIPP optimism index, the NIFB index of small business confidence, the University of Michigan consumer sentiment index and weekly data covering jobless insurance claims, energy inventories, mortgage applications, consumer confidence, and chain store sales.

Japanese officials will be busy reporting data, such as the current account, the Economy Watchers index, bank lending, the money aggregates, machinery orders, machine tool orders, revised industrial production, corporate goods prices, consumer confidence, and the tertiary index of service-sector activity.

The coming week is the one when China reports all its monthly statistics: industrial production, bank lending, money growth, retail sales, industrial production, fixed asset investment, consumer prices and producer prices.  A few other Asian data releases of interest will be Malaysian industrial production, Indonesia’s current account and South Korean producer prices.

In the euro area, most of the releases will be national indicators.  The German current account, WPI index and revised CPI are due.  France reports industrial production, the current account, consumer prices, and GDP.  Greece also reports industrial production and GDP, as well as import prices.  Italian and Portuguese consumer prices and trades are on the data calendar.  So are Finnish retail sales and industrial production.  For euro area as a whole, market participants will learn industrial production and the Sentix index of investor confidence.

In Britain, industrial production, same-store sales, trade deficit, and RICs house price balance gauge are scheduled for announcement.  The index of leading economic indicators and NIESR estimate of July GDP growth are due, too.

Norway, Sweden, and Denmark report consumer prices.  Norway also releases producer prices and retail sales, while Switzerland reports unemployment and consumer confidence.  Danish industrial output and current account will be arriving.  Three key Czech indicators are scheduled (trades, consumer prices and industrial output), and Hungary also will be releasing consumer prices.

Quite a few Australian statistics made next week’s list.  It features the monthly employment and unemployment data and also shows business conditions and confidence, consumer confidence, expected inflation, bank lending, and job ads.  New Zealand’s business purchasing managers index is due.  Both Turkey and South Africa will be reporting industrial production.

Canada releases its trade data and housing starts, while Mexico announced industrial production.

Copyright 2011, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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