Next Week

March 22, 2013

Next week is the last one of March and the first calendar quarter, as well as the end of Japan’s fiscal year.  The week will be a shortened one because of the Good Friday holiday.  Among markets observing the holiday are Germany, Switzerland, Britain, France, Spain, Italy, Sweden, Australia, New Zealand, Canada, the United States, India, Hong Kong, Sri Lanka, Thailand, Singapore, and the Philippines where Maundy Thursday is also celebrated. 

Monday, March 26 is the deadline imposed by the Troika for Cyprus to have a plan raising EUR 5.8 billion.  Cypriot banks are shut at least through then.

Central Bank interest rate policy meetings are scheduled next week in Hungary, Israel, Romania and the Czech Republic.  A risk exists that the Bank of Japan Board may hold an emergency session rather than wait for the next scheduled one in early April.  Bernake, Dudley, and Kocherlakota from the Fed will be speaking next week.  Reserve Bank of Australia Governor Glenn Stevens also has a public appearance.

The U.S. data calendar features the final 4Q GDP revision, the Dallas, Richmond and Kansas City Fed manufacturing indices, the Chicago and Milwaukee regional manufacturing purchasing manager surveys, the Chicago Fed National Activity Index, personal income and spending, both the Conference Board and U. Michigan/Reuters gauges of consumer confidence, pending home sales, the Case Shiller house price index, durable goods orders, new home sales, and personal income and spending as well as weekly jobless insurance claims, chain store sales, mortgage applications, consumer comfort and energy inventories.

Japan releases the usual end-of-month barrage of indicators: small business sentiment, labor statistics, consumer prices, retail sales, household spending and income, housing starts, construction orders, industrial production, factory PMI and motor vehicle output.

Some of the other Asia releases include Chinese profits and index of leading economic indicators; Thai, Singaporean, Taiwanese, and South Korean industrial production; Malaysian and Singaporean producer prices; and South Korean GDP, current account and consumer confidence.  Trade figures will be reported in both Hong Kong and Thailand.

Euroland-wide sentiment readings, money and credit growth and index of leading economic indicators arrive next week.  So do German import prices, retail sales, labor statistics and consumer confidence.  Italy’s calendar of releases shows both consumer and producer prices as well as retail sales, business sentiment, industrial orders and consumer confidence.  Spanish, Greek, Finnish and French producer prices are due.  France also reports consumer spending, while Spain releases its current account and retail sales.  Portugal, Greece and Ireland are also slated to report retail sales, and Portugal also announces consumer and business sentiment.  The Dutch final 4Q GDP report and Austria’s PMI-manufacturing survey get reported, too.

Britain’s slate of data reports features the quarterly current account, revised GDP, the monthly index of service sector activity, the Nationwide and Hometrack house price indices, consumer confidence and the BBA estimates of mortgage applications.  Sweden reveals a number of indicators: producer prices, consumer confidence, money growth and trade numbers.  The Swiss, Hungarian, and Polish current accounts will be announced.  Czech business conditions and confidence are scheduled, too, as are Icelandic consumer prices.

Canadian releases include monthly GDP, producer prices, raw material prices, average wage earnings and consumer prices.  Brazil’s PPI and unemployment and Mexican trade figures are due.  Chilean industrial production and labor statistics are some of the other planned Latin American releases.

Australian private credit and money numbers are due, and so is the MI-TD estimate of expected Australian inflation. New Zealand releases building permits, business sentiment and trade figures, while South Africa’s data calendar shows money and credit growth, the trade balance, producer prices and the index of leading economic indicators.

Copyright 2013, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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