Next Week

March 8, 2014

Central bank interest rate policy meetings are scheduled next week in Japan, New Zealand, Russia, South Korea, Indonesia, Chile, Thailand, and Peru.  The Bank of Japan releases its monthly assessment and minutes from its February 17-18 Board meeting.  The Bank of England Quarterly Bulletin and European Central Bank monthly Bulletin arrive, too.  Postponed senate nomination senate hearings will be held for Stanley Fisher, Lael Brainard, and Jerome Powell.  Plosser of the Fed also speaks publicly in the week.

U.S. clocks get moved forward an hour on March 9.  That will change the time difference between New York and London to four hours, New York and Frankfurt to five hours, and New York and Tokyo to 13 hours.

European finance ministers will be meeting early in the week.

This is the week when China reports most of its monthly indicators, and a shocker was already released today.  The trade balance swung adversely by $54.8 billion from a surplus of $31.86 billion in January to a deficit of $22.98 billion in February.  Such was the first deficit in 11 months and the second biggest ever.  While exports unexpectedly contracted by 18.1% between February 2013 and February 2014, imports advanced 10.1%, nearly matching January’s 10.0% 12-month rise.  The Lunar New Year distorted these figures but do not seem to explain all of the deterioration.  Still to come this week are money and bank lending growth, the CPI and PPI price indices, retail sales and industrial production, and business fixed investment and foreign direct investment.

Japan also has many planned data releases:  bank lending, the current account, the money supply, revised GDP and industrial production, capacity usage, bankruptcies, machinery orders, machine tool orders, corporate goods prices, the Finance Ministry’s survey of business sentiment, consumer confidence, and the economy watchers index.

Some other Asia releases in the coming week will be Indian, Malaysian and Hong Kong industrial production, India’s trade balance, and Singaporean retail sales.

The United States data calendar shows producer prices, both wholesale and business inventories, the monthly federal budget, the NFIB index of small business sentiment, import prices, and the usual weekly snapshots of chain store sales, energy inventories, mortgage applications, consumer comfort and jobless insurance claims.

Canada will be releasing housing starts, home prices and capacity utilization.  Mexican and Brazilian industrial production figures both arrive, as do Mexico’s trade balance and Brazilian retail sales.

Pan-euro area industrial production, construction output, and quarterly employment arrive.  So does the Sentix monthly gauge of investor sentiment toward the common European currency bloc.  Some upcoming data releases for individual members of Euroland include

  • French industrial production and nonfarm jobs.
  • Germany’s current account, trade surplus, and consumer price index.
  • Italian GDP and industrial production.
  • Spanish industrial output and CPI.
  • Finland’s trade balance, CPI and industrial production.
  • Greek GDP, industrial output, and CPI.
  • Irish consumer prices and construction purchasing managers index.
  • Dutch industrial output.
  • Portuguese consumer prices, GDP and trade data.

British data due in the coming week are the trade figures, industrial production, the NIESR’s estimate of monthly GDP, same store sales, the house balance index compiled by the Royal Institute of Chartered Surveyors, and the Conference Board’s indices of leading and coincident economic indicators.

Swiss retail sales, producer prices and industrial production are due.  So are Norwegian consumer and producer prices, Denmark’s CPI and current account, and Swedish consumer prices.

Romania and the Czech Republic report industrial production and consumer prices.  Czech and Hungarian trade data get released.  Czech retail sales are due, too.

The feature Australian data report of the week will be unemployment and jobs growth.  Home loans, consumer confidence and business conditions and confidence will also be released in Australia.  New Zealand’s line-up has food prices and the business purchasing managers index.  South Africa reports the current account and industrial output.  Turkish industrial production and Israeli GDP are also on tap.

Copyright 2014, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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