Next Week

March 14, 2014

An interesting week lies ahead, starting with Sunday’s referendum in Crimea that is highly likely to approve discarding Ukraine sovereignty.  What Russia then does may dictate the tone of the week.

two special events on Wednesday will be the annual budget speech in Britain presented by Chancellor of the Exchequer Osborne and the FOMC meeting, which will be followed by Chairwoman Yellen’s first press conference and the Fed’s release of fresh forecasts. The heads of the Bank of England, Bank of Japan,Bank of Canada, and German Bundesbank speak publicly next week.  Besides Yellen, Board Governor Stein and Minneapolis Fed President Kocherlakota have public engagements in the period.  The Reserve Bank of Australia releases minutes from its last Board meeting.

Other central bank policy meetings scheduled next week will be held in Switzerland, Iceland, Turkey, the Philippines, Mexico and Colombia.

Their is a two-day meeting on Thursday-Friday of the European Council, which is the institutional body of political leaders.  Japanese markets are closed on Friday for the Vernal Equinox holiday.

U.S. data releases in the week are the quarterly current account and monthly industrial production, consumer prices, capacity use, housing starts, building permits, and existing home sales, plus the Empire State and Philly Fed manufacturing indices and the Conference Board index of leading economic indicators.  Weekly numbers for jobless insurance claims, consumer comfort, mortgage applications, chain store sales, and energy inventories also will be scrutinized.

Euroland-wide consumer prices, consumer confidence, construction output, auto sales, and the current account arrive.  So do the ZEW Institute indices of investor sentiment toward Germany and the wider common currency bloc.  Germany will be releasing wholesale prices and producer prices.  The Conference Board reports indices of leading economic indicators for Spain, France and Germany.  Italy releases industrial orders and the trade and current account statistics.  Portuguese and Irish PPI data arrive, as do Dutch unemployment, consumer confidence and current account, Austrian consumer prices and Irish trade numbers.

For the British economy, investors will learn the latest trends in retail sales, the labor market, and public finance.  The Rightmove U.K. house price index and CBI survey of industrial trends also get released.  The Swiss National Bank holds a quarterly monetary policy review, and the Swiss government updates its economic forecasts.  Swiss money growth, trade data and the ZEW index of investor attitudes toward Switzerland arrive too.

From the European Nordic region, Iceland releases wage figures, Norway reports trade numbers, and Danish producer prices, retail sales and consumer sentiment arrive.  Some east European data highlights will be the Polish PPI, CPI, current account, and industrial production reports, plus Czech producer  prices.

Japan data calendar features department and supermarket sales, the all-industry index, and customs clearance trade.  China releases foreign direct investment and home prices.  Hong Kong and Malaysia each report their latest CPI and unemployment data.  South Korean producer prices, Singapore trade figurs, and the Hong Kong current account are some other scheduled Asian releases.

New Zealand releases fourth-quarter GDP and current account statistics, plus monthly consumer confidence.  Australian auto sales and index of leading economic indicators are scheduled.  So is the Turkish jobless rate and South African consumer prices and retail sales.

Canada’s slate of data will include retail and wholesale sales as well as the monthly survey of manufacturing sales, orders and inventories.  Chilean GDP and Mexican retail sales and unemployment will be a few of the Latin American data release highlights next week.

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

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