Next Week

July 11, 2014

Central bank news will be in the spotlight.  Fed Chair Janet Yellen goes before the Senate Banking Committee on Tuesday to deliver the semi-annual Monetary Policy and State of the Economy report and reprises that testimony on Wednesday before the House Financial Services Committee.  The Bank of Japan’s monthly two-day Policy Board meeting on Monday-Tuesday will culminate in a press conference by Governor Kuroda.  Bank of Canada Governor Poloz holds a press conference on Wednesday, while ECB President Draghi and Bank of England Governor Carney will be speaking publicly on Monday and Tuesday, respectively.  Interest rate policy meetings are scheduled during the week in Canada, South Africa, Brazil, Turkey, Chile and Brazil.  The Fed Beige Book, Bank of Canada Monetary Policy Report, Reserve Bank of Australia Board meeting minutes and monthly Bank of Japan economic assessment get published. 

France celebrates Bastille Day on Monday, marking the 225th anniversary of the start of its revolution.

Trade data will be released for the euro area, Italy, Spain, Norway, the Netherlands, Ireland, Belgium and Singapore.

Arriving U.S. data include import prices, producer prices, industrial production, capacity usage, retail sales, housing starts, building permits, the National Association of Home Builders housing market index, the Philly Fed manufacturing index, the Empire State manufacturing index, Treasury-compiled data on capital flows with the rest of the world, the Conference Board index of leading economic indicators, the Reuters/U. Michigan consumer sentiment index and the usual weekly checks of consumer comfort, jobless insurance claims, mortgage applications, chain store sales and energy inventories.

Investors will learn a lot more about China’s economy with the release of monthly industrial production, retail sales, property prices, fixed asset investment, growth in the money supply and bank loans and, most importantly, second-quarter GDP.  Singapore also releases GDP, while India reports on CPI and WPI inflation.

Japan has a comparatively light data release schedule: revised industrial production, capacity use, machine tool orders, and department and supermarket sales.

Euro area-wide statistics on tap are industrial production, the ZEW institute survey of investor perceptions, construction output, revised consumer prices, and the current account.  The ZEW Institute mainly focuses on Germany.  Other data releases of interest from Euroland include Ireland’s construction PMI, Dutch and Belgian consumer confidence, Portuguese producer prices, Italy’s current account and Finnish retail sales.

Britain’s CPI, PPI and labor statistics will be reported.  So will same-store sales.  Switzerland and Poland release produder prices, and Polish industrial production is due, too.

Canada has an active week.  In addition to the Bank of Canada’s rate decision and quarterly Monetary Policy Report, investors will learn the latest news regarding consumer prices, wholesale turnover, existing home sales and manufacturing shipments, orders and inventories.  Peruvian GDP, Brazilian retail sales and Mexican unemployment are some Latin American data releases of note.

Among countries south of the equator, investors will be able to peruse the latest New Zealand performance of services index, South African retail sales, and Australian auto sales.

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



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