Next Week

November 21, 2014

Holiday closures in the U.S. and Japan:  Japanese markets are closed Monday for Labor Thanksgiving, and U.S. markets will be closed or short-staffed from Wednesday onward for the Thanksgiving Day holiday.  Friday is the biggest U.S. shopping day of the year.

At a difficult time for the OPEC cartel, oil ministers will hold a meeting in Vienna on Thursday.

Israel and Hungary have scheduled monetary policy meetings.  The Bank of Japan releases meeting minutes, and a number of its Board members (Kuroda, Nakaso and Shirai) have public speeches planned.  Reserve Bank of Australia Deputy Governor Lowe also speaks publicly next week.

The U.S. has a heavy calendar of data releases despite the holiday.  In includes revised GDP, personal income and spending, new home sales, pending home sales, the FHFA and Case Shiller indices of home prices, the Dallas and Richmond Fed manufacturing indices, the Chicago Fed National Activity Index, the Chicago and Milwaukee regional PMI surveys, Markit Economic’s composite and service-sector national PMIs, durable goods orders, and the Reuters/U. Michigan index of consumer sentiment.  Also arriving are weekly data for new jobless insurance claims, mortgage applications, consumer comfort, chain store sales, and energy inventories.

Japan’s data calendar includes the usual end-of-month deluge of data: small business sentiment, consumer prices, corporate service prices, retail sales, household income and spending, industrial production, motor vehicle output, labor statistics, housing starts and construction orders.

Some other Asian releases will be Chinese profits and index of leading economic indicators, Indian, Filipino and Singaporean GDP, trade figures for Thailand, the Philippines and Hong Kong, and South Korean consumer confidence and industrial production.

Euroland has many releases too.  For the whole currency union, unemployment, consumer prices, M3 money, bank lending, economic sentiment and the index of leading economic indicators get reported.  Germany’s IFO business climate index, retail sales, unemployment, GDP, import prices, consumer confidence and CPI arrive.  So due French and Italian consumer confidence, business sentiment, and producer prices, Belgian and Portuguese business sentiment, Spanish, Greek and Finnish producer prices, Irish and Portuguese retail sales, Greek GDP, and Austria’s manufacturing purchasing managers survey.

Britain, Denmark, Sweden and Switzerland release GDP.  Britain also reports consumer confidence, the Nationwide house price index, and mortgage applications compiled by the BBA, while Switzerland’s index of leading economic indicators is due.  Other Swedish releases include the trade balance, manufacturing confidence, consumer sentiment, and the PPI.  Iceland reports consumer prices.

Polish and Czech GDP will be released, and Poland also reports unemployment and retail sales.

It will be an active week in Canada, with September and 3Q GDP, the 3Q current account, and monthly retail sales, producer prices and raw material prices scheduled.  Brazilian GDP and Mexico’s current account are some of the Latin American data releases of note.

In Australia, construction completions, private sector credit growth, consumer confidence, quarterly investment, and new home sales are due.  New Zealand’s calendar of releases features trade figures, business sentiment, money growth, and building permits.  Turkey and South Africa each report trade statistics.  South Africa also releases GDP, producer prices, money growth, and the index of leading economic indicators.

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

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