Next Week

April 24, 2015

Holidays:  Anzac Day: A holiday of remembrance for war dead in Australia and New Zealand falling on the April 25-26 weekend; New Zealand will be shut on April 27.  April 29: Showa Day in Japan, honoring the birthday of former Emperor Hirohito and marking the start of the Golden Week holidays.  May 1: May Day celebrating workers and involving a wide range of market closures including China, Germany, France, Italy, Spain, Switzerland and Portugal.

Central Bank Activity:  Interest rate policy meetings are scheduled next week at the Federal Reserve (no press conference afterward), Bank of Japan (followed by a press conference and release of the semi-annual Outlook for Economic Activity and Prices), Bank of Russia, Bank of Israel, Bank of Mexico, Swedish Riksbank, Reserve Bank of New Zealand, Bank of Thailand, and Bank of Brazil.  Reserve Bank of Australia Governor Stevens will be delivering a speech.

Special Forecasts and Events:  The OECD Economic Outlook arrives.  The European Commission publishes new macroeconomic projections.  Thursday is the deadline for obtaining an acceptable implementation of Greek reforms; otherwise, that country will be unable to meet debt service payments due the IMF.

Purchasing Manager Surveys:  May Day holiday will limit the number of manufacturing PMIs reported on Friday.  Still there will be some of these market-moving releases such as those for the United States, Canada, Great Britain, Australia, Austria, and Japan.

U.S. Economic Data Releases:  First-quarter GDP, the Case-Shiller house price survey, the Richmond and Dallas Fed manufacturing indices, personal income and spending, pending home sales, the Chicago and Milwaukee purchasing manager surveys, motor vehicle sales, construction spending, the Conference Board’s consumer confidence index, the Reuters/U. Michigan consumer sentiment index, the employee cost index, and the usual assortment of weekly observations on jobless insurance claims, chain store sales, mortgage applications, energy inventories, and consumer comfort.

Japanese Data:  Consumer prices, retail sales, household income and spending, housing starts, construction orders, industrial production, small business sentiment, real cash earnings the monetary base, unemployment and other labor market statistics.

Other Selected Asian Statistics:  Filipino, Thai and Hong Kong trade balances.  Singaporean and Malaysian producer prices.  Thai and South Korean industrial production.  Chinese profits and index of leading economic indicators.  Singapore unemployment and South Korean retail sales.

Eurozone:  Consumer prices, unemployment, money and credit growth, economic sentiment, and index of leading economic indicators.

Members of Euroland:  German consumer prices, unemployment, retail sales and import prices.  French producer prices, consumer spending and consumer confidence.  Italian CPI, PPI, unemployment and both business and consumer confidence.  Spanish retail sales, 1Q GDP growth, current account, and CPI.  Finnish sentiment and unemployment.  Belgian CPI and GDP.  Greek and Austrian PPI.  Greek and Portuguese retail sales.  Portuguese unemployment and Cypriot industrial production.

U.K.:  The Confederation of British Industries releases both its industrial trends and distributive trends monthly surveys.  GDP, money growth, mortgage lending data, consumer confidence, and the Nationwide home price index arrive, too.

Switzerland and Hungary:  The UBS consumption indicator and the KOF index of leading economic indicators.  Hungarian unemployment industrial output and PPI.

Nordic Europe:  Sweden’s PPI, consumer confidence index and retail sales.  Norwegian business confidence, unemployment and retail sales.  Icelandic producer prices and Danish unemployment.

The Antipodes: Australian PPI, money and private credit growth, import and export prices, consumer confidence and index of leading economic indicators.  New Zealand trade balance, business sentiment, money growth and building permits.

Turkey and South Africa:  Turkish and South African trade balances.  South African money and private credit growth.

Canada and Mexico:  Canadian monthly GDP, PPI, and average weekly earnings.  Mexican trade balance and unemployment.

Copyright 2015, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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