Next Week

March 10, 2017

Central Banks: Wednesday’s FOMC meeting heads a crowded week of interest rate policy meetings that also includes Japan, Switzerland, Great Britain, Turkey, Indonesia, Norway, Chile, Iceland, and Serbia. The Fed is expected to raise the federal funds target by 25 basis points. New macroeconomic projections will be unveiled, and Janet Yellen will conduct a press conference afterward. BOJ Governor Kuroda, SNB President Jordan, and BOE Governor Carney hold press conferences, too.

Special Notes: The Dutch parliamentary election is on Wednesday. U.S. and Canadian clocks spring forward one hour to Daylight Savings Time on March 12. This shortens the time difference between New York and London by an hour to four hours and the time difference between Japan and New York by an hour to 13 hours. Europe goes on Daylight Savings Time two weeks later on March 26, restoring the usual time differences. Japan does not observe Daylight Savings Time, so the shortened time difference between New York and Tokyo will persist until November 5, when the U.S. returns to Standard Time.

Scheduled U.S. Economic Data Releases: Industrial production,┬ácapacity utilization, retail sales, housing starts, building permits, existing home sales, the NAHB housing index, consumer prices, producer prices, the Empire State and Philly Fed manufacturing indices, Treasury-compiled capital flows (known as the TIC data), the index of leading economic indicators, the U. Michigan/Reuters consumer sentiment index, small business confidence, the JOLTS data on job hires and separations, the Fed’s labor market conditions index and weekly jobless insurance claims, mortgage applications, consumer comfort, chain store sales and energy inventories.

Japanese Statistics: Producer prices, machinery orders, revised industrial production, capacity usage, department and supermarket sales, and the tertiary index.

Selected Other Asian Releases: Chinese retail sales, industrial production and fixed asset investment. Filipino and Indian current accounts. Indian, Singaporean and Indonesian trade balances. Hong Kong producer prices and Indian wholesale prices. Hong Kong unemployment and industrial output.

Euroland: Revised consumer prices, the trade surplus, industrial production, new car sales, construction output, the ZEW index of investor sentiment, and quarterly employment growth.

Members of the Euro Area: German, French, Spanish, Italian, Finnish, and Austrian consumer prices. Italian, Dutch, Belgian, and Portuguese trade balances. Italian retail sales and industrial output. ZEW index of investor sentiment toward Germany. Ireland’s construction purchasing managers index. Dutch retail sales.

U.K. and Switzerland: British wage growth, unemployment and index of leading economic indicators. Swiss current account, producer prices and new government macroeconomic forecasts.

Nordic Europe: Danish PPI and current account. Icelandic and Swedish consumer prices. Norwegian trade and Swedish unemployment.

Eastern Europe: Czech and Polish retails sales, current account, industrial production, and producer prices. Poland’s PPI and Romanian trade. Romanian and Hungarian industrial production.

Australia and New Zealand: Australian labor statistics, business confidence and conditions, and motor vehicle sales. Australian and New Zealand consumer sentiment. New Zealand food prices, GDP, current account and manufacturing purchasing managers index.

Turkey and South Africa: Turkish unemployment and current account. South African factor output and retail sales.

Canada, Mexico, and Brazil: Canadian manufacturing sales, orders and inventories. Mexican industrial production and Brazil’s index of leading economic indicators.

Copyright 2017, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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