Next Week

May 26, 2017

Numerous Holidays: U.S. Memorial Day and late spring bank holiday in the U.K. on Monday. Dragon Boat Festival in China (May 28-30) and Hong Kong (Tuesday). Pancasila Day in Indonesia on Thursday and Italy’s Republic Day on Friday.

Central Bank Action: Policy meetings in Israel and Brazil. Release of Federal Reserve Beige Book and Bank of Mexico policy meeting minutes. European Central Bank President Draghi and Bank of Japan Board member Harada deliver speeches. San Francisco Fed President Williams and Dallas Fed President Kaplan also speak publicly during the week.

Event: The summit of G7 leaders wraps up May 27, President Trump returns to Washington, and a frenzied parade of accusations and counter-threats will resume between his administration and its critics. Look for many White House tweets.

A Slew of Manufacturing Purchasing Manager Surveys: Covering conditions in U.S., Canada, Brazil, Mexico, Euroland, Germany, France, Spain, Italy, Ireland, Greece, The Netherlands, Spain, Great Britain, Switzerland, Sweden, Russia, Norway, Denmark, Hungary, Czech Republic, Poland, China, Malaysia, Thailand, Vietnam, Indonesia, South Korea, Taiwan, India, and Turkey.

Scheduled U.S. Statistical Releases: Personal income and spending, the PCE price deflator, the Dallas Fed manufacturing index, the Chicago PMI, the New York PMI (NAPM), motor vehicle sales, the trade balance, the ADP estimate of private job creation, the Labor Department monthly jobs, unemployment and hourly wages report, construction spending, the Case Shiller house price index, pending home sales, quarterly labor productivity and unit labor costs, and weekly jobless insurance claims, consumer comfort, chain store sales, mortgage applications and energy inventories.

Japanese Data: Industrial production, retail sales, real household spending, unemployment, small business sentiment, auto production and sales, housing starts, construction orders, consumer confidence, the monetary base, and quarterly investment, sales, and corporate earnings.

Selected Other Asian Statistics: South Korean industrial output, retail sales, consumer prices, trade balance and manufacturing sentiment. Malaysian, Singaporean and Thai producer prices. Indonesian and Thai consumer prices. Hong Kong retail sales, Indonesian CPI, and Thai trade balance.

Euroland: Economic sentiment, consumer prices, producer prices, unemployment and money and credit growth.

Members of the Euro Area: German retail sales, import prices, unemployment and CPI. French GDP, CPI, PPI, consumer sentiment and consumer spending. Italian CPI, PPI, unemployment and GDP. Spanish retail sales, CPI, unemployment, and current account. Finnish, Greek, Belgian and Portuguese GDP. Finnish and Portuguese consumer confidence. Greek and Portuguese retail sales. Portuguese business sentiment and Austrian unemployment.

U.K. and Switzerland: British M4 money growth, construction purchasing managers index, consumer confidence, shop price inflation, and Nationwide home price index. Swiss GDP, retail sales, ZEW expectations index of investor sentiment, UBS consumption indicator, and index of leading economic indicators.

Nordic Europe: Norwegian and Danish unemployment. Norwegian and Swediah retail sales. Iceland’s CPI and PPI. Swedish and Danish GDP. Sweden’s trade and current accounts.

Eastern Europe: Polish and Czech GDP. Hungarian producer prices.

Australian and New Zealand: Australian and New Zealand building permits. Australian retail sales, new auto sales, private credit growth and private investment. New Zealand business sentiment and terms of trade.

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

Canada and Brazil: Canadian March and 1Q GDP, 1Q current account, 1Q productivity and unit labor costs, and monthly producer prices and trade balance. Brazilian GDP, industrial production, trade balance and unemployment.

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

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