Next Week

December 7, 2018

Central Banks: Monetary policy reviews are scheduled at the European Central Bank and at central banks in Switzerland, Brazil, Iceland, Norway, the Philippines, Ukraine, Turkey and Russia. The Bank of Japan publishes findings of its quarterly Tankan survey of corporate conditions and expectations, and Fed Chairman’s postponed testimony before the congressional joint economic committee will take place. In addition to Powell, Bank of Japan Governor Kuroda, ECB President Draghi, Swiss National Bank President Jordan, and Reserve Bank of Australia Assistant Governor Kent will be speaking publicly.

Special Events: The European Court of Justice will announce a decision Monday on whether it’s legalĀ  for the U.K. to reverse its earlier decision to leave the EU and remain in that body without fresh special permission from remaining members of the European Union. On the following day, the British parliament votes on whether to accept the Brexit transition deal that Prime Minister May is proposing. There is a meeting of EU finance ministers on Friday.

Scheduled U.S. Economic Data Releases: Consumer prices, producer prices, import prices, retail sales, industrial production, capacity usage, small business sentiment, the JOLTS index of labor market hiring and separations, the monthly federal budget, the employment trends index, the National Association of Home Builders housing index, and weekly jobless insurance claims, mortgage applications, energy inventories, consumer comfort, and chain store sales.

Japanese and Chinese Data: Japanese GDP, current account, bank lending, money growth, business sentiment, machinery orders, machine tool orders, the tertiary index, revised industrial production, capacity use, producer prices, the manufacturing purchasing managers index, and the aforementioned quarterly corporate survey results. China’s trade balance, consumer prices, producer prices, property prices, fixed asset investment, retail sales, industrial production, foreign direct investment, money growth, and bank lending.

Selected Other Asian Releases: South Korean and Singaporean unemployment. Indian and Filipino trade balances. Malaysian, Hong Kong, and Indian industrial production. Indian wholesale prices and Singaporean retail sales.

Euroland: The Sentix and ZEW gauges of investor sentiment and preliminary manufacturing and service sector purchasing manager surveys for December. Car sales and labor costs.

Members of the Euro Area: Germany’s current account, trade balance, wholesale prices, consumer prices, ZEW index of investor expectations, and preliminary purchasing manager surveys. French CPI, business sentiment, and preliminary PMIs. Italian industrial production, unemployment, CPI, industrial orders, and index of leading economic indicators. Spanish, Irish, Irish, Greek and Finnish consumer prices. Spain’s index of leading economic indicators and Ireland’s construction purchasing managers index. Dutch, Cypriot, and Belgian trade balances. Greek and Portuguese industrial output. Dutch retail sales and Greek import prices. Irish current account and GDP.

U.K. and Switzerland: British GDP, industrial production, construction output, and trade balance. Swiss producer prices, import prices, and jobless rate.

Eastern Europe: Czech, Romanian, Hungarian and Policy consumer prices. Czech and Policy current accounts. Romanian and Hungarian industrial production. Romania’s trade balance.

Nordic Europe: Swedish, Norwegian and Danish consumer prices. Danish current account, Norwegian producer prices, and Swedish unemployment.

Australia and New Zealand: Australian business conditions and confidence, home loans, home sales and prices, consumer sentiment, and preliminary December purchasing managers index. New Zealand food prices, manufacturing PMI and quarterly manufacturing activity.

Canada: Consumer prices, capacity utilization, housing starts, building permits, and home prices.

Turkey and South Africa: Turkey’s current account and GDP growth. South African consumer prices, wholesale turnover, and industrial production.

Brazil and Mexico: Brazilian retail sales. Mexican industrial production and index of leading economic indicators.

Copyright 2018, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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