Next Week’s Menu: March 28 – April 3, 2020

March 27, 2020

Central Banks: Monetary policy reviews are scheduled in Singapore and Chile. Policy meetings scheduled originally for April 3rd in India and Romania were held in advance of that date. The RBI today announced a 75-basis point cut and several other easing measures, and the National Bank of Romania’s 50-bp cut on March 20 was accompanied by a statement including a notification about future meetings: “In view of the elevated uncertainty surrounding economic and financial developments, the NBR Board also decided to suspend the previously announced calendar of monetary policy meetings and hold monetary policy meetings whenever necessary.” Many other central banks has in practice switched to a similar highly flexible format. Public statements by central bank officials have occurred increasingly infrequently during the Covid-19 pandemic. Reserve Bank of Australia DeBelle is scheduled to speak Monday. Finally, the main central bank event scheduled next week will be the publication of the Bank of Japan’s quarterly Tankan corporate survey. Presumably Governor Kuroda will have some comments about the results.

Special Events and Holidays: Europe switches to daylight savings time on March 29, which will restore the normal time differentials of five hours between London and NY and six hours between continental centers and NY. There was to have been India’s Rama Navami holiday on Thursday, but that country is on lockdown all week. Chinese people will be observing the Ching Ming Festival next Friday.

Purchasing Manager Surveys: The coming week bridges the first and second quarters as well as March and April and, accordingly, will see the release of a cornucopia of purchasing manager surveys. Manufacturing conditions will be examined for Australia, China, Ireland, Indonesia, Japan, Malaysia, South Korea, the Philippines, Taiwan, Thailand, Russia, theNetherlands, Poland, Turkey, Spain, the Czech Republic, Sweden, Switzerland, Norway, Mexico, the United States, Canada, Brazil, Great Britain, Greece, Euroland, Germany, France, Italy, India, South Africa and Vietnam. Construction PMI surveys are due for the U.K. and Australia, and private sector PMIs for Singapore and Lebanon will be released. Regarding service sectors, PMI reports out next week will cover the United States, Brazil, Great Britain, Euroland, Germany, France, Italy, Spain, Russia, China, Ireland, Sweden and Australia.

Scheduled U.S. Economic Statistical Releases: Non-farm payroll employment, average hourly earnings, unemployment, factory orders, trade balance, pending home sales, motor vehicle sales, construction spending, consumer confidence, ADP estimate of private sector jobs, Case Shiller house price index, Chicago PMI, NY PMI (NAPM index), and Dallas Fed manufacturing index. Weekly jobless insurance claims, mortgage applications, energy inventories, consumer comfort, and chain store sales.

Japanese Data: Unemployment, industrial production, retail sales, housing starts, construction orders, motor vehicle production and monetary base.

Selected Other Asian Releases: Retail sales for Hong Kong, Singapore, and South Korea. Thai and South Korean trade balances. Indonesian and South Korean consumer prices. Malaysia’s PPI, Thailand’s current account, and South Korean industrial production.

Euroland: Economic sentiment, consumer confidence, consumer prices, producer prices, retail sales and unemployment.

Members of the Euro Area: German, Italian, and French consumer prices. French, Italian, Austrian, Greek, and Cypriot producer prices. German, Spanish, Italian, and Cypriot unemployment. Spanish and Austrian current accounts. German, Spanish and Greek retail sales. Spanish and Portuguese industrial production. Spanish GDP and business sentiment. Portuguese consumer confidence, Finnish trade, and French consumer spending.

U.K. and Switzerland: British quarterly GDP and current account. British monthly money and credit growth, Nationwide house price index, consumer confidence and shop prices. Swiss retail sales, consumer prices, and KOF index of leading economic indicators.

Eastern Europe: Hungary’s trade balance.

Nordic Europe: Danish and Norwegian unemployment. Danish GDP and Norwegian house prices.

Australia and New Zealand: Australia and New Zealand building permits and money and credit growth. Australian new home sales and retail sales. New Zealand business sentiment.

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

Canada and Brazil: Canadian monthly GDP, trade balance, PPI and raw material prices. Brazilian unemployment and industrial production.

Copyright 2020, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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