Next Week

February 13, 2009

A diversified regional and category slate of data is on tap for the week to February 20th.  Special highlights include Japanese GDP on Monday, Euroland flash PMI’s on Friday, U.S. housing starts and industrial production on Wednesday, and British retail sales on Friday.  Chinese retail sales also will be watched closely.  A two-day meeting of G-7 finance ministers and central bank chiefs winds up tomorrow, and central bank meetings are scheduled in Japan, Turkey, and Mexico.  Bank of Japan officials already have a 0.1% rate target and have indicated reservations against returning to zero rates with quantitative easing.  Rate cuts of about a half-percentage point are considered likely in Turkey and Mexico.  The FOMC and Bank of England release minutes from their last policy meetings on Wednesday.  Governor Stevens of the Reserve Bank of Australia gives semi-annual parliamentary testimony on monetary policy.

Other U.S. data getting released include consumer prices, producer prices and import prices; the Empire State manufacturing index and Philly Fed index; housing permits and the National Association of Home Builders monthly index; and both the index of leading economic indicators and the Treasury’s international capital flow numbers.

The contingent of preliminary Euroland PMI readings will cover manufacturing and services for the entire bloc, Germany and France.  Euroland trade figures are due, too.  Germany will release wholesale prices and the ZEW index of investor sentiment.  From Italy arrives industrial orders and sales as well as trade numbers.  France releases consumer prices as well as business confidence and conditions.  Both Belgium and The Netherlands announce new consumer confidence quotes, and Spain will release a final estimate of growth last quarter.

In addition to retail sales, Britain will announce consumer and retail prices, M4 growth, monthly public finances, the Rightmove house price index, and the DCLG house price measure.  The CBI business lobby releases its monthly survey of industrial trends.

Some other European releases will be Norwegian GDP and trades, Swedish unemployment and consumer prices, Swiss trades, Czech producer prices, and Russian and Polish industrial output.  A slew of Russian data are scheduled.

China will report industrial production and business investment in addition to the aforementioned retail sales.  Indonesian GDP, Taiwanese GDP and Singaporean exports.

From Australia, we get quarterly retail sales and monthly auto sales, from South Africa comes retail sales.

Latin America offers its usual variety of measures, including Brazilian retail sales and consumer prices and Mexican industrial production.

The monthly Canadian manufacturing survey gets released, as well as wholesale sales, consumer prices, international security transactions and the index of leading economic indicators from that country.  Canadian and U.S. markets are closed Monday for holidays.


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