Next Week

April 10, 2009

The focus of scheduled data  shifts from largely Europe this past week to a heavier concentration of U.S. and Chinese releases next week.  Much of Europe will be closed at the start of the week for Easter Monday.  Easter Monday has always been a sentimental favorite of mine, commemorating the 34th day of my first day in the Foreign Department of the New York Fed (March 31, 1975), when the head foreign desk trader informed me not to get too comfortable, as Easter Monday was typically about the second or third quietest trading day of the year.

The line-up of arriving U.S. indicators includes consumer and producer prices, Treasury capital flows (a.k.a. the TIC report), industrial production and capacity usage, retail sales,  housing starts, the NAHB index, the Fed’s Beige Book, business inventories, the Philly and New York Fed indices, the U. Michigan consumer sentiment index, and of course the usual weekly figures on jobless claims, energy stocks mortgage applications and chain store sales.

China chimes in with first-quarter GDP growth and monthly figures for retail sales, industrial output, consumer and producer prices, trade, fixed asset investment, and money and credit growth.

From Euroland, just industrial output, the Reuters monthly Tankan proxy, and trade are scheduled, as well as a few national statistics like German wholesale prices, French current account, Spanish and Italian consumer prices, and Italian orders.  Other planned Continental European releases include Swiss producer prices and retail sales, Swedish unemployment and consumer prices, Denmark’s CPI, and Norwegian trades.

Britain’s slate is also lean, with same store retail sales, the DCLG housing market index, and the RICs house price balance index.

Canada reports auto sales, consumer prices and the monthly survey of manufacturers.  Australian business sentiment and import prices will be due, and so are New Zealand retail sales.

Japan announces corporate goods prices, the service-sector tertiary index, consumer confidence, construction spending, and revised industrial production and capacity usage.

One highlight of the central bank policy front is a planned meeting of Singapore’s Monetary Authority, which is expected to depreciate its currency.  Interest rate meetings will be held in the Philippines, Turkey and Mexico.

Bernanke and Trichet both have important speaking opportunities.  Evans, Stern, Yellen, Lockart, and Hoenig of the Fed, and Likanen and Weber of the ECB will be talking publicly, too.

Copyright 2009 Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.


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