Next Week

May 15, 2009

The central bank and economic data calendars are comparatively light next week.  The Bank of Japan will of course retain its overnight target rate at 0.1%, where such has stood since December, while street analysts look for the Bank of Thailand to cut its key rate by a further 25 basis points.  The Bank of England, Fed, and Reserve Bank of Australia will each be releasing minutes of their last interest rate policy meetings.

Aside from the usual weekly indicators such as jobless claims, energy inventories and chain store sales, scheduled U.S. data releases include housing starts and permist, the Philly Fed index, and the index of leading economic indicators.

First-quarter GDP, which may have plunged more than 15% at a seasonally adjusted annual rate, heads the slate of Japanese indicators.   Consumer confidence, department store sales, construction spending, industrial capacity and capacity usage, the tertiary index and the Reuters monthly business sentiment Tankan proxy also get released next week.

In Britain, data releases are led by retail sales, consumer prices and the second GDP estimate but also include the Rightmove house price index, the CBI monthly survey of industrial trends, M4, first-quarter investment spending, and public finances.

Flash Euroland PMI estimates for Germany, France, and Euroland arrive on Thursday.  Euroland trade figures get released Monday.  German will be announcing new producer price data and the ZEW index of investor sentiment.  Italian retail sales, industrial orders and trades are due, and so are Belgian and Dutch consumer confidence.

Russia and Poland report industrial production, while Norway announces GDP growth.

From Australia comes consumer sentiment, wage growth, imports, and auto sales, while New Zealand producer prices are scheduled.

The Canadian calendar kicks off with a holiday closure for Victoria Day on Monday and later includes consumer prices, leading economic indicators, net securities transactions between residents and foreigners, retail sales and wholesale sales.

Taiwan and Singapore release GDP, and Hong Kong reports consumer prices.  Mexico announces GDP, industrial production and retail sales.

Fed Chairman Bernanke and BOJ Governor Shirakawa speak on Friday.  U.S. Treasury Secretary Geithner has multiple speaking engagements.

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


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