Next Week

June 12, 2009

Scheduled data and planned central bank meetings do not shape up to be market-moving in the week ahead.

Analysts expect a trio of Latin American central bank rate cuts next week from Mexico, Chile and Colombia.  A rate cut in Turkey is also likely.  In Japan, Norway and Switzerland, however, central bank meetings are not expected to result in key rate reductions because the benchmarks are already quite low — 0.1%, 1.5%, and 0.25%, respectively.  Tarullo, Duke, Evans and Warsh of the Fed, BOJ Governor Shirakawa and Bank of Canada Governor Carney have speaking engagements in the period.  The Bank of Japan releases minute from its May meeting as well as its monthly bulletin, and the Bank of England will publish minutes from its interest rate meeting earlier this month.

Quite a few governments will be releasing price data.  The U.S. CPI and PPI, Canada’s CPI, Euroland’s and Italy’s CPI, Germany’s PPI, The Swiss producer and import price indices, the Polish CPI, the Czech PPI, the British CPI and the Malaysian CPI.

Other scheduled U.S. data include the first-quarter current account, the Treasury TIC report on capital flows, housing starts and permits, the NAHB index, the index of leading economic indicators, the Philly and New York Fed surveys, and the usual weekly figures for energy inventories, jobless claims, and chain store sales.

Britain reports labor and wage statistics, retail sales, public finances, M4, and the CBI survey of industrial trends.

From Euroland comes quarterly employment and labor costs as well as monthly trade numbers.  Italy and France release unemployment.  The ZEW Institute indices for investor sentiment toward the German and Ezone economies are scheduled, too, as are Italian trades and wages, German producer prices, and Dutch and Belgian consumer confidence. Norway reports trade figures, while Sweden announces unemployment.

East European releases will include Czech producer prices and Polish industrial production.

From Down Under comes Australian housing starts and leaders and New Zealand factory-sector activity.

Elsewhere from the Pacific Rim, Japan has a light slate consisting of department store sales, construction spending, and the Reuters monthly Tankan index simulation.  Singapore releases retail sales, and both Hong Kong and The Philippines announce unemployment.

Besides holding central bank policy meetings, Colombia and Mexico also will release industrial production.

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


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