Next Week

July 17, 2009

Canada, Brazil, and Colombia hold interest rate policy meetings next week from which only Brazil is thought likely to ease.  The Bank of Canada also publishes a quarterly update with news forecasts of the semi-annual Monetary Policy Report released in April.  The Bank of England, Reserve Bank of Australia and Bank of Japan will be releasing minutes of earlier policy meetings, and the first part of Fed Chairman Bernanke’s twice-yearly Humphrey-Hawkins testimony on Tuesday will attract particularly great attention from investors hoping for clues to an exit strategy from quantitative easing.  Yamaguchi of the Bank of Japan speaks on Wednesday.

Japanese markets have a shortened week, as they are closed Monday for Marine Day.  Not much Japanese data are scheduled — customs trade, the all-industry index and a survey of banking loan officers.

The week to July 24th will be lean too for U.S. data and centered mostly on the housing market.  Besides the FHFA house price index, existing home sales, and house vacancies, the final reading of the U. Michigan consumer sentiment index is due, as are the usual weekly stuff like new jobless claims, energy inventories and chain store sales.

From the euro area comes industrial orders and the preliminary factory and service-sector PMI readings for the whole bloc as well as Germany and France.  In addition, German producer prices, import prices and the IFO business sentiment index are due.  So are French business sentiment, consumer confidence, unemployment and consumer spending on manufactured goods.  Dutch consumer confidence and Belgian business sentiment are scheduled as well.

In Britain, scheduled indicators included the Rightmove house price index, M4 growth, mortgage lending, public finances, revised second-quarter GDP growth, the services index, retail sales, and the CBI monthly survey of industrial trends.  Switzerland releases trade figures.

Russia announces retail sales, labor statistics, and investment. Poland and Hungary each release retail sales.

This past week saw the release of many Chinese indicators confirming healthier activity in Asia’s second largest and most vibrant economy.  The coming week sees the release of unemployment for Taiwan and Hong Kong, the CPI for Malaysia, Singapore and Hong Kong, industrial production for Singapore and Taiwan, Korean GDP, and Philippine trade data.

Canada reports both retail and wholesale trade as well as capital transactions with non-residents.  Australia announces quarterly producer prices and consumer prices, plus monthly auto sales.

Brazil’s general price index, unemployment, and consumer sentiment will be reported In Latin America.  Mexico releases consumer prices, trades, retail sales and unemployment, while Argentina announces trade figures.

The dominant events of an otherwise lean mid-summer week will be Bernanke’s testimony, forward-looking information in the euro zone’s flash PMI reports and industrial orders, and British retail sales.

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


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