Next Week

July 24, 2009

The final week of the July offers a heavy data diet from Japan, Europe, and the United States, Sino talks with Geithner, and speeches from Bernanke, Dudley, and Yellin.

At least six central banks have interest rate policy meetings: Hungary, India, Israel, Malaysia, New Zealand and Poland.  No changes are expected in the last four of these.

Japan releases corporate service prices, retail sales, consumer prices, unemployment, household spending, the Shoko Chukin index of small firm sentiment, the factory PMI, housing starts, construction orders, and industrial production.  Political news should be watched closely.  Parliament’s lower house has already been dissolved ahead of August 30 elections.

Scheduled data from the euro area as a whole include M3, bank credit, overall, industrial and consumer confidence, the retail PMI, capacity usage, consumer prices and unemployment.  Italian producer and consumer prices, business and consumer sentiment and wages are due, and so are the French PPI and business sentiment index.  Germany releases consumer confidence, consumer prices, retail sales, import prices and labor statistics.  Belgian and Spanish consumer prices are on the list of releases, as are Dutch business sentiment, and Belgian GDP.

Britain‘s assortment of indicators next week includes two house price measures (Nationwide and Hometrack), the CBI monthly survey of retailers, M4, consumer sentiment, and mortgage approvals and lending.  Sweden releases GDP, business and consumer sentiment, retail sales, producer prices, wages and trade.  The UBS index of leading Swiss indicators and a survey of bank lending in Norway are due as well.

The first look at 2Q GDP, which will be negative for the fourth consecutive quarter, heads a U.S. data calendar that also includes the Fed’s Beige Book, the Dallas, Richmond and KC Fed monthly indices, durable goods orders, new home sales, consumer confidence and various weekly indicators covering chain store sales, jobless insurance claims, energy inventories and mortgage applications.

Not much of great interest is slated from Australia (building permits and private credit) or New Zealand (trade, business sentiment and building permits).  South Africa reports CPI and PPI figures.

Aside from Japan, the more interesting Asian releases are Korean and Thai industrial production, Hong Kong and Thai trade,  and China’s PMI.

Canada reports producer prices and May GDP.

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


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