Next Week

September 18, 2009

The FOMC leads a contingent of central bank meetings in the week to September 25, which also includes those in Hong Kong, the Czech Republic, South Africa, Norway, Colombia and Israel.  Note that the Bank of Israel was the first and still only monetary authority to lift rates, so don’t be surprised if it hikes rates by 25 basis points.  The others are not likely to modify rates.  Minutes of earlier policy meetings will be released by the Bank of Japan and Bank of England.  The week will see Japanese markets closed for holidays on Monday-through-Friday and G-20 summit leaders begin their third summit meeting in Pittsburgh on Thursday.  Earlier summits occurred in November 2008 and April of this year.

Scheduled U.S. data include durable goods orders, new and existing home sales, the FHFA house price index, the index of leading economic indicators, the U of Michigan consumer sentiment index, the KC and Richmond Fed surveys, and the usual weekly stuff on jobless claims, mortgage applications, energy stocks, consumer sentiment, and chain store sales.

After the past busy week, British releases will be limited to the Nationwide and Rightmove house price indices, revised investment, and mortgage lending.

“Flash” composite, manufacturing and service-sector PMI readings for Euroland, Germany and France are arguably the most significant European releases.  The euro area also announces industrial orders and credit and money growth figures.  The German IFO monthly survey results on Germany’s economic climate is due, and so are French business sentiment, household spending, unemployment consumer sentiment and GDP.  Italy reports unemployment, retail sales and the trade balance, while Belgium and the Netherlands will be releasing business sentiment figures.  Revised Dutch GDP is also due.

Sweden reports consumer confidence producer prices and trade data.  Norwegian unemployment and Swiss consumer prices will be arriving, too.  Hungary reports retail sales.

New Zealand will release consumer confidence, GDP growth, and its trade and current account figures.  Australian motor vehicle sales and South African producer prices and retail sales are scheduled as well.

In Latin America, Mexico releases unemployment, retail sales and trade statistics.  Brazil and Colombia announce consumer confidence and GDP, respectively.

In emerging Asia, Taiwan announces industrial production, export orders and unemployment.  Singapore reports the CPI and industrial production.  The Philippines  and Hong Kong release trade figures.  Hong Kong also reports consumer prices, while China’s index of leading economic indicators are scheduled.

After reopening on Thursday, Japan has several data releases: customs trade, corporate service prices the all-industry index and supermarket sales.  Canada will be releasing retail sales and figures on securities transactions involving its residents and the rest of the world.

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


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