Next Week

October 16, 2009

The week ahead has considerable central bank activity.  Interest rate policy meetings are scheduled in Canada, South Africa, Sweden, Colombia, Brazil, Thailand and Hungary.  Only the last from this list is likely to result in an interest rate cut.  Minutes from prior meetings will be circulated from the Bank of Japan, Bank of England and Reserve Bank of Australia.  Also, the Bank of Canada publishes its semi-annual Monetary Policy Report, while the Fed releases its Beige Book of regional economic conditions.

It will be a big week, too, for Chinese data, all of which is due Thursday.  The list included third-quarter GDP and monthly retail sales, industrial production, fixed asset investment, consumer prices, and producer prices.

The U.S. slate includes several housing market indicators (the NAHB index, the FHFA index, existing home sales, housing starts and housing permits).  Producer prices and the index of leading economic indicators are due too, as well as weekly jobless claims, chain store sales, energy inventories, consumer confidence, and mortgage applications.

Canada reports wholesale sales, retail sales, leaders, and international securities transactions.

Australia chimes in with auto sales, export and import prices, and its index of leading economic indicators.

Preliminary PMI estimates for Euroland, France and Germany head that region’s schedule of indicators.  Industrial orders, the current account, and public-sector debt ratios are due as well as German producer prices and the IFO business sentiment index; Italian orders; French business sentiment and consumer spending; Dutch and Belgian consumer confidence, and Belgian business sentiment.

Britain has quite a few data release, most importantly third-quarter GDP growth but also monthly retail sales, mortgage loans, M4 growth, a central bank survey of loan officers, the CBI industrial trends survey, and public finances.  Switzerland reports trade figures, and Sweden plans to release its employment survey results.  Poland and Hungary announce retail sales, and Poland also will be reporting industrial output.

Aside from China and Japan, some other Asian data highlights next week are Hong Kong unemployment and consumer prices, the Filipino balance of payments, Taiwan’s industrial production and unemployment, South Korean GDP, and Singaporean and Malaysian consumer prices,

Mexico and Colombia release retail sales.  Mexico and Brazil report unemployment.  Mexican trades and Colombian industrial output are other planned releases from that region next week.

The calendar is filled with central banker speaking engagements, many from the Fed (Bernanke and Plosser twice each, Kohn, Warsh, Lacker, Lockhart, Tarullo, Rosengren, Evans, and Dudley).  Governor King of the Bank of England speaks, and so do Governor Shirakawa and Board member Nishimura of the Bank of Japan.  Bundesbank President Weber and Assistant Reserve Bank of Australia Governor Lowe give speeches, too.

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


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