Next Week
January 29, 2010
G-7 finance ministers and central bank chiefs begin a two-day meeting next Friday in Iqaluit, Canada, a town situated at roughly 60 degrees latitude in the Northwest Territories where the sun sets shortly after 15:00 and the outside temperature is expected to range from minus 20 to minus 26 degrees centigrade or minus 4 to minus 15 degrees Fahrenheit. Blizzard conditions are currently not predicted for February 5-6, but don’t be surprised if that changes.
The week has a bunch of planned central bank meetings, the results of which are likely to run the full spectrum from rate cuts (Romania) to no change in Britain, Euroland, Indonesia, the Czech Republic and Peru and also some rate increases in Australia and Norway, each of which has already begun tightening cycles. The Reserve Bank of Australia will also release its quarterly Monetary Policy Statement.
Being the start of a new month, numerous countries as scheduled to release purchasing manager indices for manufacturing (mostly due Monday) and services on Wednesday. The United States, Japan, South Africa and Britain will be reporting motor vehicle sales.
The January labor force survey (including the unemployment, change in jobs, and hourly earnings) tops a big slate of U.S. data that also includes quarterly productivity and unit labor costs, monthly personal income and spending, pending home sales, private jobs according to ADP, factory orders, chain store sales, consumer credit, and construction spending. There will also be weekly information on jobless claims, energy inventories, chain store sales, consumer confidence, and mortgage applications. Treasury Secretary Geithner testifies yet again, and Bullard and Warsh of the Federal Reserve will be speaking publicly.
The other particularly large contingent of upcoming data releases belongs to Britain. The list includes mortgage approvals, consumer credit, M4 money, producer prices, a third PMI reading for construction, the Halifax house price index, and the Nationwide gauge of consumer confidence. Norwegian industrial production and Swiss trade figures also arrive.
Aside from the multitude of PMI reports, Euroland’s offerings are just producer prices and retail sales for the whole bloc, industrial orders, industrial production, and retail sales from Germany, French producer prices and trade figures, and Italian consumer prices and wages. Constancio of the ECB will be speaking. Romanian producer prices, Hungarian industrial production, and Russian consumer prices are some of the interesting selections from central and eastern Europe.
Japanese data will be limited in contrast to the just completed week, just the monetary base and index of leading economic indicators. Nakamura of the Bank of Japan has a speech planned. Numerous other governments in Asia will be reporting consumer prices, including Indonesia, South Korea, Taiwan, Thailand, the Philippines, and Turkey. Korea, Malaysia, and Indonesia release trade numbers, while Hong Kong will be reporting retail sales.
Scheduled Canadian data releases are building permits, the IVEY-PMI index and the monthly labor market report. Bank of Canada Governor Carney will be speaking publicly on Thursday, shortly before Canada hosts the G-7 meeting. In Latin America, Peru, Colombia and Brazil will report a bunch of price figures. Brazil also plans the release of trades and industrial production.
Australia announces building approvals, retail sales, business sentiment, home prices, the trade balance, and job ads. New Zealand unemployment is due also.
Copyright Larry Greenberg 2010. All rights reserved. No secondary distribution without express permission.
Tags: Iqaluit
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