Next Week

February 12, 2010

Next week starts off with a bunch of holidays: Presidents Day in the U.S. on Monday, Family Day for Canada on Monday, Mardi Gras in Brazil on Monday-Tuesday, and the Lunar New Year in China all week.  EU finance ministers, known as Ecofin, meet in Brussels on Tuesday to try and secure a plan for Greece.  Central bank meetings in Japan, Mexico and Turkey are not expected to announce rate changes.  FOMC and Bank of England minutes will get released, and the Bank of Japan’s monthly assessment will be reported. No fewer than seven top Fed officials speak: Lockhart twice and once each for Duke, Dudley, Bullard, Hoenig (who dissented at the last meeting), Kocherlakota, and Plosser.  Gonzalez-Paramo of the ECB, BOJ Governor Shirakawa, and Longworth of the Bank of Canada also have speaking engagements.  Belgium and South Africa have budget presentations, and the U.S. Treasury announces details of its first-quarter refunding.

Next week also begins the second eighth of 2010.  The first eight was a very good one for dollar holders, but the greenback’s rebound will create problems for the necessary process of reducing the U.S. current account deficit.

Scheduled U.S. data include producer and consumer prices, industrial production, import prices, Treasury capital flows (the TIC), housing starts and building permits, the National Home Builder Index, and the Philly and Empire State Fed indices.  In addition, investors will watch for such weekly data staples as jobless insurance claims, consumer confidence, chain store sales, energy inventories, and mortgage applications.

A considerable number of releases clutter Japan’s data calendar, foremost and led off by fourth-quarter GDP but including revised industrial production, the tertiary and all-industry indices, the monthly Tankan index calculated by Reuters, the leading and coincident economic indices, department store sales, and machine tool orders.

The following figures will be reported in Britain:  consumer prices, unemployment, wage earings, retail sales, M4, bank lending, monthly budget totals, the DCLG index and the Rightmove house price measure.

Preliminary manufacturing and service PMI readings for Euroland, Germany and France get reported Friday.  Otherwise, the euro area slate includes just the trade and current account balances and consumer confidence.  Within Euroland, national statistics that are set for release next week include German producer prices and the ZEW index of investor sentiment, French business confidence, Italian trades and industrial orders, and Spanish GDP.

Norway will be releasing trade figures and GDP. Sweden reports producer prices, consumer prices, and capacity usage, while Swiss trades are due, too.  Poland announces the latest set of CPI and PPI figures as well as industrial production, and Czech producer prices will be arriving, too.

Australian business sentiment and index of leading economic indicators are scheduled, and so are New Zealand producer prices, South African retail sales, and Turkish unemployment and consumer confidence.

Canadian data announcements are several: manufacturing sales, wholesale trade, consumer prices, retail sales, the index of leading economic indicators and net securities flows. 

Copyright Larry Greenberg 2010.  All rights reserved.  No secondary distribution without express permission.

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