Next Week

May 1, 2010

Next week begins with diminished activity. On Monday, markets are closed in Britain for a bank holiday, Japan for Constitution Day, and China for May Day observances.  Japan remains closed as Golden Week continues with Greenery Day on Tuesday and Children’s Day on Wednesday.  Britain holds its first parliamentary election in five years on Thursday.  The Greek debt crisis will make frequent headlines as one focus turns to individual governments in the euro area, each of whom must sign off on the aid package for such to be activated.  The Bundestag debate will attract considerable interest, set against the final campaign days before North Rhine Westphalia state elections on May 9.

On the central banking front, policy meetings are scheduled in Australia, Euroland, Norway, Indonesia, the Czech Republic, Romania, and Peru.  Chances are good for rate hikes in Australia and Norway where tightening cycles are already underway.  A cut by Romania is plausible.  The Swedish Riksbank and Bank of Japan will be releasing minutes from prior meetings, and the Reserve Bank of Australia publishes its quarterly Monetary Policy Statement on Friday.  The usually hawkish Plosser of the Fed has a speaking engagement.

Manufacturing and service-sector purchasing manager surveys will be released by numerous countries, providing a good means of comparison for charting the relative strength of the recovery in different regions.  The week’s other highlight will be the U.S. April jobs report on Friday.

Other scheduled U.S. indicators include personal income and spending, construction spending, auto sales, productivity, consumer credit, the ADP estimate of private employment, and the usual weekly figures on jobless claims, energy inventories, chain store sales, mortgage applications, and consumer confidence.

British producer prices and car sales get reported as do the Halifax house price index and Nationwide gauge of consumer confidence.  Switzerland releases unemployment and consumer prices, while Sweden reports on industrial production and orders.  Hungary and Romania announce industrial output numbers.

German industrial output and orders are due as well, along with French trade and budget figures and Euroland producer prices.

Japan has a light data week, just the PMI-services index, auto sales and the monetary base.  India, Taiwan and Indonesia release trade numbers.  South Korea and Indonesia report CPI figures, and Hong Kong releases retail sales.

Australian retail sales and trades are scheduled.  So are New Zealand unemployment and building permits, and Turkish consumer and producer prices.

In the Western Hemisphere, Canada releases its labor report, IVEY-PMI index and building permits, while Mexico reports consumer prices and consumer sentiment.  Brazilian trades and industrial output and Colombian producer prices arrive, too.

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


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