Next Week

July 2, 2010

Because of the U.S. Independence Day observance on Monday, investors will have to wait an extra day to see if the DOW’s losing streak is extended to seven consecutive sessions (and ten of the last eleven, a tiny 4-point uptick on June 23 being the exception).  The Monday holiday also means that the ISM non-manufacturing index results will be released a day after similar reports arrive from the euro area, Britain, Japan, China, India and Brazil.

The closely watched monthly Australian, British, and Euroland central bank policy meetings will each hold interest rates steady.  However, meetings by monetary policymakers in South Korea, Malaysia, and Peru are each candidates for a small rate increase.  Governor Shirakawa and ECB President Trichet both will be addressing the public on Thursday.

Other than the PMI-services, the U.S. has a light data calendar, featuring consumer credit, wholesale inventories, Challenger job cuts, and the usual weekly gauges for mortgage applications, consumer confidence, energy inventories, chain store sales, and job insurance claims.

Japan and Britain have more decent-sized fodder to offer the market.  First Japan whose line-up includes the current account and trade balance, growth in money and credit, machinery orders, international reserves, the index of leading economic indicators, the economy watchers index, and machine tool orders.

Britain will be reporting the Royal Institute of Chartered Surveyors house price index, the quarterly Chamber of Commerce survey results, the central bank report on home equity withdrawals, new car sales, industrial production, an estimate of three-month growth from the National Institutes of Economic and Social Research, the trade balance, and producer prices.

Euro area-wide statistics will be limited to retail sales, the Sentix measure on investor sentiment and consumer credit.  However, Germany releases industrial production, industrial orders, the trade and current account balances, and final CPI data for June.  France, the Netherlands and Italy each report industrial production, and France also releases trade and budget figures.

Switzerland announces the latest data on retail sales, consumer prices and unemployment.  Sweden and Norway also unveil CPI data as well as industrial production.  Some of the upcoming Eastern European releases are Czech retail sales, industrial output, and trades, Hungarian and Romanian industrial output, Russian consumer prices and Hungarian trades.

The monthly Australian and Canadian labor market reports are both due next week.  Canada also releases building permits, the IVEY-PMI index, house prices, and housing starts.  Australian job ads, trade figures, and inflation expectations arrive, as does the quarterly New Zealand release of consumer prices.

South African industrial production and Turkish consumer prices, producer prices and industrial production are scheduled.  So are Filipino consumer prices, Taiwanese trades, South Korean money growth, and Mexican consumer prices.

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


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