Next Week

September 10, 2010

A full week lies ahead.  This is the week that China releases most of its monthly data, and speculation has arisen that China’s central bank will engineer its first rate hike of the cycle.  Scheduled central bank interest rate meetings will be held in India, Switzerland, Chile, New Zealand and Turkey.  Policy meeting minutes will be released by the Swedish Riksbank.  Bank of Japan Governor Shirakawa and a couple of Fed officials, Tarullo and Lockhart, will be speaking.  A leadership vote in Japan’s ruling party is likely to lead to a shift in prime minister.

A lengthy slate of U.S. economic indicators includes the quarterly current account and monthly retail sales, consumer prices, producer prices, industrial production, import prices, Treasury Department-reported capital flows, the IBD/TIPP optimism index, the NFIB small business index, the Philly and Empire State manufacturing indices, the U. Michigan consumer sentiment index, and the federal budget.  There are also weekly readings of consumer confidence, chain store sales, mortgage applications, energy inventories, and new jobless insurance claims.

Canada reports quarterly productivity and capacity usage, plus monthly figures for auto sales, manufacturing sales, orders and inventories, and existing home sales.  Peru and Argentina release GDP, while Brazil and Colombia announce retail sales.  Industrial production in Mexico and Colombia arrive, too.

From the euro area, investors will learn the latest trends in employment, trade, the current account, labor costs, industrial production, consumer prices and investor sentiment according to the ZEW Institute indices.  The more widely watched ZEW figures cover Germany, and that country will also be reporting wholesale and producer prices.  Italy and France release consumer prices, and Italy also reports wages and industrial orders.  Belgian consumer confidence also is scheduled.

Poland releases the CPI and PPI indices as well as industrial output.  The Czech current account and PPI are awaited.

British data encompass consumer prices, unemployment and wage earnings, public finances, the DCLG house price index, the central bank survey on inflation attitudes, and the house price balance index of the Royal Institute of Chartered Surveyors.  Swiss industrial production is also on the week’s data calendar.

Japan has a short list — revised industrial production, the Reuters monthly Tankan, and the tertiary index of service-sector activity.  But this is a big week for China, which tomorrow releases the CPI, PPI, retail sales, industrial production, fixed asset investment, and money and credit growth.  India reports wholesale prices, that country’s most closely followed price indicator, and both South Korea and Hong Kong report on unemployment.

Australian business sentiment and conditions are due.  So are figures from that economy for consumer confidence and housing starts.  New Zealand, where analysts are mixed over whether the cash rate will be raised or left at 3.0%, reports the purchasing managers index and retail sales.  Turkish GDP and current account numbers will be reported. 

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


Comments are closed.