Next Week

December 10, 2010

Over the week to December 17, central bank interest rate setters will meet in the United States, Norway, Sweden Hong Kong, Switzerland, India, Chile, Colombia and Turkey.  Ecofin, the group of EU finance ministers also will get together.  Reserve Bank of Australia Governor Stevens makes an important speech.

Rumors remained heavy today that China may raise its benchmark interest rate this weekend.  Chinese consumer price data are expected to put inflation above 5%.  Data for retail sales, producer prices, fixed asset investment and industrial output will also be released in China.

Japan has three releases, all highly meaningful.  Most important will be the Bank of Japan’s comprehensive quarterly survey of businesses.  Also arriving are the tertiary index of monthly service-sector production and revised industrial production with capacity utilization.

Other selected Asian releases include Indian wholesale prices, South Korean and Hong Kong unemployment, Singapore retail sales, and Hong Kong industrial production.

Scheduled U.S. releases will cover industrial production, capacity usage, retail sales, producer and consumer prices, business inventories, the Philadelphia and New York Fed manufacturing surveys, the National Association of Home Builders index, housing starts, building permits, the index of leading economic indicators, and the Treasury Department statistics on capital flows.  As always, the U.S. reports several weekly statistics that range from chain store sales to jobless insurance claims, consumer confidence, mortgage applications and energy inventories.

Euroland’s data calendar is headlined with preliminary December purchasing managers indices (manufacturing, services and composite scores) for the whole euro area and also Germany and France separately.  Other area-wide releases include the ZEW index of investor sentiment, industrial production, construction orders, employment, and the trade balance.  Both the ZEW and IFO Institutes report their respective investor and business sentiment indices for Germany.  The French current account, business sentiment index and CPI index will be released, and so will Italian trade numbers and industrial orders.  Portugal and Spain report consumer prices.  The Netherlands releases trade, too.

Britain’s slate lists the Rightmove, RICs, and DLCG house price indices, the CBI monthly retail survey, producer input prices, retail sales and consumer prices.  Switzerland, Denmark, and Finland report producer prices.  Switzerland also announces industrial production, while Sweden and Norway respectively report unemployment and the trade deficit.  The Turkish current account and consumer sentiment index will be unveiled.

Further to the east, Poland and the Czech Republic are two of several countries releasing current account information. Polish producer and consumer prices are scheduled for next week, and so is Hungary’s industrial production report.

South Africa is also reporting both consumer and producer prices.  Retail sales, food prices and the purchasing managers survey will be arriving from New Zealand, while Australia plans to offer up housing starts and consumer confidence.

Canada is scheduled to report its monthly survey of manufacturing sales and orders, plus it will be releasing labor productivity, capacity utilization, motor vehicle sales, and the index of leading economic indicators.

Some of the scheduled Latin American data releases are Brazilian retail sales and joblessness, Argentine GDP, and Mexican industrial production.

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


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