Next Week

January 21, 2011

During the week to January 28, 2011, central banks will be making interest rate policy announcements in the United States, Japan, Norway, New Zealand, India, Hungary, Hong Kong, Israel, and Malaysia.  Minutes from the last policy meetings of the Bank of England and the Bank of Japan get released, and Japan’s central bankers release their monthly report on the economy and financial developments.  U.S. President Obama delivers the annual State of the Union address on Tuesday, Australian markets will be shut for Australian Day on Wednesday, and a who’s who of academic economists, policymakers, bankers and business leaders will be in Davos Switzerland over January 26-30 to attend the annual meeting of the World Economic Forum.

Euroland will be releasing two keenly watched indicators, the preliminary purchasing manager readings for the Ezone as well as Germany and France and the monthly sentiment indices covering consumer and various business sectors.  Euroland industrial orders, consumer prices and M3 also arrive.  Germany reports consumer confidence and CPI data.  France releases consumer confidence and spending figures.  Italy announces the latest results of consumer confidence, retail sales and wage inflation.  Duch producer prices and unemployment are due.  So are Spanish producer prices and retail sales, Greece’s PPI and trade numbers, and Finnish retail sales and unemployment.

Scheduled U.S. indicators next week include the Case-Shiller index of home prices, the FHFA index, the Conference Board measure of consumer confidence, the Kansas City, Chicago, and Richmond Fed manufacturing indices, durable goods orders, pending home sales, the employment cost index, the U. Michigan gauge of consumer sentiment and, most importantly, the first report on fourth-quarter GDP growth, which is likely to be in the high 3’s or even 4.0%.  Investors will be also interest in weekly figures on jobless claims, chain store sales, mortgage applications, consumer confidence, and energy inventories.

Japan’s late month slate of data will include corporate service prices, the Shoko Chukin index of small firm business sentiment, consumer prices, labor statistics, retail sales, customs trade, and personal spending and income.  Some other Asian releases will cover China’s index of leading economic indicators, Singapore industrial output, consumer prices and producer prices, the Hong Kong trade balance, consumer confidence in South Korea, and Filipino GDP.

Australia releases both producer and consumer prices (each being quarterly indications) as well as the index of leading economic indicators.  New Zealand reports on credit card spending.  South Africa releases producer prices, and Turkey reports its trade figures and capacity usage.

Britain, like the United States, will offer up fourth-quarter GDP.  Other U.K. releases will be consumer confidence, the CBI monthly survey of retailers, the Nationwide and Hometrack house price indices, the monthly budget figures, bank lending trends according to the British Bankers Association, and the index of service-sector activity.

The Swiss index of leading economic indicators and UBS consumption indicator are due.  So are Swedish trades, producer prices, unemployment, retail sales and money growth.  Iceland will be reporting on latest CPI and PPI trends.  Hungary releases retail sales and unemployment.

Canadian consumer prices and average hourly wages are due next week.  So are Mexican retail and wholesale sales. Brazil reports its current account and labor statistics.  All in all, it will be another busy week of data announcements and other events.

Copyright Larry Greenberg 2011.  All rights reserved.  No secondary distribution without express permission.


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