Next Week

August 20, 2011

The highlights of the coming week will be the Jackson Hole Central Banker Symposium starting Thursday and the release of revised U.S. and British GDP figures and preliminary Chinese and euro area purchasing manager survey results.  Fed Chairman Bernanke’s address is set for Friday, one day shy of the anniversary of when he prepared markets for a second round of quantitative easing, but investors are not expecting lightning to strike twice.  Central bank interest rate policy meetings are scheduled in Mexico, South Africa, Turkey, Poland, Hungary and Thailand.

Scheduled U.S. data releases besides GDP are durable goods orders, new home sales, the FHFA house price index, the Chicago and Richmond Fed manufacturing indices, the final monthly U. Michigan consumer sentiment survey, and weekly measures of jobless insurance claims, consumer confidence, chain store sales, energy inventories, and mortgage applications.

Japan reports two price indices next week — the CPI and corporate service price index — as well as final machine tool orders.  Some of the other Asian statistics that are due are Thai GDP, Singapore consumer prices and industrial production, and Hong Kong’s trade balance.

Preliminary purchasing manager surveys in August with composite, manufacturing and service readings will be reported for the whole euro area, Germany, and France.  Other all-Euroland releases will cover industrial orders, money and bank credit growth, consumer confidence, the index of leading economic indicators, and the ZEW index of investor sentiment.  ZEW indices for Germany and Switzerland also are arriving.  German retail sales, consumer confidence, import prices, and business climate index (a la IFO) are also getting released next week.  Greece and Ireland will report trade data.  Belgian business sentiment and Spain’s PPI and GDP reports are scheduled, too.

The Confederation of British Industry is publishing its monthly retailer and industrial surveys.  Other statistics on the U.K. calendar are the GFK and Nationwide measures of consumer confidence, the aforementioned revised GDP report with breakdowns by sector and source of demand, and the BBA estimate of mortgage approvals.  Switzerland announces money growth, the trade surplus, and employment.  Sweden releases trade and monetary data, consumer confidence and unemployment.  Norwegian GDP and unemployment and Danish consumer confidence are due, too.  In Eastern Europe, Czech business sentiment and consumer confidence get reported, and so does Polish unemployment.

Canada announces weekly earnings.  Mexico reports retail and wholesale sales, trade and current account figures, and the index of leading economic indicators.  Brazil’s current account and Argentina’s unemployment and trade figures are some of the other noteworthy Latin American releases in the coming week.

Weale of the Bank of England, who dropped his recommendation for an interest rate hike this month, speaks early in the week.  Governor Stevens of the Reserve Bank of Australia and Deputy Governor Battelino speak publicly, too.

Australian construction lending and index of leading economic indicators are on the calendar, and so are New Zealand retail sales and trades, South African producer and consumer prices, and Turkish trade numbers.

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


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