Next Week
October 28, 2011
The FOMC and ECB Governing Council both meet next week, each event offering the possibility but not certainty of new stimulus. Fed Chairman Bernanke will hold a post-meeting press conference, and Mario Draghi will preside over his first ECB press conference. Central bank interest rate decisions will also be made by the Reserve Bank of Australia, Czech National Bank and Icelandic Sedlabanki.
Results from many purchasing manager surveys will get reported, covering manufacturing, services, and construction. The release of U.S. and European PMI readings will not be same-day synchronized this month because much of Europe is closed Tuesday for All Saints Day. Another U.S.-European abnormality this week will be the time difference, which will shorten by one hour. Most of Europe goes off Daylight Savings Time on October 30th, while U.S. clocks do not get changed until November 6.
The main event on the U.S. data calendar involves the labor market, with the release of the ADP report on Wednesday, weekly jobless claims on Thursday, and Labor Department monthly employment and other labor force figures on Friday. Factory orders and quarterly productivity and unit labor costs also arrive next week. The usual weekly stuff like mortgage applications, chain store sales, consumer confidence and energy inventories all will be watched.
Euroland consumer prices, producer prices and unemployment will be reported. So will German and Portuguese retail sales, Italian, Hungarian, Romanian and French producer prices, Italian consumer prices, Spain’s current account and Ireland’s trade balance.
British data next week feature the first estimate of 3Q GDP growth and also include monetary statistics, mortgage applications, and the Nationwide and Halifax house price measures. Norway, Switzerland, and Denmark will be releasing retail sales.
Japan reports housing starts, construction orders, and the monetary base. The Philippines and Thailand release producer prices, and Malaysia announces its trade balance.
Scheduled Canadian data are monthly GDP, unemployment, employment, building permits, producer prices and raw material prices. Brazil’s trade balance is due. So are Australian retail sales, Turkey’s PPI and CPI, South African trades, and New Zealand labor statistics and building permits.
Copyright 2011, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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