Next Week

January 20, 2012

Central bank interest rate policy meetings are scheduled next week in the United States, Japan, India, New Zealand, Malaysia, Turkey, Hungary, and Thailand.  The FOMC announcement on Wednesday will be followed by a press conference with Chairman Bernanke.  Minutes of this month’s Bank of England meeting will be also published on Wednesday.  The Bank of Japan will be releasing its quarterly macroeconomic forecast update and will publish minutes of an earlier Policy Board meeting. 

ECOFIN, the group of EU finance ministers, meets on Monday to work further on the Greek debt situation.

President Obama delivers the State of the Union address on Tuesday, and the Republican South Carolina primary occurs Sunday.

There are holiday closures in China for the Lunar New Year (all week) and in Australia on Thursday to celebrate Australia Day to commemorate the 224th anniversary of the country’s founding.

Scheduled U.S. data to be released feature the first estimate of 4Q11 GDP and several housing market indicators (pending home sales, new home sales, and the FHFA house price index).  Also arriving will be the Richmond Fed index, the index of leading economic indicators, the U. Michigan consumer sentiment index, and durable goods orders.  Weekly indicators of interest include jobless insurance claims, mortgage applications, consumer comfort, chain store sales and energy inventories.

Japan reports customs trade, corporate service prices and retail sales.  Singapore will be releasing CPI, PPI, and industrial output figures.

Preliminary results from the euro area, German and French purchasing manager surveys in January arrive on Tuesday.  Other euro-wide releases will be consumer confidence, industrial orders, money and credit growth, and the index of leading economic indicators.  France, Germany, and Italy — Euroland’s three largest economies — each report on consumer confidence.  German, Belgian and French business sentiment also arrive, as does Italian retail sales.  Spanish and Greek trade numbers get reported, and Irish, Greek and Spanish producer prices arrive, too.  Spain, which has the region’s weakest labor market, announces unemployment.

From economies further to the east, investors will learn the latest numbers for Czech business and consumer confidence, Hungarian retail sales, and the Polish current account.

Like the United States, Britain releases its first estimate of 4Q GDP.  Public finances, mortgage applications, and the CBI industrial and retail surveys also get reported in Great Britain.  Sweden will be reporting producer prices, retail sales, trade data and consumer confidence.  Switzerland releases money growth, the index of leading economic indicators and the UBS consumption indicator. Icelandic consumer prices and Danish consumer confidence and unemployment are scheduled as well.

Canada’s data calendar has retail sales, producer prices wage earnings, and the index of leading economic indicators listed as releases next week. Mexico reports both retail sales and wholesale turnover. Brazil will be releasing it current account.

South Africa and Australia report producer prices.  More importantly, Australian quarterly consumer price data arrive.  New Zealand’s trade numbers and business PMI reading are due next week.

Copyright 2012, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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