Next Week

May 18, 2012

The summit of G8 leaders in Maryland winds up on Saturday, May 19.  An EU summit is scheduled for Wednesday, the same day that the OECD Economic Outlook will be published and that minutes from the Bank of England early-May meeting are being released.  Some of the central bankers with public appearances include ECB President Draghi, Bank of Japan Governor Shirakawa, Adam Posen, David Miles and Charles Bean of the Bank of England, and Fed regional presidents Kocherlakota and Lockhart.  Next week has light schedules of central bank meetings — just Japan and South Africa — and meaningful data releases.

Japan reports customs clearance trade figures, consumer prices, the all-industry index and the index of leading economic indicators.  Some other Asian releases will be China’s manufacturing PMI index, Thai and Malaysian GDP, South Korean consumer confidence, Singapore industrial production, and Hong Kong, Singapore and Malaysian consumer prices. 

Preliminary purchasing manager survey results arrive for Germany, France and the whole euro area.  Other euro-wide releases will cover the current account, index of leading economic indicators, consumer sentiment, industrial orders and construction output.  Germany releases GDP, retail sales, consumer confidence and the IFO business climate index.  Italy reports the current account, consumer sentiment and retail sales, while Belgium releases both business sentiment and consumer confidence.  French business sentiment, Dutch unemployment, and Portugal’s current account also get announced.

Britain’s data calendar features revised 1Q GDP, retail sales, public finances, consumer prices and the CBI industrial trends survey.  Switzerland, the Czech Republic and Denmark report consumer confidence.  Poland and Norway release industrial production.  Icelandic and Polish consumer prices are scheduled, too.

U.S. releases next week do not include the biggest market movers.  The list features durable goods orders, existing and new home sales, the FHFA house price index, the Richmond Fed manufacturing index, the U. Michigan index of consumer sentiment and weekly observations of jobless claims, energy inventories, mortgage applications, chain store sales, and consumer comfort.   The Mexican and Brazilian current accounts are due.  Mexico also reports retail sales, and both the Mexican and Canadian indices of leading economic indicators will be arriving.

Indices of leading economic indicators also are due for South Africa and Australia.  New Zealand trade numbers and South African consumer prices will be reported as well.

Canadian markets are closed Monday for Victoria Day, and the U.S. Treasury market will observe an early closure next Friday to start the three-day Memorial Day weekend holiday.

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


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