Next Week

August 24, 2012

Investors will pay particular attention next week to continuing key bilateral meetings among EU leaders such as talks between Italian Prime Minister Monti and German Chancellor Merkel on Wednesday and to developments at the Jackson Hole central banking Symposium at which Fed Chairman Bernanke speaks on Friday and ECB President Draghi addresses on Saturday, September 1.  Central bank interest rate meetings are planned in Norway, Brazil, Hungary, and Israel.

The Republican Party national convention in Tampa covers most of the coming week, Monday through Thursday.  The team of Mitt Romney and Paul Ryan will run on a very conservative social and fiscal party manifesto.

This will be the final week of the month and, as such, one with a lot of scheduled economic data releases.

The U.S. data calendar includes consumer confidence – both the Conference Board measure and the U. Michigan/Reuters index – the Case Shiller house price index, pending home sales, revised 2Q GDP, personal income and spending, the Richmond Fed manufacturing index, the Chicago and Milwaukee regional purchasing managers surveys, factory orders and weekly checks of consumer comfort, chain store sales, mortgage applications, energy inventories, and jobless insurance claims.

Canada will be releasing quarterly current account GDP figures, June supply-side GDP, producer prices, raw material prices, and wage earnings.  Some notable Latin American releases will be Brazilian GDP and Chilean industrial production.

Japanese data arriving next week are industrial output, retail sales, household spending, housing starts, construction orders, employment and unemployment, consumer prices, and the manufacturing purchasing managers survey. China also releases the manufacturing PMI.  Some of the other Asian indicators due next week are South Korean money growth, business and consumer confidence, current account and industrial output; Malaysian and Singaporean producer prices; Filipino trade and GDP; Hong Kong retail sales; and Thailand’s current account.

Australia’s data calendar shows building approvals, quarterly business investment, private credit growth, and construction work done.  New Zealand building permits also arrive, as do money aggregates and wages.  Turkey reports capacity usage and trade data, while South Africa releases GDP, M3, producer prices and trade figures.

Euroland’s preliminary CPI estimate, unemployment rate, index of leading economic indicators, and business and consumer sentiment indices arrive.  Germany will report the IFO business climate index, consumer confidence, consumer prices and unemployment.  France’s statistical agency, INSEE, releases business sentiment.  From Italy, investors will learn the latest trends in retail sales, consumer confidence, producer and consumer prices, unemployment and wages.  Spain reports GDP, CPI inflation, retail sales and the current account.  Portugal and Finland also release consumer confidence.  Greece reports trade figures, retail sales and producer prices.  Portugal reports on industrial production and retail sales.  Belgium releases consumer prices.

U.K. data to be reported next week are mortgage approvals, M4 money growth, consumer credit and consumer sentiment.  Sweden and Iceland release producer prices. Iceland also announces CPI results.  Sweden and Norway release retail sales.  The Swiss index of leading economic indicators and employment arrive.  So does Danish GDP.

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


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