Next Week

September 8, 2012

The week ahead will be a busy one from both an event and data release standpoint.

Events:  Central bank monetary policymakers meet in Korea, Indonesia, Switzerland, New Zealand, the Philippines but most importantly the Federal Reserve. Expectations are high that stimulus or strong hints of easing will be unveiled.  The rate announcement on Thursday at 12:30 local time will be followed by a press conference at 14:15 and the release of new FOMC macroeconomic forecasts.  There will also be a meeting of the EU Council, and Germany’s constitutional court plans to rule on the legality of the ESM and new fiscal compact.  Greece’s international creditors will be in country to assess that country’s compliance with mandated reforms.

Data: Scheduled U.S. releases feature retail sales, consumer prices, producer prices, industrial production, import prices, the trade deficit, consumer credit, the federal budget, the U. Michigan consumer sentiment index, small business sentiment, the IBD/TIPP optimism index, wholesale inventories, and weekly observations on jobless insurance claims, consumer comfort, mortgage applications, energy inventories, and chain store sales.

This is the week for the release of Chinese monthly figures covering the CPI, PPI, fixed asset investment, retail sales, industrial output, trade and money and lending growth.

Japan reports machinery orders, the tertiary index, the economy watchers index, the current account, money and credit growth, revised 2Q GDP, consumer confidence, corporate goods prices, machine tool orders, and the Ministry of Finances estimates of business sentiment.

Selected other Asian data highlights next week are Indian wholesale prices, industrial output and consumer confidence, Singapore retail sales, South Korean and Malaysian industrial production, and Hong Kong and South Korean producer prices.

Euroland releases industrial production, labor costs, and the Sentix measure of investor confidence.  Italian, Greek and Spanish consumer prices arrive.  So do French, Greek and Italian industrial production, French business sentiment, Dutch retail sales, and Irish, Portuguese, Dutch and Belgian trade numbers.

British trade numbers, labor statistics and RICs house price index are scheduled.  Swiss, Norwegian and Swedish producer prices will be announced.  Denmark reports the current account and CPI.  Other countries releasing consumer prices include Poland, the Czech Republic and Romania.  Romania and Hungary release industrial production. 

Australia’s data calendar shows business conditions and confidence, consumer sentiment, housing starts, expected inflation, and home loans.  Turkey and South Africa report industrial output, while New Zealand’s business PMI and Ireland’s construction PMI are to be reported.

Mexican trades and industrial output will be released.  In Brazil, the retail sales figures are on tap.

Canada releases trade numbers at the same time as the United States.  Other Canadian releases next week are the manufacturers survey, home prices, and housing starts.

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


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