Next Week

February 22, 2013

The coming week has two enormously important political events, Italy’s parliamentary election on Sunday and Monday, the outcome of which which will influence whether that country implements promised austerity and other reforms.  Friday is the sequestration deadline in the United States.  Estimates vary on how great a drag on growth and confidence such will exert if not modified.

The main central banking event of the week will be the semi-annual Humphrey-Hawkins testimonies on the U.S. economy and monetary policy by Fed Chairman Bernanke before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday.  Elsewhere, central banks in Israel and Hungary hold interest rate-setting policy meetings, and minutes will be published from the last Swedish Riksbank policy meeting.

A considerable volume of economic data gets released next week including manufacturing purchasing managers survey results for Euroland, Germany, France, Spain, Italy, the Netherlands, Greece, Ireland, Switzerland, Turkey, Poland, Denmark, Japan, Australia, Britain, the United States, China, India, Sweden, the Czech Republic, Hungary, Indonesia, Vietnam, Taiwan, Russia, Brazil, South Africa, Norway and Mexico.

Other Scheduled U.S. statistical releases will be the Dallas, Richmond, and K.C. Fed manufacturing measures, the Chicago Fed National Activity Index, new home sales, pending home sales, the Case-Shiller and FHFA house price indices, durable goods orders, revised GDP, the Milwaukee and Chicago PMIs, personal income and expenditures, motor vehicle sales, construction spending, the Conference Board and U. Michigan consumer sentiment indices and weekly observations of jobless claims, chain store sales, consumer comfort, mortgage applications, and energy inventories.

Japan will be reporting consumer prices, corporate service prices, small business sentiment, housing starts, construction orders, auto output and sales, fourth-quarter business investment, industrial production, labor statistics, and international reserves.

Some other Asian releases involve South Korean industrial production, trade numbers, business sentiment, consumer confidence and current account; Chinese business sentiment; Hong Kong, Thai, Filipino, and Indonesian trades; Indian GDP; Singaporean and Thai industrial production; and Malaysian, Singaporean, and Thai producer prices.

Euroland money and credit, economic sentiment (including industrial and consumer confidence), index of leading economic indicators, flash reading of CPI inflation, and unemployment arrive.  So do German retail sales, unemployment, consumer confidence and CPI, French consumer spending, household confidence and PPI inflation, Italian business sentiment and CPI, Spain’s PPI, CPI, current account and GDP, Greek retail sales and producer prices, Irish GDP and retail sales; Portuguese business sentiment, Belgian consumer prices and Finland’s PPI, GDP, jobless rate and consumer confidence.

British releases next week cover revised GDP, the CBI distributive trades survey, the Nationwide and Hometrack house price indices, mortgage approvals, M4 growth, and consumer confidence.

There is a decent-sized calendar of Swiss releases — GDP, CPI inflation, and the index of leading economic indicators.  Nordic country releases include Swedish trade data, retail sales, GDP and the PPI; Danish GDP and unemployment; Norwegian retail sales and joblessness; and Icelandic trades and consumer prices.  From eastern Europe will come Polish and Hungarian retail sales as well as Czech business confidence and conditions.

Canada reports average weekly earnings, monthly and quarterly GDP, producer prices, raw material prices and the quarterly current account.  Mexico and Brazil each release trade numbers, and Brazil also will be reporting unemployment, producer price inflation, and GDP.

Australia’s list of upcoming releases shows construction completions, new home sales, private credit, commodity prices, and the index of leading economic indicators. New Zealand’s trade deficit, money growth and housing permits arrive, as do South African money and credit, producer prices, and GDP.  Both Turkey and South Africa report trade numbers.  Turkish capacity usage and consumer confidence are other scheduled reports.

Copyright 2013, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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