Next Week

March 29, 2013

The first week of the second quarter, April and Japan’s fiscal year begins with a wide assortment of market closures in observance of Easter Monday.  These include Britain, Germany, Canada, Poland, Thailand, Greece, Hong Kong, Hungary, the Netherlands, Denmark, Belgium, the Czech Republic, France, Germany, Italy, South Africa, Switzerland, New Zealand and Australia. Chinese markets will be shut Thursday for the Qingming Festival honoring dead ancestors.

Attention will be particularly focused upon Japan’s central bank, which releases the quarterly corporate Tankan survey on Monday and holds the first policy meeting of the Kuroda stewardship.  Aggressive stimulus is likely to be unveiled Thursday, and the BOJ’s monthly economic assessment will be published on Friday.  Thursday also sees central bank policy announcements by the Bank of England and ECB.  Both Kuroda and ECB President Draghi will be holding press conferences on Thursday.  The Reserve Bank of Australia (Tuesday) and Bank of Thailand (Wednesday) also have scheduled policy meetings.  Many Fed officials speak publicly next week including Lockhart, Williams, Yellen, Evans, Bullard, Kocherlakota, George and Lacker.

It’s the week when markets will be flooded with purchasing manager survey results, first for manufacturing, then services and, in some cases, construction.

Besides two PMI reports, scheduled U.S. indicators to be released next week feature the monthly trio of labor market reports (ADP on Wednesday, claims on Thursday, and jobs, earnings and unemployment on Friday) and include auto sales, factory orders, the trade deficit, construction spending and weekly chain store sales, consumer comfort, energy inventories, and mortgage applications.

Japan reports reserves, the monetary base, labor cash earnings, and the index of leading economic indicators.  China’s index of leading economic indicators is also due, as are Thai, Filipino, Indonesian, and South Korean consumer prices, Malaysian and Indonesian trade numbers, Thai and Filipino producer prices and Hong Kong retail sales.

Euro-wide statistics for unemployment, revised GDP, and retail sales will be arriving.  Germany releases consumer prices and industrial orders, while Italy announces unemployment and its fiscal deficit. 

Several lower-tier British reports are on tap, including the Halifax house price index, new car sales, the money stock, mortgage approvals, consumer credit, and shop prices.  Retail sales will be released in Switzerland, Norway, the Czech Republic and HungaryDenmark and Romania release GDP.  Norway, Denmark and Switzerland report unemployment. Icelandic trade figures are also scheduled.

Canada has two key data releases, the trade balance and the monthly labor force survey.  The IVEY-PMI survey also arrives.  Mexican consumer confidence, Peruvian consumer prices and Brazilian trade and industrial output are some upcoming releases in Latin America.

Australia’s data calendar shows retail sales, the trade balance, home sales, and building permits.  Turkey will be reporting the CPI, PPI, and GDP figures.

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



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