Next Week

August 30, 2013

The main G20 event of 2013, the annual summit of Group of Twenty leaders, takes place in Saint Petersburg, Russia, on September 5-6.  That means the United States will likely attack Syria no later than Wednesday, because it’s easier to apologize for ignoring world opinion after the fact that to go to the conference trying to persuade fellow leaders to grant U.S. permission to launch a response.

The United States and Canada will be shut Monday in observance of holidays that honor workers.

On the central bank watching front, interest rate policy meetings are scheduled in Sweden, Japan, Euroland, Poland, the Czech Republic, Romania, Canada, Australia, Malaysia, and Mexico.  The Federal Reserve Beige Book of regional conditions and Japan’s monthly economic assessment will be published.  BOJ Governor Kuroda and ECB President Draghi lead press conferences on Thursday.

It’s PMI week around the world.  PMI is the acronym for purchasing managers index.  Most of the manufacturing  and service-sector PMI surveys arrive Monday and Wednesday, respectively.  The U.S. reports will be delayed a day because of the Labor Day closure.  Australian, German, and British PMI indices are also done for the construction sector in those countries.

Several nations report GDP and/or industrial production.  GDP figures arriving next week will cover the euro area, the Czech Republic, Australia, Greece, Portugal, Iceland, South Korea, Switzerland,, Finland and Cyprus.  Reports on industrial production will cover Britain, Germany, Denmark, Switzerland, Brazil, Spain, Hungary, the Czech Republic and Norway.

The U.S. data calendar is headline by the trio of labor market reports:  private jobs growth compiled by ADP, then weekly jobless claims and non-farm employment, unemployment and wages from the Labor Department.  Other U.S. releases next week will be motor vehicle sales, the trade balance, construction spending, the NAPM index of New York area conditions, factory orders, productivity and unit labor costs, consumer credit, and the IBD/TIPP optimism index.  Weekly chain store sales, energy inventories, consumer confidence and mortgage applications will also be monitored.

Japan’s monetary base, labor cash earnings, international reserves and 2Q business investment are on tap.  So are Thai, Filipino, South Korean, Indonesian and Taiwanese consumer prices, plus Hong Kong retail sales and Thai consumer sentiment.

Euroland producer prices and retail sales will be reported in addition to the revised GDP release.  German industrial orders, industrial output, and current account are due, as are French consumer spending, producer prices and consumer sentiment.

A number of British indicators will be released:  the Hometrack and Halifax house price indices, the trade balance, car sales, monthly GDP, shop prices, and same-store sales, plus the aforementioned industrial production.  Swiss consumer prices, Norway’s current account, Czech retail sales and current account, and Romanian producer prices and some of the other European data getting reported.

Like the United States, Canada is scheduled to release trade, jobs, unemployment, productivity, and unit labor cost statistics. Brazil reports trade and consumer prices, and Mexican consumer sentiment is due, too. 

Upcoming Australian releases besides GDP will cover retail sales, the current account, trade, and building approvals.  Turkey releases both consumer and producer prices.

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



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