Next Week

September 13, 2013

Next week’s main event is the FOMC two-day meeting and Wednesday’s release of new projections and statement on tapering.  Bernanke will hold a post-meeting press conference.  Other central bank meetings are scheduled in Switzerland, India, Norway, and South Africa.  The Bank of England and Reserve Bank of Australia will publish minutes of their meetings earlier this month.  BOJ Governor Kuroda has a scheduled speech, and Kocherlakota, George and Bullard are some of the Fed District Presidents with speaking engagements.  Speculation is high that President will confirm that Larry Summers is his choice to be the next Fed Chairman.  The nomination requires senate confirmation, and the Chairman’s term will commence at the end of January.

There are holiday closures in Japan Monday for Respect for the Aged Day and in China on Thursday-Friday for the autumn festival.  One week before national elections, voters in Bavaria, Germany, select their regional leaders.

Scheduled U.S. data releases will feature consumer prices, industrial production and the quarterly current account.  Other items on the U.S. data calendar include the Empire State and Philly Fed manufacturing indices, the National Association of Home Builders housing index, existing home sales, the index of leading economic indicators, and Treasury-compiled capital flows.  Also of interest will be the usual weekly figures on jobless insurance claims, chain store sales, consumer comfort, mortgage applications, and energy inventories.

Euroland reports on consumer prices, labor costs, the current account and trade balance, construction output, consumer confidence, car sales, and the ZEW index of investor sentiment.  Some national data releases of note from the currency union include the ZEW indices for Germany, Italian industrial orders, Spanish trade numbers, the Greek current account, Dutch and Belgian consumer confidence, and Irish GDP.

British retail sales, consumer prices, producer prices, home prices (from ONS), industrial trends (from CBI), and public sector borrowing are on tap.  So are Swiss trade figures, Swedish unemployment, Icelandic wages, Polish industrial output, Danish consumer confidence, and Polish and Danish retail sales.

Japan is releasing customs trade figures, department store sales, the all-industry index and revised index of leading economic indicators.  Some of the other Asia data arrivals will be Indian wholesale prices, South Korean producer prices, Chinese foreign direct investment and property prices, Malaysian consumer prices, Singapore’s trade balance, and the Filipino current account.

Australian motor vehicle sales and index of leading economic indicators are scheduled.  So are GDP from Israel and New Zealand, South African consumer prices and retail sales, and Turkish unemployment.

Canadian economic data releases next week include consumer prices, wholesale turnover, and the monthly survey of manufacturing sales, orders and inventories.  Mexico reports unemployment.

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



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