Next Week

February 8, 2014

Monetary policy meetings are scheduled next week at central banks in Sweden, Iceland, Indonesia, South Korea, Russia and Peru.  More importantly, the new Fed Chairperson, Janet Yellen, delivers her first Humphrey Hawkins testimony on Tuesday in the House of Representatives (and reprised Thursday in the Senate).  Also, publication on Wednesday of the quarterly Bank of England Inflation Report will tweak forward guidance and present new macroeconomic forecasts.  BOE Governor Carney will speak on that occasion, and ECB President Draghi also speaks publicly on Wednesday.  The ECB monthly Bulletin gets published next week.  Besides Yellen, other Fed officials with scheduled public speaking events next week are Plosser, Lacker, Bullard, and Richard Fisher.

On Tuesday, Japanese markets will be closed for National Foundation Day, and Canadian Finance Minister Flaherty presents the annual budget.

Fourth-quarter GDP reports are due next week from the euro area, Germany, France, Italy, Spain, the Netherlands, Belgium, Austria, Portugal, Finland, Poland, Hungary, the Czech Republic, Cyprus, Norway, Greece, Malaysia and Peru.

Many countries are reporting CPI, trade, and industrial production statistics.

  • CPI:  Norway, Denmark, Greece, Belgium, Germany, Switzerland, the Czech Republic, Portugal, India, Romania, the Netherlands, China, Spain, Greece, Hungary, and Poland.
  • Trade balances:  Japan, Portugal, Taiwan, Denmark, India, Romania, Mexico, China, Netherlands, Euroland, Belgium and Peru.
  • Industrial production:  the United States, Euroland, France, Italy, Turkey, Malaysia, Mexico, India, Romania and South Africa.

In addition to industrial output, other arriving U.S. data next week will include retail sales, the NFIB small business sentiment index, business and wholesale inventories, import prices, capacity usage, and the Reuters/U. Michigan consumer sentiment index.  The monthly short-term energy outlook will be published, and there will be the usual assortment of weekly data figures for chain store sales, jobless insurance claims, energy inventories, mortgage applications, and consumer confidence.

Japanese releases next week include money and bank lending, the economy watchers index, machinery orders, the tertiary index, machine tool orders, the current account, consumer confidence, and corporate goods prices.

Besides the CPI and trade balance, China releases money and bank lending, foreign direct investment, and producer prices.  The Conference Board reports  its latest estimate of China’s index of leading economic indicators.  Some other Asia statistical highlights will be Singapore retail sales, South Korean unemployment, Indian producer prices and Malaysia’s current account.

Australian’s data calendar features the monthly labor statistics and includes mortgage loans, business confidence and conditions, and expected inflation.  New Zealand house prices, food prices and business PMI get reported.  So do Turkey’s current account and South African retail sales, unemployment, and wholesale turnover.

The statistical focus in Euroland will be the aforementioned GDP and industrial output numbers.  The Sentix gauge of investor sentiment toward the euro area also arrives.  So do the Irish PMI construction survey, Finnish, Spanish, and Dutch retail sales, the French, Portuguese and Finnish current accounts, and Greek import prices and unemployment.

In Britain, the Royal Institute of Chartered Surveyors’ house price balance index arrives.  So do same store sales, construction output, and the index of leading economic indicators.  Switzerland reports unemployment and producer/import prices.  Iceland and Sweden also release jobless rates.  So does the Czech Republic, which along with Poland also reports current account figures.  Norway releases the PPI as well as the CPI.

Canadian housing starts, home prices, and survey of manufacturing shipments, inventories and orders are on top, as are Brazilian retail sales.

As the host country, Russia will be in the news spotlight throughout the first week of the Sochi Olympic Games.

Copyright 2014, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



Comments are closed.