Next Week

February 21, 2014

Central bank interest rate meetings will be held in Israel, Brazil and Colombia during the final week of February.  A speech on Thursday by Chairperson Janet Yellen leads a lengthy list of Fed officials making public statements next week.  Such also includes Rosengren, Tarullo, Pianalto, Evans, Lockhart, Plosser, Kocherlakota and Stein.  Bank of England Governor Carney will also be making comments for public record.

The U.S. data calendar includes revised GDP and several more housing market indicators (Case Shiller, FHFA, new home sales, and pending home sales).  Another focus will be manufacturing with the release of three different Federal Reserve regional manufacturing indices from Dallas, Richmond and Kansas City, plus the Chicago Fed National Activity Index, and the Chicago and Milwaukee purchasing manager surveys.  Markit Economics, whose manufacturing PMI released this past week far exceeded expectations, reports preliminary finding in its monthly services PMI.  Three measures of consumer confidence get released: one monthly by the Conference Board, another jointly by Reuters and U. Michigan that revises its early February report, and finally Bloomberg’s weekly gauge of consumer comfort.  Other weekly data will cover jobless insurance claims, chain store sales, mortgage applications and energy inventories.

Japan has its usual end-of-month slew of releases for industrial production, retail sales, household spending, housing starts, construction orders, unemployment, employment, small business sentiment, corporate service prices, consumer prices, and manufacturing PMI. 

From elsewhere in Asia, investors will learn the latest data on Chinese house prices and index of leading economic indicators; Indian and Hong Kong GDP; Taiwanese, South Korean and Singaporean industrial production; Malaysian and Singaporean producer prices; Hong Kong and Thai trade balances; and South Korean consumer confidence and current account.

Canada will be reporting both December and 4Q13 GDP as well as the quarterly current account and monthly average weekly earnings. Brazil also releases GDP, while Mexico reports retail sales, the trade and current accounts, wholesale turnover and the index of leading economic indicators.

Australian releases next week include construction completions, new home sales, money and credit growth, and fourth-quarter business investment.  New Zealand trades, building permits, business sentiment and money growth will be release.  Turkey and South Africa also report trade data.  Other planned South African releases are GDP, the PPI and the index of leading economic indicators. 

Turning to Europe, Britain reports revised GDP, as well as consumer confidence, the monthly index of services, M4 money, mortgage lending, the Nationwide house price index and the CBI distributive trades survey of latest trends.  Swiss GDP, index of leading economic indicators and UBS gauge of consumption are scheduled.  In eastern Europe, the Czech Republic reports consumer and business confidence as well as producer prices.  Poland releases unemployment, GDP and retail sales, and Hungarian producer prices are due.  From the Nordic countries, there will be reports covering Icelandic consumer and producer prices; Swedish retail sales, trade balance, PPI and GDP; Danish GDP; and Norwegian unemployment and retail sales.

Euroland chimes in with reports on consumer prices, money and credit growth, business and consumer sentiment, and unemployment.  Individual country statistics being released within the euro area are the German IFO business climate index and German consumer confidence, unemployment, preliminary CPI, import prices, retail sales and revised GDP; French business sentiment, consumer confidence, consumer spending, and PPI; Italian unemployment, consumer confidence and retail sales; Spain’s CPI, PPI, current account and revised GDP figures; Belgian and Dutch business sentiment; Finnish producer prices, GDP, and consumer sentiment; Austria’s manufacturing PMI, industrial output, and CPI; and Greek producer prices, trade balance, and retail sales.

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



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