Next Week

April 11, 2014

The IMF/World Bank spring meetings in Washington, D.C. continue to run through the weekend of April 12-13.  Later today, a communique will be released jointly by the Group of Twenty finance ministers and central bank leaders.  Later next week, the Bank of Japan’s holds a quarterly branch managers meeting, the Federal Reserve Beige Book will be published and minutes arrive from the last Reserve Bank of Australia Board meeting.  ECB President Draghi and Bank of Japan Governor Kuroda speak publicly.  So will Federal Reserve Chair Janet Yellen and a number of other Fed officials including Stein, Lockhart, Rosengren, Plosser and Kocherlakota. 

The central banks of Canada, Chile, and Serbia have scheduled interest rate policy meetings next week.

Markets will become very thin from mid-Thursday onward ahead of the Good Friday/Easter holiday.  Many will stay closed April 21 for Easter Monday.

The U.S. data release calendar next week includes consumer prices, retail sales, the Empire State and Philly Fed manufacturing indices, the National Association of Home Builders housing market index, housing starts, building permits, industrial production, capacity usage, the index of leading economic indicators and the usual weekly observations of jobless insurance claims, consumer comfort, chain stare sales, energy inventories, and mortgage applications.

Several Chinese indicators will be reported — first quarter GDP and monthly money growth, bank lending, foreign direct investment, business sentiment, fixed asset investment, retail sales, industrial production and property prices.

Japan will be releasing revised industrial output, consumer confidence, the tertiary index of service-sector activity, department store sales, and machine tool orders. 

Some other Asian releases of note will be Indian wholesale prices, South Korean and Malaysian consumer prices, South Korean and Singaporean trades, and Singaporean GDP and retail sales.

From the euro area, bloc-wide data will encompass industrial production, the trade and current accounts, and consumer prices.  German and Portuguese producer prices, Dutch and Belgian consumer confidence, Finnish, Austria and Italian consumer prices, plus Spanish, Italian, and Belgian trade numbers arrive.  So does the Irish construction purchasing managers index, Greek and Portuguese current accounts, and Dutch retail sales.  The German ZEW Institute reports on investor sentiment toward Germany and the euro area, and the Conference Board releases Spain’s index of leading economic indicators.

Further to the east, Poland and the Czech Republic will each release producer prices, and Polish consumer prices and industrial output are also scheduled.

Britain reports several price and wage data: the CPI, RPI, PPI, DCLG gauge of home prices, and average weekly earnings.  Other arriving labor statistics are the ILO and Claimant jobless rates and employment.  The British Rightmove home price index and same store sales are due, too.

Swiss and Danish producer prices, Icelandic consumer prices and unemployment and Turkey’s jobless rate will be announced during the week. 

In the Southern Hemisphere, Australia reports business sentiment, motor vehicle sales and the index of leading economic indicators.  South Africa releases both retail sales and wholesale turnover data.  First-quarter CPI inflation tops New Zealand’s data calendar that also includes consumer confidence and the service-sector purchasing managers index.

In the non-U.S. parts of the Western Hemisphere, Canada has scheduled the release of consumer prices, existing home sales and its monthly survey of manufacturing shipments, orders and inventories.  Peruvian GDP and Brazilian retail sales arrive as well.

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



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