Next Week

May 9, 2014

The focus next week will be on first-quarter GDP growth.  Economies for whom national income account data are being released range from Japan to the euro area, Russia, Czech Republic, Romania, Germany, France, Italy, the Netherlands, Austria, Hungary, Poland, Cyprus, Greece, Hong Kong and Peru.

Bank of Japan Governor Kuroda speaks publicly during the week, and so do four Federal Reserve officials led by Chair Yellen and including Plosser, Bullard and Lockhart.  Few central banks hold interest rate policy meetings in contrast to the many that did so this past week.  Chile is a notable exception.  A meeting of the European Council is planned in Brussels.

One of the heaviest data flows will involve Japan: bank lending, M3 money, the current account, bankruptcies, the economy watchers index, the tertiary index, corporate goods prices, machine tool orders, revised industrial production, capacity usage, consumer confidence and the aforementioned 1Q GDP.

The United States also has a pretty crowded data calendar that features retail sales, industrial production, capacity use, consumer and producer prices, the Treasury TIC data, both the Philly Fed and Empire State manufacturing indices, small business confidence compiled by NFIB, import prices, business inventories, housing starts, building permits, the U. Michigan consumer confidence index, the monthly federal deficit, and the usual weekly offerings of energy inventories, consumer comfort, jobless insurance claims, chain store sales and mortgage applications.

Besides GDP, investors will learn the euro area-wide figures on the trade balance, consumer prices and industrial production.  The ZEW Institute will report investor confidence in Euroland and Germany.  German wholesale and consumer price statistics also arrive.  So do French, Finnish, Portuguese, Austrian and Italian CPI, the French current account, Dutch retail sales and unemployment, Belgian and Dutch trade numbers, and the Irish construction purchasing managers index.

In Eastern Europe, Romanian, Czech, Hungarian and Polish consumer prices arrive.  Hungary and Romania also release industrial production.  Romanian trade numbers and Czech unemployment are scheduled, too.

British labor statistics are the main U.K. feature from an otherwise lean offering of same-store sales and index of leading economic indicators.  Swiss and Danish producer prices, Swedish consumer prices, the Norwegian trade balance, and Icelandic unemployment are some of the other European figures to be released.

Canada releases the monthly survey of manufacturing shipments, orders, and inventories.  Mexico reports industrial production, while Brazil releases retail sales.

The Australian budget will be presented.  Auto sales, home prices, and business confidence and conditions are some of the Aussie statistics scheduled for next week.  New Zealand will be releasing home prices and food prices, the business purchasing managers index, and first-quarter retail sales.  South Africa reports on both retail sales and wholesale turnover, while Turkish unemployment and current account highlight that economy’s data calendar.

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



Comments are closed.