Next Week

December 12, 2014

Central bank policy meetings will be held next week in the United States and Japan.  This FOMC meeting sees the release of updated forecasts and will be followed by followed by a press conference.  Other central banks with scheduled policy meetings next week are in Sweden, the Czech Republic, Hungary and Thailand.  Minutes of the Bank of England’s December monetary policy committee will be published, and so will results of stress tests on British banks. 

Japanese voters elect the lower chamber of the legislature this Sunday in a snap vote called by Prime Minister Abe.

The Bank of Japan’s quarterly survey of business conditions and expectations, the so-called Tankan, gets published.  Other Japanese data releases next week are the all-industry index, the manufacturing PMI, the index of leading economic indicators, the customs trade balance, department store sales and machine tool orders.

Some of the other scheduled economic data releases in other Asian economies are Chinese business sentiment, property prices and manufacturing purchasing managers index, Indian wholesale prices, Malaysia’s CPI, Hong Kong’s current account, South Korea’s PPI, and the trade balance and retail sales in Singapore.

Scheduled U.S. releases include industrial production, consumer prices, the Philly Fed, Kansas City Fed and Empire State manufacturing indices, the National Association of Home Builders housing index, PMI indices compiled by Markit Economics, the Conference Board’s index of leading economic indicators, Treasury TIC statistics on capital flows, the quarterly current account and weekly observations of consumer comfort, chain store sales, mortgage applications, energy inventories, and jobless insurance claims.

Preliminary PMI readings for Germany, France and the whole euro area are due.  Other Ezone reports will cover labor costs, the current account, the trade balance, construction output, and consumer prices.  For Germany and France, investors will learn the latest indices of leading economic indicators and observations of business climate conditions.  The German IFO business climate index and ZEW Institute measure of investor sentiment are due, as are consumer confidence and producer prices.  Italian, Belgian and Spanish trade figures, and so are Italian wages and industrial orders.  Greek unemployment and Dutch and Belgian consumer sentiment are on the calendar, too, as are Irish and Portuguese producer prices.

Labor statistics and retail sales head a British data release calendar that also includes consumer confidence, the fiscal net borrowing requirement, the Rightmove house price index, consumer sentiment and the two CBI surveys covering industrial trends and distributive services.

Some other European releases next week will be Swiss producer prices and trade data, the Swedish PPI and CPI, Icelandic wage and CPI inflation, Danish producer prices, Polish industrial output and CPI, the Czech PPI, and the Norwegian trade balance.

Canada releases retail sales, wholesale turnover, existing home sales, and the monthly survey of manufacturing shipments, orders and inventories.

Indices of leading economic indicators are due for Brazil and Mexico, and the latter is releasing retail sales and unemployment.

Australia releases auto sales, while New Zealand’s GDP, current account and business sentiment index are arriving, too.  So is Turkish unemployment and South Africa’s PPI.

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



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