Next Week

October 27, 2017

Central Banks: The identity of the next Federal Reserve Chairperson is expected to be revealed next week. The FOMC meets Tuesday and Wednesday for its penultimate policy review of 2017. Other central bank policy meetings are scheduled at the Bank of England, Bank of Japan, and Czech National Bank. A majority of analysts expect to see the first British central bank interest rate hike in a decade. The BOJ will be publishing its Outlook for Economic Activity and Prices with updated macroeconomic forecasts. Press conferences are scheduled after the BOJ and BOE meetings, presided over by BOJ Governor Kuroda and BOE Governor Carney. Fed officials also speaking late in the week include Kashhari and Bostic.

Clocks Time Change in Europe: Daylight savings time will end early on October 29. This will temporarily narrow the time difference with North America by an hour.

Holidays: All Saints Day on Wednesday in much of Europe, All Soul’s Day in Mexico and Brazil on Thursday, and Japan’s Culture Day on Friday.

Purchasing Manager Surveys: A slew of October surveys will be reported during the week covering manufacturing and non-manufacturing activities.

Scheduled U.S. Economic Statistical Releases: Quarterly productivity, unit labor costs and employment cost index. Monthly personal income and spending, PCE price deflator, ADP estimate of private jobs, Labor Department labor force survey, Dallas Fed manufacturing index, Chicago regional PMI, Case Shiller house price index, Conference Board consumer confidence index, trade balance, construction spending, trade balance, factory orders, and motor vehicle sales. Weekly jobless insurance claims, consumer comfort, mortgage applications, energy inventories, and chain store sales.

Japanese Data: Retail sales, industrial production, housing starts, construction orders, unemployment, auto production and sales, small business sentiment, consumer confidence, real household spending and income, and the monetary base.

Other Selected Asian Releases: South Korean retail sales, industrial production and consumer confidence. Thailand’s trade balance, CPI and PPI. Indonesian consumer prices and Hong Kong retail sales.

Euroland: Third-quarter GDP. Retail sales, unemployment, consumer prices, economic sentiment and the index of leading economic indicators.

Members of the Euro Area: German CPI, retail sales and unemployment. French GDP and PPI. Italian CPI, PPI and jobless rate. Spanish current account, unemployment, GDP and consumer prices. Cypriot, Greek, and Austrian producer prices. Portuguese retail sales, industrial production and consumer confidence. Austrian GDP and unemployment. Belgian GDP, Finnish trade balance, Irish unemployment, and Cypriot industrial output.

U.K. and Switzerland: British consumer confidence, shop prices, Halifax house price index and money growth. Swiss retail sales, consumer confidence, and index of leading economic indicators.

Nordic Europe: Norwegian unemployment and retail sales. Icelandic PPI.

Eastern Europe: Czech and Hungarian trade balances. Romanian and Hungarian producer prices. Czech unemployment.

Canada, Brazil and Mexico: Canadian labor statistics, PPI, and trade balance. Brazilian industrial output, unemployment and trade balance. Mexican GDP.

Australia and New Zealand: Australian money and credit growth, new home sales, trade balance and building consents. New Zealand 3Q labor statistics, business sentiment and building permits.

Turkey and South Africa: Turkish and South African trade balances. Turkey’s CPI and PPI. South African unemployment and money growth.

Copyright 2017, Larry Greenberg. All rights reserved. No secondary distribution without express permission.



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