Next Week

December 22, 2017

Holidays: Most markets — Japan being a notable exception — will be closed Monday for Christmas. The Emperor’s Birthday holiday in Japan on December 23rd falls on a Saturday and so will not be associated with a closed business day there this year. In several countries markets will remain closed on Tuesday for either Christmas or Boxing Day, notably the U.K., Australia, New Zealand, Canada, Germany, France, Spain, Greece, Norway, Italy, South Africa, Switzerland and Hong Kong. Finally, some markets may close early on Friday, December 29 ahead of New Year’s Eve.

A Quiet Week for Central Banks: No major monetary policy reviews. The Bank of Japan will publish minutes of its October 30-31 meeting and a summary of the December 20-21 meeting. Neither changed interest rates. BOJ Governor delivers a speech on Tuesday.

Scheduled U.S. Economic Statistical Releases: Consumer confidence from the Conference Board, the Richmond and Dallas Fed manufacturing indices, pending home sales, the Case-Shiller house price index, the Chicago regional purchasing managers index, a preliminary advanced estimate of the U.S. trade balance, and weekly jobless insurance claims, chain store sales, consumer comfort, energy inventories and mortgage applications.

Japanese Data: Retail sales, household spending, consumer prices, unemployment, housing starts, industrial production, construction orders, auto production, corporate service prices, and the index of leading economic indicators.

Selected Other Asian Indicators: South Korean industrial production, retail sales, business sentiment and consumer confidence. Hong Kong and Thailand trade balances. China’s current account and corporate profits. Singapore’s PPI.

Australia, South Africa and Turkey: Australian and South African money and private credit growth. South African and Turkish trade balances.

Euroland: Money growth and bank lending.

Members of the Euro Area: German, Spanish and Greek retail sales. Spanish and German consumer prices. Italian, Austrian, Greek, and Cypriot producer prices. Spanish current account and Finnish trade.

U.K., Switzerland and Norway: British shop prices, consumer confidence, BBA-compiled mortgage approvals and Nationwide house price index. Swiss ZEW expectations index and UBS consumption indicator. Norwegian retail sales.

Mexico and Brazil: Mexican trade balance and Brazilian unemployment.

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




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