Next Week

February 22, 2019

Central Banks: Monetary policy reviews in South Korea, Hungary, and Israel. Federal Reserve Board Chairman Powell testifies for two days on the economic outlook and monetary policy, first to the Senate Banking Committee on Tuesday and then the House Financial Services Committee on Wednesday. This so-called Humphrey Hawkins testimony is required twice yearly. Other Fed officials speaking in public next week include Bostic, Harker, and Vice Chairman Clarida. Mersch and Coeure of the European Central Bank and Suzuki and Kataoka of the Bank of Japan will be speaking publicly, too.

Holiday and Special Event: South Korea observes Independence Movement Day on Friday. Trump/Kim summit in Hanoi on Wednesday/Thursday. Michael Cohen testimony before House Oversight Committee starts Wednesday. Brexit takes center stage on Tuesday, when Prime Minister Theresa May informs Parliament on the latest state of Brexit negotiations on with the EU, followed by parliamentary discussion on Wednesday and several amendment votes to May’s plan.

Manufacturing Purchasing Manager February Surveys: U.S., Euroland, Japan, the Netherlands, Poland, Spain, Greece, Sweden, South Africa, Taiwan, Brazil, Canada, Mexico, Norway, Turkey, Russia, Ireland, India, Vietnam, Thailand, the Philippines, Malaysia, Indonesia, Great Britain, Germany, France, Switzerland, Italy, China, Austria, and Australia.

Scheduled U.S. Economic Data Releases: Retail sales, GDP, personal income and spending, motor vehicle sales, housing starts, building permits, Chicago Fed National Activity index, Chicago regional PMI, FHFA house price index, Case Shiller houseĀ  price index, Conference Board-compiled consumer confidence, U. Michigan consumer sentiment index, ADP estimate of private-sector employment, pending home sales, and factory orders. Also the monthly Richmond, Kansas City, and Dallas Fed manufacturing indices, and the usual weekly snapshots of new jobless insurance claims, chain store sales, energy inventories, consumer comfort, and mortgage applications.

Japanese Data: Unemployment, employment, retail sales, industrial production, housing starts, construction orders, motor vehicle sales, motor vehicle output, corporate service prices, consumer confidence, Tokyo consumer prices, index of leading economic indicators, and quarterly business investment, sales, and profits.

Selected Other Asian Releases: South Korean retail sales, industrial production, business sentiment, trade balance, and consumer sentiment. GDP of India, Singapore, and Hong Kong. Filipino, Malaysian and Singaporean producer prices. Singaporean and Indonesian consumer prices. Thai and Indonesian current accounts. Hong Kong and Thai trade balances. Singapore’s industrial production.

Euroland: Consumer prices, unemployment, money and credit growth, consumer confidence and economic sentiment.

Members of the Euro Area: German retail sales, consumer prices, unemployment, and import prices. French, Belgian, Portuguese and Finnish GDP. French, Italian, Spanish, Finnish, Austrian, and Greek producer prices. French, Italian, and Portuguese consumer confidence. Portuguese and Cypriot industrial production. Italian and Spanish business sentiment and consumer prices. Italian and Finnish unemployment. Greek, Irish, and Portuguese retail sales. Irish trade balance and French consumer spending.

U.K. and Switzerland: British shop prices, consumer confidence, M4 money growth, consumer confidence, mortgage applications, and Nationwide house price index. Swiss quarterly employment and GDP and monthly retail sales, investor expectations, and index of leading economic indicators.

Nordic Europe: Swedish, Danish, and Norwegian retail sales. Danish, Icelandic and Swedish GDP. Icelandic CPI and PPI. Norwegian and Swedish trade balances. Swedish and Norwegian consumer confidence. Norwegian unemployment.

Eastern Europe: Czech and Polish GDP. Czech and Hungarian producer prices. Czech producer prices, business sentiment and consumer confidence.

Australia and New Zealand: Australian money and credit growth, construction completions, and quarterly business investment. New Zealand retail sales, trade balance, terms of trade, business and consumer sentiment, and activity outlook.

Turkey and South Africa: Turkish and South African trade balances. South African PPI, money and credit growth, and producer prices.

Brazil and Mexico: Mexican GDP, current account, retail sales, unemployment, and trade balance. Brazil’s GDP, current account, unemployment and PPI.

Canada: GDP (4Q and December, current account, PPI, CPI and raw material prices.

Copyright 2019, Larry Greenberg. All rights reserved. No secondary distribution without express permission.



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