Next Week’s Menu: January 16-22, 2021

January 15, 2021

Central Banks: Many central bank policy reviews are scheduled next week, involving among others Canada, Japan, Euroland, Mexico, Norway, Turkey, South Africa, Malaysia, Brazil, Ukraine, China, and Indonesia. European Central Bank President Lagarde, Bank of Canada Governor Macklem, and Bank of Japan Governor Kuroda will be holding press conferences, and the Bank of England’s Haldane, a member of the monetary policy committee, speaks publicly as well. The ECB’s bank lending survey results will be published. The Bank of Canada and Bank of Japan meetings coincide with the release of updated forecasts in their Monetary Policy Report and Outlook for Economic Growth and Prices, respectively.

Holidays and Special Events: U.S. security risks from domestic far-right terrorists center on the period from Sunday through Wednesday. Monday, when America observes Martin Luther King Jr. Day, especially bears watching as racism is central to the Trump base’s cause. Wednesday is the Biden inauguration ceremony, and the start of President Trump’s senate impeachment trial could begin as early as then. Elsewhere, there is a Christian Democratic Union leadership vote scheduled tomorrow. Chancellor Merkel, that party’s leader, plans to step down when her current term expires in September. EU finance ministers will be meeting on Tuesday, and EU political leaders begin a summit on Thursday.

Scheduled U.S. Economic Data Releases: Existing home sales, the NAHB housing market index, Treasury-compiled capital flows, housing starts, building permits, Philly Fed manufacturing index and the IHS-compiled preliminary PMI survey findings. Also weekly jobless insurance claims, consumer comfort, chain store sales, mortgage applications, and energy inventories.

Japanese and Chinese Statistical Releases: Japanese customs trade, preliminary purchasing manager survey results, consumer prices, capacity utilization, and revised industrial production. Chinese quarterly GDP and monthly retail sales, unemployment, industrial production, and fixed asset investment.

Selected Other Asian Releases: Trade balances of Singapore, Thailand, and the Philippines. Malaysian and Hong Kong CPI. South Korean GDP and PPI. Taiwanese and Hong Kong unemployment. Hong Kong business confidence and India’s index of leading economic indicators.

Euroland: ZEW index of investor expectations, revised CPI, preliminary estimate of consumer confidence, new motor vehicle sales, in preliminary purchasing manager survey results.

Members of the Euro Area: German and French PMI survey preliminary findings. German, Italian, Austrian and Cypriot consumer prices. Irish, Dutch and Belgian consumer confidence. Greek and Italian current accounts. Spanish and Italian trade balances. German, Irish and Portuguese producer prices. French business confidence and index of leading economic indicators. Italian industrial orders, Portuguese industrial production, and Dutch unemployment.

U.K. and Switzerland: British CPI, PPI, house prices, purchasing managers survey, retail sales, public sector net borrowing, consumer confidence, industrial trends survey, Rightmove house price index, new car sales and quarterly productivity. Swiss PPI, import prices and trade balance.

Eastern Europe: Polish and Russian industrial production. Polish and Czech PPI. Polish CPI and retail sales.

Nordic Europe: Danish consumer confidence, Iceland’s CPI, Swedish unemployment, and Norwegian business confidence.

Australia and New Zealand: Australian quarterly CPI and monthly labor statistics, consumer confidence, new home sales, preliminary purchasing manager survey, import prices, and index of leading economic indicators. New Zealand quarterly retail sales and business confidence, plus monthly manufacturing PMI index.

South Africa, Turkey and Israel: South African CPI, retail sales, wholesale turnover, and business confidence. Turkish consumer confidence and Israeli GDP.

Canada and Mexico: Canadian CPI, retail sales, home prices, housing starts and survey of manufacturing sales, orders, and inventories. Mexican unemployment and index of leading economic indicators.

Copyright 2021, Larry Greenberg. All rights reserved. No secondary distribution without express permission.



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