Next Week’s Menu: May 28 – June 3, 2022

May 27, 2022

Central Banks: Monetary policies will be reviewed in Canada, Hungary and the Czech Republic. A policy review had been scheduled for June 2 in Ukraine but presumably will be postponed. As explained previously, “under current conditions, market monetary instruments have limited impact on the money and FX markets. As the NBU announced in March, the central bank will start deploying the key policy rate and other monetary instruments again once the monetary transmission channels become effective again.” The Federal Reserve Beige Book that looks at regional U.S. economic conditions will be published Wednesday. Williams, Bullard, Logan and Mester are some of the Fed officials who will be speaking publicly during the period.

May Purchasing Manager Surveys: The heaviest flow of manufacturing surveys will be on Wednesday. Those for service sector activities mostly arrive on Friday. There are also some private, non-oil, and construction PMIs coming out in the week ahead.

Holidays and Special Events: U.S. Memorial Day on Monday, British spring bank holiday and Platinum Jubilee on Thursday-Friday, Italian Republic Day on Thursday, and China’s Dragon Boat Festival starts Friday. An EU leaders summit is scheduled early in the week, and OPEC oil ministers meet late in the week.

U.S. Statistical Releases: Quarterly productivity and unit labor costs. Monthly labor situation report, motor vehicle sales, consumer confidence, ADP estimate of private employment, FHFA and Case Shiller house price indices, Dallas Fed manufacturing index, and Chicago regional manufacturing PMI. Weekly jobless insurance claims, mortgage applications, energy inventories, and chain store sales.

Euroland Releases: Economic sentiment, consumer confidence, CPI, PPI, unemployment and retail sales.

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

U.K. and Switzerland: British money growth, bank lending, shop prices, and Nationwide house price index. Swiss trade balance, retail sales, GDP, CPI, and index of leading indicators.

Eastern Europe: Hungarian, Czech, Polish, and Russian GDP. Hungarian, Romanian, Russian and Polish retail sales. Hungarian and Romanian producer prices. Polish CPI and Russian business confidence.

Nordic Europe: Danish and Swedish GDP. Norwegian current account and Swedish trade balance. Danish and Norwegian retail sales. Danish business confidence and unemployment.

Japanese Releases: Retail sales, industrial production, business investment, monetary base, housing starts, construction orders, unemployment, and consumer confidence.

Other Asian Releases: Malaysian and Filipino producer prices. South Korea, Thai, and Indian trade balances. Thai and Singaporean retail sales. South Korean, Indonesian, and Thai CPI. Indian GDP, Filipino consumer sentiment, and Thai business confidence.

Australia and New Zealand: Australian corporate earnings, money and private credit growth, GDP, trade balance, retail sales and mortgage loans. Australian and New Zealand building permits. New Zealand business confidence, import prices and terms of trade.

South Africa and Turkey: South African money and private credit growth, trade balance, and industrial production. Turkish CPI, PPI, trade balance and GDP.

Canadian Releases: March and first-quarter GDP. Quarterly productivity. Monthly industrial production and building permits.

Mexico and Brazil: Mexican and Brazilian consumer confidence. Mexican consumer confidence and business sentiment. Brazilian GDP, CPI, industrial production and trade balance.

Copyright 2022, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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