The week of the 31st through the 4th will be busy, with a large number of economic data points scheduled for release in North America and Europe (while Asia will have relatively few). Attached below is a snapshot of some (though far from all) of the headline numbers that we will be focused on.
Monday August 31
North America
Q2 GDP for Canada will be released at 8:30 am. In the US, August USDA Agricultural Prices and Chicago PMI will also be released on Monday.
Europe
Eurozone aggregate and Italian CPI data for August will be released on Monday morning, as will Italian Retail Sales for July. The UK markets will be closed.
Asia
On Sunday evening Japanese Production, Shipments and Retail Sales for July, as well as August PMI will be released. Despite all the data, attention this weekend will be focused on the results of the national election as the LDP loses its grip on power after almost half a century.
Indian Q2 GDP will be announced on the 31st. CLSA PMI data for August will also be released in China on Monday morning, as will Japanese housing and construction data for July. The 31st will also see the release of South Korean Industrial Production data for July and trade data for August; South Korea is one of our favorite economies to follow and we expect that both production and shipments will continue to improve sequentially. Q2 Current Account Balance figures will be released by the Australian Bureau of Statistics.
Tuesday September 1
North America
On Tuesday Morning US ISM Manufacturing and Prices reading for August will be published, as will Construction Spending for July and Domestic Auto Sales for August. Weekly ICSC, Redbook and ABC Consumer Comfort index data will also be released.
Europe
Reuters PMI data will be released on Tuesday morning for the Eurozone and its major economy components. Switzerland will publish Q2 GDP on the 1st, while Eurozone unemployment and German Retail Sales for July are also slated for release. BOE lending, mortgage and M4 data for the UK in July will be announced at 4:30 AM EST.
Asia
Glenn Stevens will lead the RBA board meeting on Tuesday morning while Australian Q2 GDP will be announced on Tuesday evening. India will announce Trade Data for July while South Korea is scheduled to release FX Reserves and CPI for August. Japanese Auto Sales data will also be released that morning.
Wednesday September 2
North America
Factory Orders and Inventories for July will be released in the US as will Q2 productivity and Labor Cost data from the Department of Labor. Weekly MBA Mortgage application data will be released on Wednesday morning along with EIA oil gas and distillate stock levels. On Tuesday at 2PM the FOMC notes from the meeting on August 11-12 will be released.
Europe
On Wednesday second release Q2 GDP, Household consumption, Government expenditure and Trade data will be released at 5AM by Eurostat. German unemployment data and UK HBOS House Prices for August will also be released that morning.
Asia
A fairly quiet day for economic data in Asia with Australian Good and Services for Jul and August PMI figures from Singapore are the only major releases scheduled.
Thursday September 3
North America
After a slight decline last week, the market will be focused on Initial Claims data for the week of the 28th when it is released at 8:30 AM. ISM Non-Manufacturing and Priced data for August will be released at 10 AM, while weekly Natural Gas stock data will be announced at 10:35 by the EIA (a closely followed data point in the wake of the prior week’s bearish reading). Also on Thursday morning the Treasury Department will announce 3, 10 and 30 years.
Europe
Reuters August Services PMI for the Eurozone and its Major Economy components will be released on the 3rd, as will Eurozone Retail Sales for July. Both France and the UK will be holding bond auctions on Thursday morning (with Her Majesty’s Treasury attempting to place 2.25 GBP Billion in 30 year paper at 4.25%). A regularly scheduled ECB Rate press conference will be held at 7:45 AM.
Asia
Another light schedule with Weekly Wholesale Inflation data from India and MOF Q2 Capex data from Japan will be the primary releases
Friday September 4
North America
Both the US and Canada release August employment and Wage data before the market opens on Friday morning, With the Canadian figures scheduled for 7AM and US data Scheduled for 8:30. At 10 AM August IVEY PMI for Canada will be released.
Europe
Italian Trade data for June and Swiss GDP for August are scheduled to be released on Friday morning.
Asia
On Friday morning Taiwanese FX Reserve levels for August will be released.
