THE WEEK AHEAD

The week of the 8th through the 11th, though shortened by the holiday, will not be without some major economic data releases. Attached below is a snapshot of some (though far from all) of the headline numbers that we will be focused on.

Tuesday September 8

North America: Weekly ABC Consumer Comfort index data will be released on Tuesday. The Treasury will hold a 3 year note auction at 1 PM while the Federal Reserve will release Consumer Credit figures for July in the evening. July Building Permits will be released in Canada.

Europe: Germany will see the release Current Account, Trade and Industrial Production Data for July on Tuesday morning while in the UK Industrial and Manufacturing Production data for July will also be announced.

Asia: In Australia, Retail Trade and Housing Finance figures for July will be issued.

Wednesday September 9

North America:  Weekly MBA Mortgage application data will be released on Wednesday morning, as will EIA oil gas and distillate stock levels as well as ICSC and Redbook figures which were pushed behind one day by the holiday. At 1 PM the Treasury will auction 10 year notes while at 2 PM the FOMC Beige Book will be released. We will be anxious to hear the comments of Chicago Fed Governor Evans when he addresses the Council on Foreign Relations on Wednesday morning as part of an event titled “The Great Inflation Debate".  August Housing Starts will also be published in Canada on Wednesday morning.

Europe: German CPI for August will be issued on Wednesday morning with a 7 Billion Euro 2 year Schatz offering will be held at 5:15 AM. In the UK, Trade Balance data for July will be also issued.

Asia:  In Japan August CPGI and July Machinery Orders will be released on Wednesday morning. In the Evening South Korea will release August PPI and Australian August Unemployment data will also be released.

Thursday September 10

North America:  Census Bureau Goods and Services Trade data for July will be released on Thursday, while Weekly Initial Claims, EIA Natural Gas Stock and Fed M2 figures will be also be released through the day at their normal times. At 1 PM, the Treasury will auction 30 year bonds. Thursday morning will see BOC rate announcements and Merchandise Import and Export data for July released in Canada

Europe: In France Industrial Production, Manufacturing Production and Trade Balance data for July will be issued on Thursday morning while august CPI will be issued in both Sweden and Norway. Final Q2 GDP, Consumption, Investment and Trade data will also be released in Italy.

Asia:  Indian Weekly Wholesale Inflation figures will be released on Thursday. Japanese Q2 GDP will be released at 8 PM while, later that evening, a slew of critical data will be issued in China including August Exports, Imports, Retail Sales, CPI, PPI, M2 and Industrial Output. We have been writing frequently about the changing nature of internal demand in China, but Export data will be of special interest to us this month as we look for signs that recovery abroad (particularly in the EU) is being felt by Chinese companies.

 

Friday September 11

North America: August Export and Import Price data will be released at 8:30 AM on Friday, while preliminary Michigan Sentiment figures for September will be published at 9:55 and Wholesale Inventory data for July will be released at 10.  At 2 PM the Treasury Budget for August will be announced. In Canada new Home Price Index levels for July will be released.

Europe:   Swedish Q2 GDP will be announced on Friday morning. CPI figures for August will also be released in Spain while in the UK PPI for August will be announced. In Italy, Industrial Production figures for July are scheduled for release.

Asia: Japanese Consumer Confidence for august will be issued on Friday morning, as will Indian Industrial Output data for July.

Andrew Barber

Director