Thomas Raftis 8:19 Economic Indicators Monday 07 Activity today is likely to be quiet as there are no major indicators on today’s calendar. In Europe, Eurozone Sentix investor confidence index for October is expected to rise to 8.5 from 6.5. In Canada, building permits for August are coming out; expected to fall 7.4% mom after a rise of 20.7% mom in July. US consumer credit is apparently going to be released; it’s expected to have expanded by USD 12.0bn in August, a faster pace than USD 10.4bn in July, but will anyone be watching the US indicators? In the week ahead, the main point of interest will be the release of the minutes of the Fed meeting on 17-18th September, the one that shocked the markets by not starting the process of “tapering” off the monthly bond purchases. Fed Chairman Bernanke said this was due to “tight financial conditions,” which seems inexplicable as financial conditions are quite loose. Perhaps we will get more insight into what he meant by this. The other focus point will be on Thursday when the Bank of England Monetary Policy Committee meets. No change is expected as the Bank has pledged to keep rates at record lows as long as the unemployment rate remains above 7%. A day before, UK industrial production and manufacturing production for August are coming out. In the Eurozone, German factory orders and Industrial production will be out for August, which are expected to show a turnaround from a negative figure. On Friday, we get the final figure for the EU harmonized CPI for September. At the end of the week, Canada and Australia will release data on unemployment for September both of which are expected to remain unchanged; 7.1% and 5.8% respectively. In Japan, the balance of payments for August and the economy watchers survey current conditions for September are coming out on Tuesday. A partial shutdown of the U.S. government has begun to delay the release of data in the US. The Bureau of Labor statistics and the Bureau of Economic Analysis will not be releasing any economic data this week, so the weekly jobless claims and retail sales will not be released. However, other privately produced economic figures will continue to be published, such as the NFIB small business optimism for September as well as the University of Michigan survey of consumer confidence (preliminary figures) for October. A large number of central bankers will be speaking at the Institute of International Finance (IIF) annual meeting Frida and Saturday in Washington. The program will cover an overview and several perspectives on the macroeconomic environment as well as prospects ahead of the global economy. It will also tackle the challenges posted by existing QE in a number of mature economics. Speakers include ECB’s Praet, Asmussen and Coeure. BoJ’s Kuroda, Eurogroup’s Dijesselbloem, EU’s Olli Rehn, BoE Governor Tucker and RBI Governor Rajan. There are a number of other important speeches this week as the illustrious attendees to the IIF meeting take advantage of their visit to the US to reach more audiences. ECB’s Draghi speaks twice on Thursday in the US, while on the same day ECB’s Asmussen speaks on “The end of the Crisis – A Euro vision?” in Washington and BoJ Governor Kuroda speaks twice, once in New York and once in Washingon. There will also be a number of Fed speakers during the week, as usual.
Posted on: Mon, 07 Oct 2013 06:19:58 +0000
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