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Here's the economic calendar for the week commencing the 24th of May 2010. This week there's more GDP updates with the second estimates due out for Q1 in the US and UK. There's also trade figures due out from New Zealand, Japan, and Switzerland. And of course, there's the monthly S&P Case Shiller house prices index and the Conference Board Consumer Confidence index due out in the US (as well as personal income and expenditure).

(More commentary follows the table)

Day Time (GMT) Code Event/Release Forecast Previous
MON 12:30 USD Chicago Fed National Activity Index (APR) -7.0%
MON 14:00 USD Existing Home Sales (MoM) (APR) 4.7% 6.8%
TUE 3:00 NZD RBNZ 2-Year Inflation Expectation (2Q) 2.7%
TUE 8:30 GBP Gross Domestic Product (QoQ) (1Q P) 0.3% 0.2%
TUE 8:30 GBP Private Consumption (1Q P) -0.1% 0.4%
TUE 8:30 GBP Gross Fixed Capital Formation (1Q P) -0.3% -2.7%
TUE 8:30 GBP BBA Loans for House Purchase (APR) 37000 34905
TUE 9:00 EUR EU Industrial New Orders s.a. (MoM) (MAR) 2.5% 1.5%
TUE 13:00 USD S&P/Case-Shiller Composite-20 (YoY) (MAR) 2.4% 0.6%
TUE 14:00 USD Consumer Confidence (NYSE:MAY) 59 57.9
TUE 14:00 USD House Price Index (MoM) (MAR) -0.2%
WED 0:30 AUD Westpac Leading Index (MoM) (MAR) 0.5%
WED 12:30 USD Durable Goods Orders (APR) 1.3% -1.3%
WED 13:00 CAD Canada House Price Index (YoY) (APR) 9.9
WED 14:00 USD New Home Sales (MoM) (APR) 2.2% 26.9%
WED 22:45 NZD Trade Balance (New Zealand dollars) (APR) 455M 567M
WED 23:50 JPY Merchandise Trade Balance (Yen) (APR) 687.5B 666.2B
THU EUR German Consumer Price Index (MAY P) 1.2% 1.0%
THU 0:00 AUD Conference Board Leading Index (MAR) -0.3%
THU 1:30 AUD Private Capital Expenditure (1Q) 2.5% 5.5%
THU 7:15 CHF Employment Level (YoY) (1Q) -0.1%
THU 12:30 USD Gross Domestic Product (Annualized) (1Q S) 3.5% 3.2%
THU 12:30 USD Personal Consumption (1Q S) 3.7% 3.6%
THU 23:30 JPY National Consumer Price Index (YoY) (APR) -1.1% -1.1%
THU 23:30 JPY Jobless Rate (APR) 5.0% 5.0%
THU 23:50 JPY Retail Trade s.a. (MoM) (APR) -1.0% 0.8%
THU 23:50 JPY Retail Trade (YoY) (APR) 3.6% 4.7%
FRI 6:15 CHF Trade Balance (Swiss franc) (APR) 2.01B
FRI 12:30 CAD Current Account (BoP) (Canadian dollar) (1Q) -$7.0B -$9.8B
FRI 12:30 USD Personal Income (APR) 0.5% 0.3%
FRI 12:30 USD Personal Spending (APR) 0.3% 0.6%

Starting off with the GDP numbers, the UK and US are expected to report GDP broadly in line with the first estimates. The UK is expected to report q/q GDP growth of 0.3% vs 0.2% previously estimated. Meanwhile the US is expected to report 3.5% annualised vs previously announced 3.2% annualised (or 0.8% in proper q/q terms).

Japan, who announced its Q1 GDP result last week, will this week update on April numbers for Merchandise Trade, Unemployment, Inflation, and retail sales. So it will be a good chance to see where the Japanese economy is in its struggle to forge a strong sustainable economic recovery in the face of risks to global trade, fiscal challenges, and deflation.

Back to the US, the S&P Case Shiller house prices index will provide a good update as to where the ever vital US housing market is at. And the Consumer Confidence index, will likewise give an indication as to the health and prospects for the US consumer. Thus are the two drivers of the pre-crisis economy, this is one area I am watching - will these continue to be the growth engine, or will structural change and sustainability put the US on a new track?

So as always, have a great week, watch out for surprises, stay tuned for updates...

Sources

Disclosure: No positions

Source: Economic Calendar: More GDP Updates