Here's the Economic Calendar for the week commencing the 16th of August 2010. This week the key economic events start with Japan on Monday releasing its Q2 GDP stats, also on Monday is China with its foreign direct investment figures, and the CB leading index. Throughout the week there will be a few inflation metrics out; EU CPI, UK CPI, US PPI and capacity utilisation, NZ PPI, and Canada CPI. There's also monetary policy meeting minutes due from the Bank of England, and the Reserve Bank of Australia; speaking of which, there's also the Australian elections at the end of the week.
(More commentary follows the table)
|CNY||Foreign Direct Investment ytd/y||19.6%|
|MON||00:00||CNY||CB Leading Index m/m||0.8%|
|MON||00:00||JPY||Gross Domestic Product Annualized (2Q)||2.3%||5.0%|
|MON||00:00||JPY||Nominal Gross Domestic Product (QoQ)||-0.3%||1.3%|
|MON||00:00||JPY||Gross Domestic Product (QoQ) (2Q P)||0.6%||1.2%|
|MON||00:00||JPY||Gross Domestic Product Deflator (YoY)||-1.8%||-2.8%|
|MON||09:00||EUR||Euro-Zone CPI - Core (YoY) (JUL)||1.0%||0.9%|
|MON||09:00||EUR||Euro-Zone Consumer Price Index (YoY)||1.7%|
|MON||12:30||USD||Empire Manufacturing (AUG)||8.25||5.08|
|MON||01:30||AUD||Reserve Bank's Board August Minutes|
|TUE||08:00||EUR||Euro-Zone Current Account s.a. (euros)||-5.8B|
|TUE||08:00||EUR||Euro-Zone Current Account n.s.a. (JUN)||-16.7B|
|TUE||08:30||GBP||Core Consumer Price Index (YoY) (JUL)||3.1%|
|TUE||08:30||GBP||Consumer Price Index (YoY) (JUL)||3.1%||3.2%|
|TUE||12:30||USD||Housing Starts (JUL)||549K|
|TUE||12:30||USD||Building Permits (MoM) (JUL)||2.1%|
|TUE||12:30||USD||Producer Price Index (YoY) (JUL)||4.2%||2.8%|
|TUE||12:30||USD||PPI Excluding Food & Energy (YoY) (JUL)||0.2%||1.1%|
|TUE||13:15||USD||Industrial Production (JUL)||0.5%||0.1%|
|TUE||13:15||USD||Capacity Utilization (JUL)||74.5%||74.1%|
|TUE||21:00||USD||ABC Consumer Confidence (AUG 15)|
|TUE||00:30||AUD||Westpac Leading Index (MoM) (JUN)||0.2%|
|WED||05:00||JPY||Coincident Index (JUN F) (JUN F)|
|WED||05:00||JPY||Leading Index (JUN F) (JUN F)|
|WED||08:30||GBP||Bank of England Minutes (AUG 18)|
|WED||22:45||NZD||Producer Prices- Outputs (QoQ) (2Q)||1.8%|
|WED||22:45||NZD||Producer Prices- Inputs (QoQ) (2Q)||1.3%|
|WED||03:00||NZD||ANZ Consumer Confidence Index (AUG)||115.6|
|THU||06:15||CHF||Trade Balance (Swiss franc) (JUL)||1.77B|
|THU||08:30||GBP||Retail Sales With Auto Fuel (YoY) (JUL)||1.1%||1.3%|
|THU||08:30||GBP||Retail Sales (YoY) (JUL)||3.1%|
|THU||12:30||CAD||Leading Indicators (MoM) (JUL)||1.0%|
|THU||12:30||CAD||Wholesale Sales (MoM) (JUN)||-0.1%|
|THU||12:30||USD||Initial Jobless Claims (AUG 14)||480K||484K|
|THU||14:00||USD||Leading Indicators (JUL)||0.1%||-0.2%|
|THU||14:00||USD||Philadelphia Fed. (AUG)||7.5||5.1|
|THU||22:45||NZD||New Zealand Net Migration s.a. (JUL)||70|
|FRI||11:00||CAD||Consumer Price Index (YoY) (JUL)||1.0%|
|FRI||11:00||CAD||Bank Canada CPI Core (YoY) (JUL)||1.7%|
For what is a relatively quiet week, the main event will be on Monday with Japan releasing its second quarter GDP numbers. The Japanese economy is projected to have grown 2.3% on an annualised basis in Q2, or 0.6% on a quarter over quarter basis... and about -0.3% quarter on quarter on a nominal basis (hmm I guess that's where having deflation is a good thing?). Japan also has a few other minor indicators out during the week e.g. the coincident and leading indexes. Anyway, the Japanese economic recovery is relatively entrenched thanks to the normalization of global trade volumes, but of course it still faces the demographic challenge, the fiscal challenge, and of course the deflation challenge.
As noted, much of the data releases this week will inform the view on the inflation situation. The first up will be the EU with July year on year inflation projected to increase slightly, then there's the UK with it's own RPI and CPI - expected to remain static around 3%. Then the US releases PPI on Tuesday, which is expected to spike up on the back of food and energy prices; there is also an expectation that capacity utilisation will also edge up slightly. New Zealand also releases its PPI stats on Wednesday, followed by Canada with its CPI or Consumer Price Index data on Friday.
There is a scattering of other interesting data points out during the week, including China's foreign direct investment numbers and its leading index; which will add to the picture seen last week when the major data release was made. Other releases of note are EU current account for June, US industrial production (which is expected to increase slightly), US ABC Consumer Confidence index, NZ ANZ consumer confidence index, UK retail sales, and NZ net migration.
While there's no major monetary policy moves on the calendar, there is the meeting minutes due from the Reserve Bank of Australia, which will likely be pretty straightforward; in line with the messaging that was in the recent monetary policy announcement where they left rates unchanged at 4.5%. The Bank of England is also set to release its minutes on Wednesday; this one will be more interesting because the Bank of England doesn't really say much when it announces its decisions (which were recently to hold the rate at 0.50% and the APP at GBP 200 billion). On the policy front, its worth noting that Australia has its elections on Friday/Saturday.
So as always, have a great week, watch out for surprises, and stay tuned for updates...