Here's the economic calendar for the week commencing the 19th of December 2010. This week there's New Zealand Q3 GDP results, as well as further revisions to the Q3 GDP results from the UK and US, New Zealand also puts out its 3rd quarter current account data. On the monetary policy front, the Bank of Japan will review policy, and the RBA and BoE will release minutes from their recent policy meetings. Elsewhere there's Canadian CPI, Japanese exports, and US consumer sentiment numbers.
(More commentary follows the table)
|MON||09:00||EUR||Euro-Zone Current Account n.s.a. (OCT)||-9.2B|
|MON||09:00||EUR||Euro-Zone Current Account s.a. (OCT)||-13.1B|
|MON||15:00||EUR||Euro-Zone Consumer Confidence (DEC A)||-9.00||-9.40|
|MON||21:45||NZD||New Zealand Net Migration SA (NOV)||680.00|
|MON||00:30||AUD||Reserve Bank's Board December Minutes|
|MON||04:30||JPY||All Industry Activity Index (MoM) (OCT)||-0.20%||-0.80%|
|TUE||05:00||JPY||Bank of Japan Rate Decision (DEC)||0.10%||0.10%|
|TUE||07:15||CHF||Trade Balance (Swiss franc) (NOV)||2.10B|
|TUE||09:30||GBP||Public Finances (PSNCR) (Pounds) (NOV)||12.3B||2.4B|
|TUE||09:30||GBP||Public Sector Net Borrowing (Pounds) (NOV)||16.8B||9.8B|
|TUE||12:00||CAD||Consumer Price Index (YoY) (NOV)||2.30%||2.40%|
|TUE||12:00||CAD||Bank Canada CPI Core (YoY) (NOV)||1.60%||1.80%|
|TUE||13:30||CAD||Retail Sales (MoM) (OCT)||0.50%||0.60%|
|TUE||13:30||CAD||Retail Sales Less Autos (MoM) (OCT)||0.70%||0.40%|
|TUE||21:45||NZD||Current Account Balance (3Q)||-2.304B||-0.880B|
|TUE||21:45||NZD||Current Account Deficit-GDP Ratio (3Q)||-3.40%||-3.00%|
|TUE||23:50||JPY||Merchandise Trade Balance Total (NOV)||¥481.7B||¥821.3B|
|TUE||23:50||JPY||Adjusted Merchandise Trade Balance (NOV)||¥626.3B||¥578.5B|
|TUE||23:50||JPY||Merchandise Trade Exports (YoY) (NOV)||10.30||7.80|
|TUE||23:50||JPY||Merchandise Trade Imports (YoY) (NOV)||9.00||8.80|
|WED||09:30||GBP||Total Business Investment (QoQ) (3Q F)||-0.20%||-0.20%|
|WED||09:30||GBP||Gross Domestic Product (QoQ) (3Q F)||0.80%||0.80%|
|WED||09:30||GBP||Gross Domestic Product (YoY) (3Q F)||2.80%||2.80%|
|WED||09:30||GBP||Bank of England Minutes (DEC)|
|WED||09:30||GBP||Total Business Investment (YoY) (3Q F)||4.60%||4.60%|
|WED||13:30||USD||Gross Domestic Product (Annualized) (3Q T)||2.80%||2.50%|
|WED||13:30||USD||Gross Domestic Product Price Index (3Q T)||2.30%||2.30%|
|WED||15:00||USD||House Price Index (MoM) (OCT)||-0.10%||-0.70%|
|WED||15:00||USD||Existing Home Sales (NOV)||4.75M||4.43M|
|WED||21:45||NZD||Gross Domestic Product (QoQ) (3Q)||0.10%||0.20%|
|WED||21:45||NZD||Gross Domestic Product (YoY) (3Q)||1.80%||1.90%|
|THU||13:30||CAD||Gross Domestic Product (MoM) (OCT)||0.30%||-0.10%|
|THU||13:30||USD||Personal Income (NOV)||0.30%||0.50%|
|THU||13:30||USD||Durable Goods Orders (NOV)||-3.30%|
|THU||13:30||USD||Durables Ex Transportation (NOV)||-2.70%|
|THU||13:30||USD||Personal Spending (NOV)||0.50%||0.40%|
|THU||13:30||USD||Personal Consumption Expenditure Deflator||1.30%|
|THU||13:30||USD||Initial Jobless Claims (DEC 18)||420K||420K|
|THU||13:30||USD||Personal Consumption Expenditure Core||0.90%||0.90%|
|THU||14:55||USD||U. of Michigan Confidence (DEC F)||74.50||74.20|
|THU||15:00||USD||New Home Sales (NOV)||300K||283K|
As noted, New Zealand will release its Q3 GDP results this week, with expectations for a slight slowing of growth to about 0.10% q/q or 1.8% y/y. The US and UK will also announce further revisions to their Q3 GDP results, with the US expected to slightly revise up its results. Canada will also release its monthly GDP stats for October.
On Monetary Policy the Bank of Japan is set to meet early this week, with no expectations for interest rate changes, and a low chance of other adjustments - but it will be worth keeping an eye on as the Tankan results were less than impressive. There's also the monetary policy meeting minutes from the Reserve Bank of Australia and the Bank of England. The Bank of England notes will be worth a look as the BoE does not include much details in their initial rate announcements.
Elsewhere, there's CPI data due out of Canada, with a slight slowing of inflation expected; then there's Japan merchandise trade data for November with improvements expected; the US has existing home sales and new home sales data out; and the US also has the University of Michigan consumer sentiment survey results out for December.
So as always, have a great week, watch out for surprises, and stay tuned for updates...
+various statistics websites and central bank websites for verification
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.