Here's the Economic Calendar for the week commencing the 1st of May 2011. The week ahead sees PMI (Purchasing Managers Index) data due out from a range of key economies including China, the U.S., the Euro Zone collectively and country-by-country, and others. On the monetary policy front there's the Reserve Bank of Australia, Bank of England, and European Central Bank among those reviewing policy settings. There's also employment data from the U.S., Canada, and New Zealand.
(More commentary follows the table)
|SUN||01:30||AUD||House Price Index (YoY)||1.60%||5.80%|
|MON||07:15||EUR||French PMI Manufacturing||56.90||56.90|
|MON||07:30||CHF||SVME-Purchasing Managers Index||59.80||59.30|
|MON||07:45||EUR||Italian PMI Manufacturing||56.00||56.20|
|MON||07:55||EUR||German PMI Manufacturing||61.70||61.70|
|MON||08:00||EUR||Euro-Zone PMI Manufacturing||57.70||57.70|
|MON||01:00||CNY||China Non-manufacturing PMI||60.20|
|MON||02:30||CNY||HSBC Manufacturing PMI||51.80|
|TUE||04:30||AUD||Reserve Bank of Australia Rate Decision||4.75%||4.75%|
|TUE||09:00||EUR||Euro-Zone Producer Price Index (YoY)||6.60%||6.60%|
|WED||06:00||GBP||Nationwide House Prices n.s.a. (YoY)||-0.70%||0.10%|
|WED||07:15||EUR||French PMI Services||63.40||63.40|
|WED||07:45||EUR||Italian PMI Services||53.00||53.30|
|WED||07:55||EUR||German PMI Services||57.70||57.70|
|WED||08:00||EUR||Euro-Zone PMI Services||56.90||56.90|
|WED||08:00||EUR||Euro-Zone PMI Composite||57.80||57.80|
|WED||09:00||EUR||Euro-Zone Retail Sales (MoM)||-0.10%||-0.10%|
|WED||09:00||EUR||Euro-Zone Retail Sales (YoY)||0.00%||0.10%|
|WED||14:00||USD||ISM Non-Manufacutring Composite||57.40||57.30|
|WED||02:30||CNY||China HSBC Services PMI||51.70|
|THU||11:00||GBP||Bank of England Rate Decision||0.50%||0.50%|
|THU||11:00||GBP||Bank of England Asset Purchase Target||200B||200B|
|THU||11:45||EUR||European Central Bank Rate Decision||1.25%||1.25%|
|THU||14:00||CAD||Ivey Purchasing Managers Index||65.10||73.20|
|FRI||08:30||GBP||Producer Price Index Output (YoY)||5.10%||5.40%|
|FRI||08:30||GBP||Producer Price Index Output Core (YoY)||3.00%||3.00%|
|FRI||10:00||EUR||German Industrial Production (YoY)||10.30%||14.80%|
|FRI||11:00||CAD||Net Change in Employment||20.0K||-1.5K|
|FRI||12:30||USD||Change in Private Payrolls||200K||230K|
|FRI||12:30||USD||Change in Manufacturing Payrolls||20K||17K|
|FRI||12:30||USD||Change in Non-farm Payrolls||190K||216K|
As noted, serveral key economies are set to release their PMI numbers this week. Already China has put its official numbers out showing a reading of 52.9 - down slightly from 53.4. China has yet to put its non-manufacturing results out, which may moderate somewhat. Elsewhere, the U.S. is expected to see the manufacturing PMI drop slightly, while the non-manufacturing index will likely come in flat. Likewise the Euro Zone will probably show April numbers relatively flat compared to March, across the board.
On monetary policy the Reserve Bank of Australia is expected to hold its policy rate unchanged at 4.75%, ditto the Bank of England at 0.50% and the European Central Bank at 1.25%. The ECB will likely be stop-start in its policy tightening cycle (or normalization should we say). Elsewhere, the odd emerging market central bank will be tightening e.g. Malaysia, and possibly even China - as noted in my article on the Chinese PMI results.
Another key dataset due out this week is in the employment space. The U.S. is set to show another positive month for April. In terms of adding payrolls, consensus sees about 190k, with the unemployment rate unchanged at 8.8%. Meanwhile, Canada is seen adding 20k jobs in April, with its unemployment rate also stuck at 7.7%. In New Zealand, the Q1 jobs data is likely to show little improvement as the economy very slowly gathers momentum. With the impact of the Christchurch earthquake still weighing, the unemployment rate is forecast to stay in the high end of 6%.
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.