Here's the Economic Calendar for the week commencing the 23rd of May 2011. This week there's more GDP results (revisions) for 1Q 2011 with Germany, the U.K., and the U.S. all due to report. In the U.S. there's new home sales, house price index, pending home sales, University of Michigan Consumer Sentiment, and Personal consumption expenditure data due out. In Japan there's international trade data, consumer price index (inflation) numbers and retail sales results, while China has industrial profits figures.
(More commentary follows the table)
|MON||08:00||EUR||Euro-Zone PMI Manufacturing||57.50||58.00|
|MON||08:00||EUR||Euro-Zone PMI Services||56.50||56.70|
|MON||08:00||EUR||Euro-Zone PMI Composite||57.30||57.80|
|MON||12:30||USD||Chicago Fed National Activity Index||0.20||0.26|
|TUE||06:00||EUR||German Gross Domestic Product s.a. (QoQ)||1.50%||1.50%|
|TUE||06:00||EUR||German Gross Domestic Product w.d.a. (YoY)||4.90%||4.90%|
|TUE||06:00||EUR||German Gross Domestic Product n.s.a. (YoY)||5.20%||5.20%|
|TUE||08:00||EUR||German IFO - Expectations||107.00||107.70|
|TUE||08:00||EUR||German IFO - Business Climate||113.70||114.20|
|TUE||08:00||EUR||German IFO - Current Assessment||120.70||121.00|
|TUE||09:00||EUR||Euro-Zone Industrial New Orders s.a. (MoM)||-1.10%||0.90%|
|TUE||09:00||EUR||Euro-Zone Industrial New Orders (YoY)||12.90%||21.30%|
|TUE||14:00||USD||New Home Sales||305K||300K|
|TUE||14:00||USD||New Home Sales (MoM)||1.70%||11.10%|
|TUE||23:50||JPY||Merchandise Trade Exports (YoY)||-12.70||-2.30|
|TUE||23:50||JPY||Merchandise Trade Imports (YoY)||12.80||11.90|
|TUE||23:50||JPY||Merchandise Trade Balance Total (Yen)||-703.70||189.40|
|TUE||00:00||AUD||Conference Board Leading Index||0.60%|
|WED||08:00||EUR||Italian Retail Sales (YoY)||0.00%|
|WED||08:30||GBP||Gross Domestic Product (QoQ)||0.50%||0.50%|
|WED||08:30||GBP||Gross Domestic Product (YoY)||1.80%||1.80%|
|WED||12:30||USD||Durables ex Transportation||0.50%||2.30%|
|WED||12:30||USD||Durable Goods Orders||-2.50%||4.10%|
|WED||14:00||USD||House Price Index (MoM)||-0.50%||-1.60%|
|WED||14:00||USD||House Price Purchase Index (QoQ)||-1.00%||-0.80%|
|WED||GBP||Nationwide House Prices n.s.a. (YoY)||-1.70%||-1.30%|
|WED||01:35||CNY||MNI Business Condition Survey||69.28|
|WED||02:00||CNY||Industrial Profits (YTD) (YoY)||32.00%|
|THU||09:20||EUR||ECB President Speaks on Economy|
|THU||12:30||USD||Gross Domestic Product (Annualized)||2.20%||1.80%|
|THU||23:30||JPY||National Consumer Price Index (YoY)||0.30%||0.00%|
|THU||23:30||JPY||National CPI Ex Food, Energy (YoY)||-0.10%||-0.70%|
|THU||23:50||JPY||Retail Trade s.a. (MoM)||2.60%||-7.60%|
|THU||23:50||JPY||Retail Trade (YoY)||-6.20%||-8.30%|
|THU||EUR||German Retail Sales (YoY)||-3.50%|
|THU||EUR||German Consumer Price Index (YoY)||2.30%||2.40%|
|FRI||08:00||EUR||Euro-Zone M3 s.a. (YoY)||2.40%||2.30%|
|FRI||09:00||EUR||Euro-Zone Economic Confidence||105.70||106.20|
|FRI||12:30||USD||Personal Consumption Expenditure Core (YoY)||1.00%||0.90%|
|FRI||13:55||USD||U. of Michigan Confidence||72.40||72.40|
|FRI||14:00||USD||Pending Home Sales (MoM)||-1.00%||5.10%|
|FRI||14:00||USD||Pending Home Sales (YoY)||-11.50%|
As noted, this week there's some more GDP data due out, with the first round of revisions to data about to begin. First up will be Germany, expected to see q/q GDP growth of 1.5% (no change). Then there's the UK, which will likely see 0.5% q/q (also no change). While the U.S. is expected to revise GDP upwards to 2.2% SAAR (seasonally adjusted annualized rate) from 1.8% previously.
Keeping with the U.S., there's also a set of housing market statistics out this week, first is new home sales, which are expected to creep up slightly month on month (about 1 or 2%), placing it up about 12% y/y). Then there's the house price index, which unsurprisingly is expected to be down slightly month on month. Finally there's pending home sales, which are expected to show a slight drop.
Over in Japan the first key data point out this week will be the international trade data, with exports expected to be negative by about -13% y/y, and the trade balance is expected to slip into negative territory. Other than that there's consumer price index data which is expected to show headline annual inflation of 0.3%, while core is expected to show annual deflation of -0.1%. Meanwhile retail sales are expected to recover slightly in April (about 2-3% m/m), though still down on an annual basis.
Briefly touching on monetary policy, there's no major banks scheduled to meet this week. Pakistan just announced a no-change at 14.00%. Meanwhile the Bank of Israel is due to meet on the 23rd of May (3.00%), Turkey goes on the 25th of May (6.25%) and the Banco de Mexico goes on the 27th of May (4.50%).
Other than that there's YTD-yoy industrial profits data from China (last increased 32%), Euro Zone confidence indicators, Euro Zone industrial new orders, US durable goods orders, Italian retail sales, UK house prices, ECB people speaking, personal consumption expenditure data in the US, and consumer sentiment on Friday
So as always, have a great week, watch out for surprises, and stay tuned for updates ...
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.