Thursday's Events: U.S. Jobless Claims, Import Prices; U.S. & Cdn Trade Balance
The U.S. trade balance, jobless claims, and import prices will highlight the day's economic news with Canada receiving the international merchandise trade balance and new housing price index. In Europe, central bankers are busy attending the Ecofin meeting in Nice, France where ECB President Jean-Claude Trichet and ECB Governing Council member Gertrude Tumpel-Gugerell are both expected to make comments.
At 8:30 a.m. EDT, Statistics Canada will release the international merchandise trade balance for July. Economists expect a slight decline to C$5.6 billion from C$5.8 billion in June.
Also at 8:30 a.m. EDT, Statistics Canada will release the new housing price index for July, which is expected to rise 0.1% month-over-month, matching June's gain.
Turning to the United States, the Department of Commerce will release trade balance figures for July at 8:30 a.m. EDT. Economists expect the balance to fall deeper into deficit at -$58.0 billion from -$56.8 billion in June.
At the same time, the U.S. Bureau of Labor Statistics will release the import price index for August. Economists are forecasting a 1.8% month-over-month decline in import prices following the previous month's 1.7% increase. Annual import prices are expected to have advanced 20.2%, lower than July's 21.6% increase.
The U.S. Department of Labor will release initial and continuing jobless claims for the weeks ending Sept. 6 and Aug. 30 respectively at 8:30 a.m. EDT. Economists expect initial jobless claims to increase 440k following the previous week's 444k rise. Continuing claims are projected to rise to 3460k from 3435k previously.
In Europe, European Central Bank Governing Council member Gertrude Tumpel-Gugerell will speak at 8:30 a.m. EDT at the Eurofin Conference on 'EU Priorities for Investment Funds and EU Securities Infrastructures' in Nice, France.
At 10:00 a.m. EDT, the U.S. Census Bureau will release its second-quarter services report. In the first quarter, services sector revenues were reported to have contracted 4.7% compared to the fourth quarter of 2007.
At 10:35 a.m. EDT, the Energy Information Administration will release natural gas inventories for the week ending Sept. 5. Economists expect a build of 55 Bcf following the previous week's 90 Bcf gain.
At 1 p.m. EDT, the U.S. Treasury will sell $12 billion in the reopening of a 10-year note auction.
At 2 p.m. EDT, the U.S. Treasury will release the monthly budget statement for August, which is expected to rise to -$107.3 billion versus -$117.0 billion previously.
Also at 2 p.m. EDT, European Central Bank President Jean-Claude Trichet will speak at the Ecofin conference in Nice, France.
At 2:45 p.m. EDT, Fed Vice-Chairman Donald Kohn (voter) will speak on financial regulation at the Brookings Institution in Washington, DC. An audience Q&A will follow.
At 4:30 p.m. EDT, the Fed will release weekly M1 and M2 money supply statistics. In the previous, week M1 rose $7.3 billion.
8:30 CA New Housing Price Index (M/M) July Exp: +0.1% Prior: +0.1%
8:30 CA International Merchandise Trade July Exp: C+$5.6B Prior: C+$5.8B
8:30 US Trade Balance July Exp: -$58.0B Prior: -$56.8B
8:30 US Import Price Index (M/M) August Exp: -1.8% Prior: +1.7%
8:30 US Import Price Index (Y/Y) August Exp: +20.2% Prior: +21.6%
8:30 US Initial Jobless Claims W/E September 6 Exp: +440K Prior: +444K
8:30 US Continuing Claims W/E August 30 Exp: +3460 Prior:+3435K
8:30 EU ECB's Tumpel-Gugerell Speaks in Nice
10:00 US Quarterly Services Survey Q2
10:35 US EIA Natural Gas Storage Change W/E September 5 Exp: +55 Bcf Prior: +90 Bcf
10:45 CA Commodity Price Index
13:00 US Treasury to Sell $12B in 10-Year Notes; Reopening
14:00 US Monthly Budget Statement August Exp: -$107.3B Prior: -$117.0B
14:00 EU ECB's Trichet Speaks in Nice
14:45 US Fed's Kohn Comments on Financial Regulation at Brookings
16:30 US M1 and M2 Money Supply W/E Sept. 1
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008