The Day Ahead Canada and U.S.: U.S. ISM, Canadian IPPI
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17:29 03/31 (CEP News) - In the wake of mixed regional data, the U.S. ISM report to be released Tuesday, will highlight the state of the U.S. national manufacturing sector. The consensus for the ISM report is a reading of 47.5 following February's 48.3 figure.
HFE chief U.S economist Ian Shepherdson said the relative across-the-map results of such reports as the Chicago PMI and Philly Fed will bear little influence on the forecasted decrease for the ISM.
Shepherdson noted that the March Chicago PMI rose to 48.2 from 44.5, slightly above the consensus forecast of 46.0, while the Milwaukee PMI moved in the opposite direction, with the new orders index plunging to 48 from 65.
"Both surveys are statistically significant indicators of the national PMI, along with the weak Philly Fed [coming in at -17.4, which was an unexpected improvement over the previous reading of -24], so we now look for the ISM to dip to about 47 from 48.3," he wrote to clients.
February's monthly industrial product price index represents Tuesday's biggest data release in Canada. While the index is expected to sustain a 0.7% increase, economists say it should be somewhat counteracted despite rising commodity prices.
"Most commodities prices shot up in February, which should translate into a substantial increase by the raw materials price index and industrial product price index," wrote economists from Desjardins. "The loonie's appreciation during this time should, however, do something to somewhat rein in the increase in prices expressed in Canadian dollars."
All times EDT
Tuesday
7:45 US ICSC Chain Store Sales W/W Prior
8:30 CA Industrial Product Price (M/M) FEB Exp: +0.7% Prior: +0.9%
8:30 CA Raw Materials Price Index (M/M) FEB Exp: +2.7% Prior: +3.4%
8:55 US Redbook Retail Sales W/W Prior
10:00 US ISM Manufacturing March Exp: 47.5 Prior: 48.3
10:00 US Construction Spending (M/M) FEB Exp: -1.0% Prior: -1.7%
10:00 US ISM Prices Paid March Exp: 75.0 Prior: 75.5
10:30 CA BOC T Bill Auction
11:15 CA BOC Bond Repurchase
13:00 US TSY to Sell US$18B 4-Week Bills
17:00 US ABC Consumer Confidence 30-Mar -31
1-April US Total Vehicle Sales March Exp: 15.3M Prior: 15.3M
1-April US Domestic Vehicle Sales March Exp: 11.6M Prior: 11.7M
By Ryan Szporer, edited by Nancy Girgis
©CEP News Ltd. 2008
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