Tuesday's Events: U.S. PPI, Empire Fed Mfg, NAHB Housing Market Index
The United States will hold most of the economic spotlight on Tuesday morning with the release of March's producer price index along with the Empire Fed's manufacturing and the NAHB's housing price indexes, both for April. Markets will also hear some comments from the U.S. Treasury while the Bank of Canada is scheduled to conducts some bond operations.
At 7:45 a.m. EDT, ICSC will release chain store sales for the week ending April 12. In the previous week, sales rose 0.3% year-over-year.
At 8:30 a.m. EDT, the U.S. Bureau of Labor Statistics will release the producer price index for March. Economists are expecting a 0.6% month-over-month increase in PPI compared to the previous 0.3% gain. Annual PPI is expected to increase 6.2% following the previous month's 6.4% annual rise. Core PPI is expected to post a 0.2% month-over-month gain after rising 0.5% in the prior month. Annual PPI is expected to rise 2.8%, above the previous month's 2.4% gain.
Also at 8:30 a.m. EDT, the New York Federal Reserve will release its manufacturing survey for April. The headline index is expected to rebound to -17.0 compared to the previous month's -22.2 level. Markets will also be paying attention to the new orders, prices paid and employment indexes, which were -4.69, 50.56 and 4.49 respectively in March.
At 8:55 a.m. EDT, Redbook will release chain store sales for the week ending April 12. In the previous week, sales rose 0.8% year-over-year.
At 9 a.m. EDT, the U.S. Treasury will release net long-term and total TIC flows for February. Economists are expecting a pullback in net long-term TIC flows to a level of $60.0 billion from January's $62.0 billion. Total TIC flows are expected to come in at $72.5 billion compared to the previous month's $37.4 billion.
At 10 a.m. EDT, Sandra Braustein, director of the Fed's Division of Consumer and Community Affairs, will testify before the House Financial Services Committee on financial literacy and education.
At 10:30 a.m. EDT, the Bank of Canada will sell C$5.6 billion in 2008.07.24, C$2.2 billion in 2008.10.16 and C$2.2 billion in 2009.04.16 bills.
At 11 a.m. EDT, European Central Bank President Jean-Claude Trichet and Bundesbank President Axel Weber will speak at a ceremony in Frankfurt commemorating the release of a book by former ECB chief economist Otmar Issing.
At 11:30 a.m. EDT, U.S. Treasury Secretary Henry Paulson and Assistant Secretary for Financial Markets Anthony Ryan will release the President's Working Group's Private Sector Committees' best practices research.
Also at 11:30 a.m. EDT, the U.S. Treasury will sell $20 billion in a six-day cash management auction.
At 12:30 p.m. EDT, Special Envoy for China and the Strategic Economic Dialogue Alan Holmer will deliver remarks to the Global Business Dialogue at the National Press Club in Washington, D.C.
At 1 p.m. EDT, the National Association of Home Builders will release the housing market index for April, which economists expect to remain unchanged from March's reading of 20.0.
At 1:15 a.m. EDT, the Bank of Canada will repurchase C$1.0 billion in various paper.
At 1 p.m. EDT, the U.S. Treasury will sell $20.0B in four-week bills.
At 5 p.m. EDT, markets will receive the ABC consumer confidence index for the week ending April 13. The index currently stands at -34.
8:30 US Producer Price Index (M/M) March Exp: +0.6% Prior: +0.3%
8:30 US PPI Ex Food & Energy (M/M) March Exp: +0.2% Prior: +0.5%
8:30 US Producer Price Index (Y/Y) March Exp: +6.2% Prior: +6.4%
8:30 US PPI Ex Food & Energy (Y/Y) March Exp: +2.8% Prior: +2.4%
8:30 US Empire Manufacturing April Exp: -17.0 Prior: -22.2
9:00 US Net Long-term TIC Flows FEB Exp: +$60.0 Prior: +$62.0B
9:00 US Total Net TIC Flows FEB Exp: $72.5 Prior: +$37.4B
10:30 CA BOC Conducts Bond Auction
11:00 EU ECB's Trichet, ECB's Weber speaks in Frankfurt
11:15 CA BOC Conducts a Cash Management Repurchase Operation
11:30 US TSY to sell $20B in 6-Day Cash Management Bills
13:00 US to Sell $8B 4-Week Bills
13:00 US NAHB Housing Market Index April Exp: 20 Prior: 20
13:30 EU ECB's Tumpel-Gugerell holds speech in Athens
17:00 US ABC Consumer Confidence 13-Apr Prior: -34
By Erik Kevin Franco andedited by Nancy Girgis