A Blockbuster Week for Data
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It is going to be a blockbuster week for data in the U.S. with the release of tier one data. Markets will receive April's CPI report, retail sales, import price index, industrial production and capacity utilization, housing starts and building permits, and the University of Michigan/Reuters consumer sentiment.
All times in EDT
Monday: The U.S. federal government will release its monthly budget statement for April. Economists expect that the government spent $160 billion in the month, compared to $177. 7 billion spent in March.
In Canada, markets will receive important housing data with the release of March's housing price index. The consensus calls for an increase of 0.2%
8:20 CA Flaherty to Address the Economic Club of Toronto
8:30 CA New Housing Price Index (Monthly) March Exp: +0.2% Prior: +0.3%
9:15 US Fed's Evans Speaks About U.S. Economic Outlook in Illinois
13:00 US Treasury to Sell S24B 3-Month Bills
13:00 US Treasury to Sell $23B 6-Month Bills
14:00 US Monthly Budget Statement April Exp: $160.0B Prior: $177.7B
19:15 US Fed's Lockhart to Speak at Financial Markets Conference
Tuesday: It's a busy day for markets with the release of April's U.S. retail sales. The core sales, excluding autos, are expected to rise 0.2% following March's rise of 0.1%. The headline index is forecasted to fall 0.2% following last month's rise of 0.2%.
Markets will be able to see how well U.S. consumers are holding up with the release of IBD/TIPP economic optimism. The data is forecasted to come in at a reading of 38 for May, down April's level of 39.2.
Furthermore, the April U.S. import price index, which is expected to rise 1.6% following March's 2.8%, will be released. The annualized rate is expected to increase 15.0% following March's increase of 14.8%.
6:10 US Fed's Pianalto, ECB's Noyer Speak on Monetary Policy in Paris
7:45 US ICSC Weekly Store Sales Prior: +3.6%
8:20 US Fed's Bernanke Speaks on Liquidity Measures to Conference
8:30 US Import Price Index (Monthly) April Exp: +1.6% Prior: +2.8%
8:30 US Import Price Index (Annualized) April Exp: +15.0% Prior: +14.8%
8:30 US Advance Retail Sales April Exp: -0.2% Prior: +0.2%
8:30 US Retail Sales Less Autos April Exp: +0.2% +0.1%
8:55 US Redbook Weekly Retail Sales Prior: +1.4%
9:15 US Fed's Warsh Moderates Discussion on Sarbanes-Oxley Act
10:00 US IBD/TIPP Economic Optimism May Exp: 38 Prior: 39.2
10:00 US Business Inventories March Exp: +0.5% Prior: +0.6%
10:30 CA BOC Treasury Auction
11:00 US Fed's Plosser Moderates Discussion on Fair Disclosure
11:15 CA BOC Conducts Repurchase Operation
13:00 US Treasury to Sell 4-Week Bills
13:00 US Yellen Speaks on U.S. Economic Outlook at Vancouver Conference
13:00 US Fed's Hoenig Speaks in Oklahoma City on Economic Outlook
13:30 US Fed's Fisher Speaks About Fed & Economy in Midland, Texas
17:00 US ABC Consumer Confidence 11-May Prior: -46
Wednesday: Markets will be focused on U.S. inflation data for April. Economists forecast annualized core CPI to rise 2.4% following March's annualize rise of 2.4%. The monthly core CPI is expected to rise 0.2% following March's similar rise.
With oil prices hitting record highs on an almost daily basis, markets will also pay attention to DOE crude oil inventories, which rose 5,654,000 barrels the previous week. Gasoline inventories rose 794,000 barrels, distillate inventories fell by 107,000 barrels and refinery utilization fell by 0.41% last week.
7:00 US MBA Mortgage Applications 9-May Prior: +15.6%
8:30 US Fed's Rosengren Speaks on Basel II at Boston Conference
8:30 US Consumer Price Index (Monthly) April Exp: +0.3% Prior: +0.3%
8:30 US Consumer Price Index Ex Food & Energy (Monthly) April Exp: +0.2% Prior: +0.2%
8:30 US Consumer Price Index (Annualized) April Exp: +3.9% Prior: +4.0%
8:30 US Consumer Price Index Ex Food & Energy (Annualized) April Exp: +2.4% Prior: +2.4%
8:30 US Consumer Price Index Core Index (SA) April Prior: 214.176
8:30 US Consumer Price Index (NSA) April Exp: 214.715 Prior: 213.528
9:15 US Fed's Kroszner Speaks on Basel II, Operational Risk in Boston
10:30 US DOE U.S. Crude Oil Inventories Week Ending May 9 Prior: +5654K
10:30 US DOE U.S. Gasoline Inventories Week Ending May 9 Prior: +794K
10:30 US DOE U.S. Distillate Inventory Week Ending May 9 Prior: -107K
10:30 US DOE U.S. Refinery Utilization Week Ending May 9 Prior: -0.41%
12:00 US Fed's Lockhart to Speak at Financial Markets Conference
Thursday: It's going to be a big day with lots of data for markets to digest. U.S. regional manufacturing surveys are starting to come out, the first being the Empire State manufacturing index, which is expected to show a reading of 0.0 following April's level of 0.63. The second survey will be the Philly Fed index, which is expected to come in at -19, following last month's reading of -24.9.
April's U.S. industrial production is expected to fall 0.3% following March's rise of 0.3%. Capacity utilization is forecasted to rise 80.1% following March's rise of 80.5%.
In the afternoon, markets will receive the NAHB housing market index, which is expected to remain steady at a reading of 20.
The Canadian manufacturing shipments report for March will be released. The forecast is for a 0.5% fall following a 1.6% rise in February.
8:30 US Initial Jobless Claims Week Ending May 10 Exp: +370K Prior: 365K
8:30 CA Manufacturing Shipments (Monthly) March Exp: -0.5% Prior: 1.6%
8:30 US Continuing Claims Week Ending May 3 Exp: 3035K Prior: 3020K
8:30 US Empire Manufacturing May Expected: 0.0 Prior: 0.63
9:00 US Net Long-term TIC Flows March Exp: $62.5B Prior: $72.5B
9:00 US Total Net TIC Flows March Prior: $64.1B
9:15 US Fed's Evans Gives Welcoming Remarks at Banking Conference
9:15 US Industrial Production April Exp: -0.3% Prior: +0.3%
9:15 US Capacity Utilization April Exp: +80.1% Prior: +80.5%
9:30 US Fed Chairman Bernanke Speaks on Banking Risk Management in Chicago
10:00 US Philadelphia Fed. May Exp: -19 Prior: -24.9
10:30 US EIA Natural Gas Storage Change Week ending May 9 Prior:
10:50 US New York Fed's Dudley, BofA's Price Speak at Chicago Fed Panel
13:00 US NAHB Housing Market Index May Exp: 20 Prior: 20
19:00 US Fed's Mishkin Speaks on Asset Price Bubbles in Philadelphia
Friday: The week ends with the preliminary reading of the University of Michigan/Reuters consumer sentiment for May. The consensus is calling for a reading of 62.5 following 62.6 in April.
U.S. housing starts and building permits for April will also be released. Economists expect housing starts to come in at 935,000 units down from March's 946,000 units. Building permits are expecting to come in at 910,000, also down from March's reading of 927,000.
8:30 CA New Motor Vehicle Sales (Monthly) March Exp: +0.1% Prior: -3.2%
8:30 US Housing Starts April Exp: 935K Prior: 947K
8:30 US Building Permits April Exp: 910K Prior: 927K
10:00 US University of Michigan/Reuters consumer Sentiment May Preliminary Exp: 62.5 Prior: 62.6
11:20 US Fed's Braunstein, Goldman's Hatzius Speak on Mortgage Market
By Neils Christensen and edited by Cristina Markham
©CEP News Ltd. 2008
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