Wednesday's Events: Central Bank Watch and DOE Inventories
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Today will be a day to watch what central bankers have to say about the current economic conditions, with the Fed's Yellen, EU's Juncker and the BOE's King all making appearances. The U.S. Department of Energy will release crude inventories along with gasoline inventories, distillates and refinery utilization.
Markets will be looking at earnings from Morgan Stanley. They are expected to report between 8:00-8:30am EDT. The Street is looking for earnings per share of $0.92.
At 8:30 a.m. EDT, Statistics Canada will release its index of leading economic indicators for May. Economists are expecting a 0.2% increase in the index following April's 0.1% rise.
At 8:30 a.m. EDT, Statistics Canada will release travel between Canada and other countries for April.
At 10:30 a.m. EDT, the Bank of Canada will replace C$300 million worth of existing securities.
At 10:35 a.m. EDT, the U.S. Department of Energy will release oil inventories for the week ending June 13. Economists are expecting a 1750k draw in crude oil reserves following the previous 4560k decline. Gasoline inventories are expected to expand 850k following the previous 998k build. Distillate inventories are expected to rise 1800k after rising 2277k in the previous week. Refinery utilization is expected to increase 0.5% after contracting 1.09% in the previous week.
At 11:45 a.m. EDT, San Francisco Fed President Janet Yellen (non-voter) will deliver opening remarks at the Bank's conference on the 'Asian Financial Crisis.'
At noon EDT, Eurogroup President Jean-Claude Juncker will speak in Brussels at a conference organized by the Institute for European Studies.
At 2:30 p.m. EDT, Bank of England Governor Mervyn King will Speak at the Mansion House in London.
At 4 p.m. EDT, U.S. Treasury Secretary Henry Paulson will hold a press briefing with Chinese Vice-Premier Wang Qishan following a meeting regarding the Strategic Economic Dialogue.
8:30 CA Leading Indicators (M/M) May Exp: +0.2% Prior: +0.1%
8:30 CA Travel between Canada and Other Countries
10:00 Treasury's Lowery Testifies on IDA Funding Replenishment
10:30 US DOE U.S. Crude Oil Inventories Exp: -1750K Prior: -4560k
10:30 US DOE U.S. Gasoline Inventories Exp: +850K Prior: +998k
10:30 US DOE U.S. Distillate Inventory Exp: +1800K Prior: +2277k
10:30 US DOE U.S. Refinery Utilization Exp: +0.50% Prior: -1.09%
11:45 US Fed's Yellen gives welcome remarks at Fed conference
12:00 EU Luxembourg's Juncker Speaks at Event in Brussels
14:30 GB Bank of England Governor Mervyn King Makes Speech
16:00 US TSY's Paulson & Vice Premier of China Wang Qishan will speak at post-meeting briefing
By Steve Stecyk and edited by Cristina Markham
©CEP News Ltd. 2008
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