Tuesday's Events: Case-Shiller and OFHEO Home Prices, Rich. Fed Mfg, Alan Greenspan
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The S&P/Case Shiller house price index, data from the OFHEO and the Richmond Fed's manufacturing report will highlight the U.S. economic releases as Canadian markets receive employment insurance data and comments from Finance Minister Jim Flaherty.
At 7:45 a.m. EDT, ICSC chain store sales will be released for the week ending June 21. In the previous week, sales rose an annual 2.1%.
At 8:30 a.m. EDT, Statistics Canada will release the national balance sheet accounts for the first quarter of 2008.
Statistics Canada is also scheduled to release employment insurance data for April at 8:30 a.m. EDT. In March, receipts rose by 2.2% month-over-month.
Also at 8:30 a.m. EDT, former Fed Chairman Alan Greenspan will speak on the global economy and its effects on South Africa.
At 8:55 a.m. EDT, U.S. Redbook retail sales will be released. In the previous week, sales rose an annual 2.3%.
At 9:00 a.m. EDT, S&P/Case-Shiller will release its home price index for the month of April. Economists are expecting the 20-city composite to decline 16.0% year-over-year in April after declining 14.4% previously. The headline was 172.2 in March.
At 10:00 a.m. EDT, the Office of Federal Housing Enterprise Oversight (OFHEO) will release its housing price index for the month of April. The consensus is looking for another 0.4% decline in April, matching March's fall.
Simultaneously, the Conference Board will release its consumer confidence index for the month of June. Economists expect a decline from 57.2 in May to 56.0 in June.
Also at 10 a.m. EDT, the Richmond Fed will release its manufacturing index for June which is expected to fall to -5 in June from -3 in May.
Markets will also receive comments from European Central Banker Lorenzo Bini-Smaghi speaking at the European Parliament at 10 a.m. EDT.
At 11:30 a.m. EDT, Assistant Secretary of the Treasury for Financial Markets, Anthony W. Ryan, will speak in London at Euromoney's Global Borrowers Investors Forum 2008.
At 11:30 a.m. EDT, the U.S. Treasury will sell $20 billion in 4-week bills.
At 1:00 p.m. EDT, the U.S. Treasury will sell $30 billion in 2-year notes.
At 4:30 p.m. EDT, Canadian Finance Minister Jim Flaherty will address the media in Mexico.
At 5:00 p.m. EDT, ABC consumer confidence will be released for the week ending June 21. In the previous week, the index stood at -44.
7:45 US ICSC Chain Store Sales (Y/Y) June 21 Prior: +2.1%
8:30 CA National Balance Sheet Accounts for Q1
8:30 CA Employment Insurance for April M/M Prior +2.2%
8:30 US Former Fed Chairman Greenspan Speaks in South Africa
8:55 US Redbook Retail Sales (Y/Y) June 21 Prior: +2.3%
9:00 US S&P/Case-Shiller Home Price Index April Prior: 172.2
9:00 US S&P/Case-Shiller Composite-20 (Y/Y) April Exp: -16.0% Prior: -14.4%
10:00 US Consumer Confidence June Exp: 56.0 Prior: 57.2
10:00 US Richmond Fed Manufacturing Index June Exp: -5 Prior: -3
10:00 US House Price Index (M/M) April Exp: -0.4% Prior: -0.4%
10:00 EU ECB's Bini-Smaghi Testifies Before EU Parliament
11:30 US Tsy to Sell $24B 4-Week Bills
11:30 US Treasury's Ryan Speaks in London About Financial Markets
13:00 US Tsy to Sell $30B 2-Year Notes
16:30 CA Finance Minister Flaherty in media availability in Mexico
17:00 US ABC Consumer Confidence Prior: -44
By Erik Kevin Franco and Steve Stecyk and edited by Cristina Markham
©CEP News Ltd. 2008
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