Tuesday's Events: OFHEO Housing Index; Fed's Plosser
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Canadian retail sales and employment insurance data tops the economic news for the day as U.S. markets will receive the OFHEO's housing market index, along with the Richmond Fed's manufacturing index and comments from Treasury Secretary Henry Paulson and Philly Fed President Charles Plosser (voter).
At 7:45 a.m. EDT, ICSC will release U.S. chain store sales for the week ending July 19. In the previous week, sales were up 2.2% year-over-year.
At 8:10 a.m. EDT, U.S. Treasury Secretary Henry Paulson will speak on markets and the economy at the New York Public Library.
At 8:30 a.m. EDT, Philadelphia Fed President Charles Plosser (voter) will speak on the U.S. economy at an event in Philadelphia. An audience Q&A will follow.
Turning to Canada at 8:30 a.m. EDT, Statistics Canada will release May's retail sales figures, which are expected to post a 0.6% month-over-month increase after rising 0.6% in April. Retail sales excluding automobiles are expected to move up 0.7% month-over-month in May after expanding 1.1% in April.
Also at 8:30 a.m., Statistics Canada will release employment insurance data for May. In April, total receipts declined 0.2% month-over-month.
At 8:55 a.m. EDT, Redbook will release U.S. retail sales for the week ending July 19. In the previous week, sales were up 2.7% year-over-year.
At 10 a.m. EDT, the Richmond Fed will release its manufacturing index for July. Economists are expecting the headline index to rise to -9 from the previous month's level of -12.
Also at 10 a.m., the U.S. Office of Federal Housing Enterprise Oversight (OFHEO) will release its house price index for May, which is expected to post a 0.8% month-over-month decline, matching the previous month's fall.
At 10:30 a.m. EDT, the Bank of Canada will sell C$4.6 billion in 2008.10.30 bills, C$1.8 billion in 2009.01.08 bills and C$1.8 billion in 2009.07.09 bills. The moves will be followed up by the repurchase of C$1.0 billion in various BOC bonds at 11:15 a.m. EDT.
At 11:30 p.m. EDT, the U.S. Treasury will sell $28 billion in four-week treasury bills.
At 1 p.m. EDT, the U.S. Treasury will sell $6 billion in the reopening of a 20-year TIPS.
At 5 p.m. EDT, ABC will release its consumer comfort index for the week ending July 20. The consensus is expecting a decline from the previous week's score of -41 to a reading of -42.
7:45 US ICSC Retail Sales W/E July 19 (Y/Y) Prior: +2.2%
8:10 US Paulson to Speak in New York on U.S. Economy, Markets
8:30 CA Retail Sales (M/M) May Exp: +0.6% Prior: +0.6%
8:30 CA Retail Sales Less Autos (M/M) May Exp: +0.7% Prior: +1.1%
8:30 CA Employment Insurance for May (Y/Y) Prior:-3.6%
8:30 US Fed's Plosser Speaks in Pennsylvania on U.S. Economy
8:55 US Redbook Retail Sales W/E July 19 (Y/Y) Prior: +2.7%
10:00 US Richmond Fed Manufacturing Index July Exp: -9 Prior: -12
10:00 US House Price Index (M/M) May Exp: -0.8% Prior: -0.8%
10:30 CA BOC to Auction $11B in Canadian Treasury Bills
11:15 CA BOC to Repurchase $1B in Cash Management Bonds
11:30 US Treasury to Sell $28B 4-Week Bills
13:00 US Treasury to Sell $6B 20-Year TIPS; Reopening
17:00 US ABC Consumer Confidence W/W July 20 Exp: -42 Prior: -41
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008
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