Markets are awaiting the introduction of U.S. President Barack Obama's housing plan this morning, where he expected to announce a $50 billion plan to aid U.S. homeowners and stem foreclosures. In terms of data, markets will receive U.S. housing starts and industrial production figures.
Obama will announce the plan today at 12:15 p.m. EST.
At 8:30 a.m. EST, the U.S. Department of Commerce will release housing starts for January. Economists expect housing starts to fall to 530k from 550k. Building permits are expected to fall to 525k from 547k.
At 8:30 a.m. EST, Statistics Canada will release wholesale sales figures for December. Sales are expected to fall 2.0% month-over-month, following a 1.6% drop in November.
At 9 a.m. EST, Federal Reserve of Cleveland President Sandra Pianalto will speak in Ohio.
At 9:15 a.m. EST, the U.S. Federal Reserve will release industrial production figures for January. Economists expect industrial production to fall by 1.5% following a 2.0% drop in December.
At 9:40 a.m. EST, the European Central Bank's Lorenzo Bini Smaghi will speak in Berlin.
At 12:30 p.m. EST, Federal Reserve Chairman Ben Bernanke will speak on the Fed's programs and balance sheet in Washington D.C.
At 1:20 p.m. EST, President of the Chicago Federal Reserve Bank Charles Evans will speak in Illinois.
At 2 p.m. EST, the Federal Reserve will release minutes from the Federal Open Market Committee meeting on Jan. 28.
By Megan Ainscow and edited by Stephen Huebl
©CEP News Ltd. 2009