It will be a busy day for economic data, including the release of ADP employment and the ISM manufacturing reports for March, however much focus will be centred on the upcoming G20 as world leaders arrive in London Wednesday.
At 7:30 a.m. EDT, Challenger, Christmas and Gray will release its U.S. mass layoffs report for March. In the previous month, the group reported an annual increase of 158.4% in mass layoff actions by firms.
At 8:15 a.m. EDT, Automatic Data Processing Inc. will release its U.S. employment report for March. Economists expect the headline figure to suggest a 663k contraction in U.S. employment compared to the previous month's 697k fall.
At 10 a.m. EDT, the U.S. Institute for Supply Management will release its manufacturing report for March. Economists expect the headline index to rise to 36.0 from 35.8 in February. Meanwhile, the prices paid index is expected to rise to 33.0 from 29.0. Market participants will also pay attention to the new orders and employment indexes, which came in at 33.1 and 26.1 in February.
Simultaneously, the National Association of Realtors will release pending home sales data for February, which is expected to come in flat on the month compared to January's 7.7% decline.
Also at 10 a.m. EDT, the U.S. Commerce Department will release construction spending for February, which economists expect will decline 1.9% month-over-month compared to a 3.3% drop in January.
At 10:30 a.m. EDT, the U.S. Energy Information Administration will release oil inventories for the week ending March 27. Economists are expecting a 3250k build in crude oil reserves following the previous 3302k gain. Gasoline inventories are expected to come in lower by 1500k following the previous 1144k decline. Distillate inventories are expected to fall 1150k after decreasing 1584k in the previous week. Refinery utilization is expected to come in 0.25% higher after falling 0.13% the week prior.
At 1 p.m. EDT, Cleveland Fed President Sandra Pianalto (non-voter) will speak on regulation at an event in Ohio. An audience Q&A will follow.
Also at 1 p.m. EDT, the U.S. Treasury will sell $29 billion in a 13-day cash management auction.
At 1:55 p.m. EDT, Bank of Canada Governor Mark Carney will speak at the Northwest Territories Chamber of Commerce and Yellowknife Chamber of Commerce in Yellowknife, NWT.
At some point on Wednesday, the U.S. Commerce Department will release vehicle sales data for March. Domestic vehicle sales are expected to pick up to an annualized rate of 6.5 million compared to the previous month's 6.4 million, while total vehicle sales are expected at 9.2 million from 9.1 million in February.
All times in EDT.
7:30 US Challenger Job Cuts (Y/Y) March Prior: +158.4%
8:15 US ADP Employment Change March Exp: -663K Prior: -697K
10:00 US ISM Manufacturing March Exp: +36.0 Prior: +35.8
10:00 US Pending Home Sales (M/M) February Exp: 0.0% Prior: -7.7%
10:00 US ISM Prices Paid March Exp: +33.0 Prior: +29.0
10:00 US Construction Spending (M/M) February Exp: -1.9% Prior: -3.3%
10:30 US DOE U.S. Crude Oil Inventories W/E March 27 Exp: +3000k Prior: +3302K
10:30 US DOE U.S. Gasoline Inventories W/E March 27 Exp: -1500k Prior: -1144K
10:30 US DOE U.S. Distillate Inventory W/E March 27 Exp: -1150k Prior: -1584K
10:30 US DOE U.S. Heat Oil Inventories W/E March 27 Prior: +1014K
10:30 US DOE U.S. Refinery Utilization W/E March 27 Exp: +0.25% Prior: -0.13%
12:00 IT New Car Registrations (Y/Y) March Prior: -24.5%
13:00 IT Budget Balance March Prior: -13.9B
13:00 IT Budget Balance March Prior: -15.7B
13:00 US Fed's Pianalto Speaks in Columbus on New Regulatory Rules
US Total Vehicle Sales March Exp: +9.2M Prior: +9.1M
US Domestic Vehicle Sales March Exp: +6.5M Prior: +6.4M
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009