Economic data realeased today will include the S&P/Case Shiller house price index, U.S. consumer confidence, and the Chicago purchasing managers index. But in the aftermath of the House of Representatives rejecting the financial rescue package, all eyes and ears will be on global central bankers and policy-makers.

At 8:30 a.m. EDT, Statistics Canada will release industrial product and raw material prices for August. Economists expect a 0.3% month-over-month decline in the industrial product price index following a 0.4% increase in July. Raw material prices are expected to fall 4.0% on the month after rising 1.4% previously.

Also at 8:30 a.m. EDT, Statistics Canada will release GDP figures for July. The consensus expects a 0.2% month-over-month rise in GDP after a 0.1% gain in June.

At 8:55 a.m. EDT, Redbook will release U.S. retail sales for the week ending Sept. 27. In the previous week, sales rose 1.2% year-over-year.

At 9 a.m. EDT, S&P and Case Shiller will release their house price index for July. The headline index is expected to fall to 166.9 from 167.7, translating into a 16.0% contraction from 12 months ago. In June, the index had fallen 15.9% on the year.

At 9:45 a.m. EDT, the U.S. Institute for Supply Management will release the Chicago Purchasing Manager's index for September. Economists expect the headline index to decline to a reading of 53.0 from 57.9 in August. Markets will also be paying attention to the prices paid, new orders and employment indexes, which scored 80.6, 60.2 and 39.2 respectively in August.

At 10 a.m. EDT, the U.S. Institute for Supply Management will release its manufacturing index for Milwaukee. The headline index is expected to rise to 44.0 in September from 43.0 in August.

Also at 10 a.m. EDT, the U.S. Conference Board will release consumer confidence for September. The headline index is expected to decline to 55.0 from 56.9. Markets will also be paying attention to the present situation index, which declined to 63.2 in August, and the expectations index, which rose to 52.8.

Also scheduled for release is the U.S. Bureau of Labor Statistics' Metropolitan Area Employment and Unemployment for August at 10 a.m. EDT.

At 10:30 a.m. EDT, the Bank of Canada will sell C$11 billion in various government paper.

At 11:30 a.m. EDT, the U.S. Treasury will sell $45 billion in a 15-day cash management auction.

At noon EDT, European Central Bank President Jean-Claude Trichet will accept the Banker of the Year Award in Frankfurt.

At 1 p.m. EDT, Atlanta Fed President Dennis Lockhart (non-voter) will speak on the U.S. economy before Greater New Orleans Inc. An audience Q&A will follow.

Also at 1 p.m. EDT, the U.S. Treasury will sell $25 billion in four-week bills.

At 5 p.m. EDT, ABC will release its consumer comfort index for the week ending September 28. In the previous week, the index was -41.

8:30 CA GDP (M/M) July Exp: +0.2% Prior: +0.1%

8:30 CA Industrial Product Price (M/M) August Exp: -0.3% Prior: +0.4%

8:30 CA Raw Materials Price Index (M/M) August Exp: -4.0% Prior: +1.4%

9:00 US S&P/CaseShiller Home Price Index July Exp: +166.9 Prior: +167.7

9:00 US S&P/CS Composite-20 (Y/Y) July Exp: -16.0% Prior: -15.9%

9:45 US Chicago Purchasing Manager September Exp: +53.0 Prior: +57.9

10:00 US Consumer Confidence September Exp: +55.0 Prior:+56.9

10:00 US NAPM-Milwaukee September Exp: +44.0 Prior:+43.0

12:00 DE ECB's Trichet Speaks in Frankfurt

13:00 US Atlanta Fed's Lockhart Speaking on Economy in New Orleans

13:00 US Treasury to Sell $25 Billion in 4-Week Bills

17:00 US ABC Consumer Confidence Prior: Exp: -43 .0 Prior: -41

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008