Econ data & Speeches 21/26 Sep 2014

Trading Discussion News and Economy
1

[B]Sunday 21 September [/B]

[B]G20: G20 meeting in Australia (Last day)

France: PM Valls visits Germany and meets German Chancellor Merkel
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22:00 GMT New Zealand: WBC consumer confidence, index Q3 prev 121.2

[B]
Monday 22 September [/B]

[B]10:00 GMT E18: ECB Executive Board member Praet participates in panel discussion on the future of the global monetary system in Berlin

13:00 GMT E18: ECB President Draghi speaks to European parliament’s economic and monetary committee in Brussels

13:00 GMT Israel: Discount rate, % Sep Prev 0.25 Cons 0.25

14:05 GMT US: New York Fed President Dudley (FOMC voter) speaks in New York

1640 GMT TORONTO – Bank of Canada senior Deputy Governor Carolyn Wilkins will address the CFA Society in Toronto

23:30 GMT US: Minneapolis Fed President Kocherlakota (FOMC voter) speaks in Michigan[/B]

08:00 GMT Italy: Industrial orders, % m/m (y/y) Jul Prev -2.1 (-2.5)

14:00 GMT E18: ‘Flash’ consumer confidence, index Sep Prev -10.0 Cons -10.5

14:00 GMT US: Existing home sales, mn saar Aug Prev 5.15 cons 5.20

Tuesday 23 September[B][B]

[B]Germany: Chancellor Merkel and French PM Valls speaks at the conference of Germany’s BDI industry federation in Berlin

11:30 GMT Germany: Chancellor Merkel and Greek PM Samaras to discuss on Greek economy and European policy in Berlin

12:00 GMT Hungary: Deposit rate, % Sep prev 2.10 cons 2.10

13:00 GMT US: St. Louis Fed President Bullard (FOMC non-voter) speaks in Missouri

13:20 GMT US: Fed Governor Powell (FOMC voter) speaks in Missouri
[/B]
[B]13:30 GMT US: Kansas City Fed President George (FOMC non-voter) speaks in Missouri

18:00 GMT US: Minneapolis Fed President Kocherlakota (FOMC voter) speaks in Michigan

NEWPORT, England – Institute and Faculty of Actuaries 2014 GIRO conference (to Sept. 26). Bank of England Governor Mark Carney will be the key speaker on the third day
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[/B][/B]

01:45 GMT China: Flash HSBC manufacturing PMI, index Sep Prev 50.2 cons 50.0

06:45 GMT France: Final GDP, % q/q Q2 Prev 0.0 P Cons 0.0

06:45 GMT France: Business climate, index Sep Prev 91 Cons 92

07:00 GMT France: “Flash” manufacturing PMI, index Sep Prev 46.9 Cons 47.0

07:00 GMT France: ” Flash” services PMI, index Sep Prev 50.3 Cons 50.0

07:30 GMT Germany: “Flash” manufacturing PMI, index Sep Prev 51.4 Cons 51.2

07:30 GMT Germany: ” Flash” services PMI, index Sep Prev 54.9 Cons 54.6

08:00 GMT E18: “Flash” manufacturing PMI, index Sep Prev 50.7 Cons 50.6

08:00 GMT E18: ” Flash” services PMI, index Sep Prev 53.1 Cons 53.0

08:00 GMT E18: “Flash” composite PMI, index Sep Prev 52.5 Cons 52.5

08:30 GMT UK: PSNBx, £bn Aug Prev 0.2 Cons 11.9

08:30 GMT UK: PSNB, £bn Aug Prev -1.1 Cons 10.1

08:30 GMT UK: PSNCR, £bn Aug Prev -9.7 Cons 6.0

12:30 GMT Canada: Retail sales, % m/m Jul Prev 1.1 Cons 0.4

12:30 GMT Canada: Retail sales ex autos, % m/m Jul Prev 1.5 Cons -0.2

13:00 GMT US: FHFA purchase-only HPI, % m/m (y/y) Jul Prev 0.4 (5.2) Cons 0.5

13:45 GMT US: “Flash” Markit PMI, index Sep Prev 57.9 Cons 58.0

22:45 GMT New Zealand: Trade balance, NZD mn Aug Prev -692 Cons -1125

22:45 GMT New Zealand: Exports, NZD bn Aug Prev 3.7 Cons 3.2

22:45 GMT New Zealand: Imports, NZD bn Aug Prev 4.4 Cons 4.5

[B]Wednesday 24 September

01:15 GMT US: Kansas City Fed President George (FOMC non-voter) speaks in Wyoming

01:30 GMT Australia: RBA Financial Stability Review Sep

12:00 GMT Germany: Chancellor Merkel briefs on Ukraine to parliament’s EU committee in Berlin

16:05 GMT US: Cleveland Fed President Mester (FOMC-voter) speaks in Ohio

17:00 GMT US: Chicago Fed President Evans (FOMC non-voter) speaks in Washington

19:05 GMT OTTAWA – Bank of Canada Deputy Governor Timothy Lane speaks at Carleton University in Ottawa
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08:00 GMT Germany: IFO business climate, index Sep Prev 106.3 Cons 105.8

08:00 GMT Germany: IFO current assessment, index Sep Prev 111.1 Cons 110.2

08:00 GMT Germany: IFO business expectations, index Sep Prev 101.7 Cons 101.2

08:00 GMT Italy: Consumer confidence, index Sep Prev 101.9

13:00 GMT Belgium: Business confidence index Sep Prev -7.3 Cons -7.1

13:00 GMT Mexico: Economic activity index, % y/y Jul Prev 2.7 Cons 2.1

13:00 GMT Mexico: First half bi-weekly CPI, % 2w/2w Sep Prev 0.19 Cons 0.15

14:00 GMT US: New home sales, k saar Aug Prev 412 Cons 430

23:50 GMT Japan: Corporate services price index, % y/y Aug Prev 3.7 Cons 3.7

[B]Thursday 25 September

02:00 GMT Australia: RBA Governor participates in a discussion on financial system reform and the conduct of monetary policy in Melbourne

08:00 GMT Taiwan: Benchmark interest rate, % Sep Prev 1.875 Cons

11:00 GMT Turkey: Benchmark repo rate, % Sep Prev 8.25 Cons

11:00 GMT Turkey: Overnight lending rate, % Sep Prev 11.25 Cons

11:00 GMT Turkey: Overnight borrowing rate, % Sep Prev 7.50 Cons

11:00 GMT Czech: Repo rate announcement, % Sep Prev 0.05 Cons 0.05

17:20 GMT US: Atlanta Fed President Lockhart (FOMC non-voter) speaks in Mississippi
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06:00 GMT UK: Nationwide house price Index, % m/m (y/y) (to 30/09) Sep Prev 0.8 (11.0) Cons 0.5 (10.4)

08:00 GMT E18: M3, % m/m (y/y) Aug Prev 0.6 (1.8) Cons 0.4 (2.0)

08:00 GMT E18: Loans to private sector (adjusted), % m/m (y/y) Aug Prev -0.2 (-1.0) Cons -0.1 (-0.9)

09:00 GMT Italy: Retail sales sa, % m/m (y/y) Sep Prev 0.0 (-2.6)

10:00 GMT UK: CBI distributive trades, total sales Sep Prev 37 Cons 33

12:30 GMT US: Initial jobless claims, k (4wma) Sep Prev 280 (300) Cons 300

12:30 GMT US: Durable goods orders, % m/m Aug Prev 22.6 Cons -17.0

12:30 GMT US: Durable goods ex transportation, % m/m Aug Prev -0.7 Cons 0.5

12:30 GMT Canada: Average Weekly Earnings, % y/y Jul Prev 3.3

23:30 GMT Japan: Nationwide CPI, % y/y Aug Prev 3.4 Cons 3.3

23:30 GMT Japan: Nationwide CPI ex. perishables, % y/y Aug Prev 3.3 Cons 3.2

23:30 GMT Japan: Nationwide CPI ex. food and energy, % y/y Aug Prev 2.3 Cons 2.3

23:30 GMT Japan: Tokyo CPI, % y/y Sep Prev 2.8 Cons 2.7

23:30 GMT Japan: Tokyo CPI ex. perishables, % y/y Sep Prev 2.7 Cons 2.6

23:30 GMT Japan: Tokyo CPI ex. food and energy, % y/y Sep Prev 2.1 Cons 2.1

02:00 GMT Japan: Liquidity Enhancement Auction ¥ 300 bn

[B]Friday 26 September

Colombia: Overnight lending rate, % Sep prev 4.50 cons 4.50
[/B]

05:00 GMT Singapore: Industrial production, % y/y Aug prev 4.0 cons 3.3

06:00 GMT Germany: GfK consumer confidence, index Oct prev 8.6 cons 8.5

06:45 GMT France: Consumer confidence indicator, index Sep prev 86 cons 86

08:00 GMT Italy: Business confidence, index Sep prev 95.7

12:30 GMT US: Final GDP, % q/q saar Q2 prev 4.2 cons 4.6

12:30 GMT US: Final consumer spending, % q/q saar Q2 prev 2.5 cons 3.0

12:30 GMT US: Final GDP price index, % q/q saar Q2 prev 2.1 cons 2.1

13:55 GMT US: Final Michigan consumer sentiment index Sep prev 84.6 cons 85.0

2

[B]Canada:[/B]

•CANADA FINMIN OLIVER SAYS EUROPE CONTINUES TO STRUGGLE WITH INSIPID GROWTH
•BANK OF CANADA GOV POLOZ SAYS RISE IN US DOLLAR CAUSING VOLATILITY
•BANK OF CANADA GOV POLOZ SAYS CANADIAN ECONOMY HAS ROOM TO GROW
•BANK OF CANADA GOV POLOZ SAYS MUCH OF RECENT INFLATION CAUSED BY ONE-OFF FACTORS
•BANK OF CANADA GOV POLOZ SAYS DOESN’T SEE HOUSING MARKET AS A BUBBLE

[B]Europe:[/B]

•G20-EUROPEAN COMMISSION’S KATAINEN: LOTS OF WORK TO BE DONE AT THE EUROPEAN LEVEL TO ACHIEVE 2 PCT EXTRA GROWTH GOAL
•G20-EUROPEAN COMMISSION’S KATAINEN: WE HAVE TO CONTINUE WITH SOUND FISCAL POLICY, HAVE TO BRING DEFICIT AND DEBT LEVEL DOWN IN GROWTH-FRIENDLY WAY
•G20-ECB’S COEURE: PERSISTENT WEAKNESS OF DEMAND HAS BEEN A KEY ISSUE
•G20-ECB’S COEURE: ECB READY FOR ADDITIONAL SUPPORT, BUT MONETARY POLICY SUPPORT WILL HAVE VERY LIMITED EFFECT WITHOUT STRUCTURAL REFORM
•EUROPEAN COMMISSION’S KATAINEN: EVERYBODY SEES OUR GROWTH AS TOO LOW AND WE’VE RECOGNISED THE PROBLEM, NOW ITS A QUESTION OF IMPLEMENTATION
•G20-ECB’S COEURE: NO ONE HAS ASKED THE ECB TO DO MORE AT THIS MEETING
•G20-ECB’S COEURE: ECB NOT SATISFIED WITH CURRENT LOW INFLATION LEVEL
•G20-ECB’S COEURE: THE GOVERNING COUNCIL HAS SAID IT IS READY TO DO MORE BUT WAY TOO EARLY TO TELL IF MORE NEEDED NOW

•GERMANY FINMIN SCHAEUBLE: SUSTAINABLE GROWTH NEEDS SUSTAINABLE BUDGETS, STRUCTURAL REFORMS AND INVESTMENTS
•G20-SCHAEUBLE SAYS IT WAS WIDELY ACCEPTED THAT THE ROOM FOR ADDITIONAL MEASURES FOR STRENGTHENING DEMAND WORLDWIDE IS SMALL

[B]USA:[/B]

•G20-US TREASURY SECRETARY LEW:G20 HAS COME TO BROAD CONSENSUS ON TOTAL LOSS ABSORPTION CAPACITY (TLAC)
•US TREASURY SECRETARY LEW SAYS EURO AREA STILL CONTINUES TO FACE PERSISTENT HEADWINDS
•US TREASURY’S LEW: G20 HAS INTENSIFIED CALL TO BOOST DOMESTIC DEMAND
•US TREASURY’S LEW: CONGRESS SHOULD PASS ANTI-INVERSION LEGISLATIONS AS SOON AS POSSIBLE
•US TREASURY’S LEW: TREASURY WORKING ON ADMINISTRATIVE WAYS TO LIMIT ECONOMIC BENEFITS OF INVERSION
•US TREASURY’S LEW: DISCUSSIONS THIS WEEKEND HAVE SHOWED GROWING RECOGNITION EUROPE NEEDS TO DO MORE TO GET ECONOMY TO WHERE IT SHOULD BE
•US TREASURY’S LEW: AS LONG AS RUSSIA CONTINUES TO THREATEN UKRAINE SOVEREIGNTY THERE WILL BE UNITY TO ISOLATE RUSSIA ECONOMICALLY

[B]Australia:[/B]

•G20: AUSTRALIA TREASURER HOCKEY SAYS AGREED ON NEED FOR SHORT TERM FISCAL STIMULUS WHERE APPROPRIATE

[B]Japan:[/B]

•BOJ KURODA: JAPAN STILL HALFWAY THROUGH MEETING BOJ’S 2 PCT PRICE TARGET BUT ABOUT TO EMERGE FROM DEFLATIONARY SITUATION

[B]China:[/B]

•CHINA FINMIN SAYS CHINA WILL NOT DRAMATICALLY ALTER POLICY BECAUSE OF ANY ONE ECONOMIC INDICATOR
•CHINA FINMIN SAYS CHINA CANNOT RELY ON GOVERNMENT SPENDING TO INCREASE INFRASTRUCTURE INVESTMENT