Thu US 0830 ET 1230 Initial unemployment claims for week ending
May 18 expected 410,000 previous 418,000.
0830 ET 1230 Apr durable goods orders expected +0.5%,
Mar -0.5%, less transportation expected
+1.0%, Mar -0.1%.
0930 ET 1330 Dallas Fed president McTeer speaks on US
economy in Plano, Texas.
1000 ET 1400 Chicago Fed President Moscow speaks at
Iron and Steel Institute meeting.
n/a Earnings expected today: Barnes & Noble,
Ciena, Novell, Sun Microsystems, Williams-
Sonoma, among others.
GER 0200 ET 0600 German Q1 GDP expected +0.1% q/q and -
0.3% y/y.
n/a German May CPI North Rhine-Westphalia,
Apr +0.1% m/m, +1.4% y/y.
German May CPI Hesse, Brandenburg (May
23-24)
UK 0430 ET 0830 UK Apr retail sales expected +0.4% m/m, Mar
+0.1%, +5.2% y/y, Mar +5.6%.
UK Apr car production, Mar
3-months/3-months +5.3%, 3-months/yr ago
+12.3%.
UK Q1 total business investment, Q4 -0.3%
q/q, previous -7.4% y/y.
UK CBI industrial trends survey.
UK initial unemployment claims, for week
ending May 18.
1030 ET 1430 UK Apr coincident indicator index, Mar +0.1%
m/m.
UK Apr leading Indicator index, Mar +0.3%
m/m.
JPN 1950 ET 2350 Japan Mar average lending rate, Feb 1.561%.
FRA 0245 ET 0645 French Apr consumer spending expected -
0.2% m/m Mar +1.2%, expected +2.9% y/y,
Mar +2.7%.
Sometime this week:
GER n/a German Mar industrial output, Feb +0.5%
m/m, -5.1% y/y.
n/a German Apr PPI, Mar +0.3 m/m, -0.2 y/y.
Fri US 0830 ET 1230 Q1 GDP expected to be revised to +6.0%
from last +5.8% q/q, GDP price deflator
expected unrevised at +0.8%.
Q1 corporate profits.
1000 ET 1400 Apr new home sales expected +0.8% at
885,000, from Mar at 878,000.
UK 0430 ET 0830 UK Q1 GDP expected +0.1% q/q, previous
unch, expected +1.0% y/y, previous +1.6%.
FRA 0245 ET 0645 French Q1 GDP expected +0.4% q/q and
+0.6% y/y.
0250 ET 0650 French Apr CPI, Mar +0.5% m/m, +2.1% y/y.
Apr CPI EU harmonized, Mar 0+.5% m/m,
Mar +2.2% y/y.
JPN 0100 ET 0500 Japan BOJ releases minutes of Apr 10-11
meeting.
Week of May 27-31
Sometime this week:
GER n/a German Mar construction orders, Feb +6.1%
y/y, -1.5% y/y.
German Apr import price index, Feb +0.8%
m/m, -2.5% y/y.
German Apr wholesale sales, SA -0.7% m/m,
NSA -7.4% y/y.
Sun JPN 1950 ET 2350 Japan Apr large retailer sales, Mar -1.5%.
Mon US Memorial Day US Markets closed.
GER 0400 ET 0800 German May IFO ind. survey (business
climate), Apr 90.5.
German May IFO current assessment, Apr
76.9., IFO expectations, Apr 104.6.
Tue US 0830 ET 1230 Apr personal income expected +0.3%, Mar
+0.4%.
Apr spending expected +0.7%, Mar +0.4%.
0900 ET 1300 Redbook weekly retailer sales.
1000 ET 1400 May consumer confidence expected 110.0,
Apr 108.8.
Apr existing home sales expected -0.9% at
5,350,000, from Mar 5,400,000.
UK 0430 ET 0830 UK BBA mortgage lending figures.
JPN 1950 ET 2350 Japan Apr industrial production, Mar +0.8%
m/m.
Wed US 1300 ET 1700 Treasury sells $27 billion in 2-year T-notes for
$4.9 bln new cash.
FRA 0245 ET 0645 France May business confidence indicator,
Apr 97.0.
France Mar production outlook indicator, Apr -
16.0.
Thu US 0000 ET 0400 Chicago Fed releases national activity index
for Apr.
0830 ET 1230 Initial unemployment claims for week ending
May 25th.
n/n Earnings expected today: Costco Wholesale,
Dollar General, Neiman Marcus.
UK 0430 ET 0830 UK Mar index of distribution.
UK Apr M4 money supply, m/m and y/y.
UK Apr Sterling lending.
UK Apr net consumer credit.
JPN 1930 ET 2330 Japan Apr unemployment rate expected
5.3%, Mar 5.2%.
Japan Apr job to applicant ratio expected .51,
Mar .51.
Japan Apr household spending, Mar -1.2%
y/y.
Japan May Tokyo consumer prices SA, Apr
-0.2%, less food -0.4%.
Japan May Tokyo consumer prices , Apr
-1.3% y/y, less food -1.1% y/y.
Japan Apr national consumer prices SA, Mar
unch, less food unch.
Japan Apr national consumer prices, Mar
-1.2% y/y, less food, -0.7% y/y.
Fri US 0830 ET 1230 Q1 final unit labor costs expected -5.5%,
previous -5.4%.
Q1 final nonfarm productivity expected 8.7%,
previous +8.6%.
Late-May University of Michigan consumer
confidence expected 96.0, early-May +3.0 to
96.0.
1000 ET 1400 May Chicago purchasing managers expected
55.0, Apr 54.7.
Apr factory orders expected +0.3%, Mar
+0.4%.
JPN 0030 Et 0430 Japan Apr crude oil imports, Mar -6.4% y/y.
0100 ET 0500 Japan Apr construction orders, Mar -12.9%
y/y.
Japan Apr housing starts, Mar -6.2% y/y.
FRA 0245 ET 0645 France Apr unemployment rate Mar 9.1%,
unemployment rate change, Mar 13,000.
0250 ET 0650 France Apr PPI, Mar +0.7% m/m, -0.7% y/y.
Week of June 3-7
Sometime this week:
Sun JPN 1950 ET 2350 Japan Apr average lending rate.
US Jun 3-4 May domestic vehicle sales, Apr 14,000,000.
Mon US 1000 ET 1400 Apr construction spending, Mar -0.9%
May ISM manufacturing index, Apr 53.9.
Mar ISM prices paid, Apr 60.3.
UK 0430 ET 0830 UK CIPS purchasing managers index.
Tue UK 0430 ET 0830 UK CIPS construction index.
JPN 0100 ET 0500 Japan Apr leading economic index.
Japan Apr coincident index.
FRA 0245 ET 0645 French May consumer confidence indicator,
Apr -18.0.
Wed US 1000 ET 1400 May ISM non-manufacturing, Apr 55.3.
UK 0430 ET 0830 UK May M0 money supply, Apr +0.9 m/m,
+8.0% y/y.
UK May official reserve (changes).
UK CIPS services index.
0600 ET 1000 UK CBI quarterly distributive trades report.
n/a UK Bank of England monetary policy
committee meets.
UK BRC shop price index.
Thu US 0830 ET 1230 Initial unemployment claims for week ending
Jun 1.
1525 ET 1925 San Francisco Fed pres. Parry speaks at
financial analysts meeting in Oregon.
EUR 0745 ET 1145 ECB announces interest rates, current 3.25%.
GER 0600 ET 1000 German Apr factory orders, Mar unch m/m, -
3.4% y/y.
UK 0700 ET 1100 UK Bank of England announces rates, current
4.0%
JPN 0030 ET 0430 Japan May consumer confidence.
1950 ET 2350 Japan Q1 GDP preliminary, previous -1.2%.
Fri US 0830 ET 1230 May unemployment rate, Apr 6.0%.
May average hourly earnings, Apr +0.1%.
May change in non-farm payrolls, Apr 43,000.
May change in manufacturing payrolls, Apr
-19,000.
May average weekly hours, Apr 34.1.
1000 ET 1400 Apr wholesale inventories, Mar unchanged.
1500 ET 1900 Apr consumer credit, Mar $4.6 bln.
GER 0355 ET 0755 German May unemployment change SA, Apr
6,000.
German May unemployment EU-Def, Apr
8.1%, unemployment rate SA 9.6%.
JPN 0100 ET 0500 Japan Apr household spending, Mar -1.0%
y/y.
FRA 0245 ET 0645 French Apr central government balance
(Euros)
Week of June 10-14
Sometime this week:
GER n/a German Apr retail sales SA, Mar +1.2% m/m,
-4.5% y/y.
German Mar CPI final, previous +0.1% m/m,
+1.6% y/y.
JPN n/a Japan Apr current account total, Mar 2202.5
bln Yen, adjusted 1547.5 bln Yen.
Sun JPN 1950 ET 2350 Japan May bank lending, May -4.8% y/y
Japan May domestic wholesales price index,
Apr unch.
Japan May Money Supply M2+Cd, +3.6% y/y.
Mon UK 0430 ET 0830 UK May PPI input SA, Apr +0.9% m/m, -3.7%
y/y
UK May PPI output NSA, Apr +0.5% m/m,
+0.2% y/y.
1430 ET 1830 UK BRC retail sales monitor.
JPN 0100 ET 0500 Japan Apr machine orders, Mar -6.2% m/m.
Tue GER 0200 ET 0600 German Apr currant account, Mar 7.5 bln
(Euro).
German Apr trade balance, Mar 12.4 bln.
0600 ET 1000 German Apr industrial output, m/m and y/y.
0900 ET 1300 German Jun ZEW survey (economic
sentiment).
UK 0430 ET 0830 UK Apr visible trade balance, Mar -3004.
UK Apr trade balance non EU, Mar -2169.
UK Apr industrial production, +0.4% m/m, -
5.9% y/y.
UK Apr Manufacturing production, Mar -0.8%
m/m, -6.8%
Wed US 0830 ET 1230 May Imports all commodity price, Apr +1.2%.
1400 ET 1800 Federal Reserve's beige book.
UK 1901 ET 2301 UK Apr total housing starts NSA, Mar 18,900.
FRA 0245 ET 0645 French May CPI, m/m and y/y.
French May CPI EU harmonized, m/m and
y/y.
Thu US 0830 ET 1230 Initial unemployment claims for week ending
Jun 8.
May PPI, Apr -0.2%, less food and energy
+0.1%.
May retail sales, Apr +1.2%, less autos
+1.0%.
UK 0430 ET 0830 UK New construction orders.
JPN 0030 ET 0430 Japan Apr industrial production final m/m.
Japan Apr capacity utilization final.
FRA 0250 ET 0650 French Apr industrial production, m/m and y/y.
French Apr manufacturing production, m/m
and y/y.
Fri US 0830 ET 1230 Apr business inventories, Mar -0.3%.
0915 ET 1315 May industrial production, Apr +0.4%.
May capacity utilization, Apr 75.5%.
0950 ET 1350 University of Michigan confidence early Jun.
UK 0430 ET 0830 UK May unemployment change, Apr 5,400.
UK May unemployment rate, Apr 3.2%.
UK Apr average earnings, Mar +2.9% 3-
months y/y.
UK Apr Manufacturing unit wage cost, Mar
+4.9% 3-m y/y.
UK Apr ILO unemployment rate, Mar +5.1%
3-months
Future News:
June 9 & 16: French Parliamentary elections.
Upcoming Central Bank meetings:
FOMC: June 25-26, Aug 13, Sep 24, Nov 6, Dec 10.
Last G7 monetary policy changes:
US Funds rate last cut by 25 bp to 1.75% on 12/11/01, discount rate
-25 bp to 1.25%. Funds rate cut by 175 bp after Sep 11th, and by
an overall 475 bp in 2001 easing cycle.
CAN Overnight rate target +25 bp to 2.25% on 4/16/02, up from
40-year low of 2.00%. Prior to 4/02 rate hike, BOC had cut by
total of 3.75 bp since Jan 2000.
UK Base rate cut by a total of 200 bp in 2001 cycle to current 4.0%.
Last change -50 bp to 4.00% on 11/02/01.
ECB Refinancing rate currently at 3.25%, last cut by 50 bp on 11/8/01.
Overall ECB rate cut was 150 bp in 2001.
JPN Discount rate at .10%, unsecured overnight call loan rate near
zero. BOJ boosted monthly JGB purchases by 25% to 1 trillion
yen at Feb 28 meeting.