12/17 Week Ahead Market Events/Reports
*Always Possible Errors
**Key Events and Reports
Last week better then expected Chinese and US data helped the markets offset the gloom of the fiscal cliff worries and deadlines ahead. Apple continued like a train wreck dragging down the Nasdaq with its heavy weight.
This shall be the last option expiration week of the year with the holidays to begin the following week. The Christmas holiday with markets closed pushes data to this upcoming week. We shall get the third estimate of 3Q GDP, Housing Starts, Building Permits, PCE inflation, income, consumption and spending indicators. Treasury will be auctioning 2-, 5-, and 7-year notes.
The Bank of Japan will be making a decision on monetary policy with expectations to expand credit lending to private sectors and easing policies . Friday, the UK and Canada report their GDP figures of the prior quarter.
In earnings big tech starts off Tues with Oracle, and also this week are, Accenture (ACN), Red Hat (RHT), Tibco Software (TIBX) and BlackBerry maker Research In Motion (RIMM)
**Monday, December 17
US Economics (Time Zone: EDT)
08:30 Empire Manufacturing – consensus -1.00, prior -5.22
09:00 Total Net TIC Flows – prior $4.7B
09:00 Net Long-term TIC Flows – consensus $25.0B, prior $3.3B
11:00 Fed buying $4.25b-$5.25b notes in 6 to 8-year range
11:30 Treasury selling $32b 3-month, $28b 6-month bills
1:00 Treasury selling $35b 2-year notes
Global Economics (Time Zone: GMT)
10:00 EUR Eurozone Trade Balance
14:00 CAD Existing Home Sales
Earnings
No major reports
**Tuesday, December 18
US Economics (Time Zone: EDT)
08:30 Current Account Balance – consensus -$104.0B consensus, prior -$117.4B
10:00 NAHB Housing Market Index – consensus 47, prior 46
11:00 Fed to buy $1.5b-$2.25b notes in 25 to 30-year range
11:30 Treasury selling 4-week
1:00 Treasury selling $35b 5-year notes
2:00 Fed selling $7b-$8b notes in 3-year range
Global Economics (Time Zone: GMT)
00:00 NZD NBNZ Business Confidence
08:00 CNY China Property Prices
09:30 GBP PPI
09:30 GBP CPI
Earnings
Before
Factset Research (FDS)
Jefferies (JEF)
After:
Oracle (ORCL)
**Wednesday, December 19
US Economics (Time Zone: EDT)
07:00 MBA Mortgage Index
08:30 Housing Starts – consensus 874K, prior 894K
08:30 Building Permits – consensus 875K, prior 868K
11:00 Fed buying $1.5b-$2.25b notes in 25 to 30-year range
1:00 Treasury selling $29b 7-year notes
Global Economics (Time Zone: GMT)
JPY BoJ Monetary Policy Meeting
05:00 JPY Leading Index
09:00 EUR German IFO Business Climate
09:30 GBP BoE Minutes
21:45 NZD GDP
Earnings
Before
General Mills (GIS)
Fedex (FDX)
After
Bed Bath & Beyond (BBBY)
Jabil Circuit (JBL)
Paychex (PAYX)
**Thursday, December 20
US Economics (Time Zone: EDT)
08:30 Initial Claims – consensus 360K, prior 343K
08:30 Continuing Claims – consensus 3215K, prior 3205K
08:30 GDP QoQ (Annualized) – consensus 2.8%, prior 2.7%
08:30 Personal Consumption – consensus 1.5%, prior 1.4%
08:30 GDP Price Index – consensus 2.7%, prior 2.7%
08:30 Core PCE – consensus 1.1%, prior 1.1%
10:00 Philly Fed – consensus -3, prior -10.7
10:00 Existing Home Sales – consensus 4.90M, prior 4.79M
10:00 Leading Indicators – consensus -0.2%, prior 0.2%
10:00 House Price Index – consensus 0.2%, prior 0.2%
11:00 Fed buying $1.5b-$2.25b notes in 11 to 20-year range
1:00 Treasury selling $14b 5-year TIPS
2:00 Fed selling $7b-$8b notes in 2.5-year range
Global Economics (Time Zone: GMT)
JPY BoJ Rate Decision
07:00 CHF Trade Balance
07:00 EUR German PPI
09:30 GBP Retail Sales
13:30 CAD Retail Sales
15:00 EUR Eurozone Consumer Confidence
Earnings
Before
KB Home (KBH)
Carmax (KMX)
Discover Financial (DFS)
Darden Restaurants (DRI)
Conagra (CAG)
After
Nike (NKE)
Micron Tech (MU)
Red Hat (RHT)
Carnival (CCL)
**Friday, December 21
US Economics (Time Zone: EDT)
08:30 Chicago Fed – prior -0.56
08:30 Personal Income – consensus 0.3%, prior 0.0%
08:30 Personal Spending – consensus 0.4%, prior -0.2%
08:30 PCE Deflator YoY – consensus 1.6%, prior 1.7%
08:30 PCE Core YoY – consensus 1.6%, prior 1.6%
08:30 Durable Goods – consensus 0.5%, prior 0.5%
08:30 Durable Goods ex Transports – consensus -0.2%, prior 1.8%
08:30 Cap Goods Orders Nondef Ex Air – consensus -1.1%, prior 1.7%
08:30 Cap Goods Ship Nondef Ex Air – consensus 0.8%, prior -0.4%
09:55 University of Michigan Confidence (2nd estimate) – consensus 75, prior 74.5
11:00 Kansas City Fed – consensus -5, prior -6
11:00 Fed buying $1.5b-$2.25b notes in 25 to 30-year range
Global Economics (Time Zone: GMT)
02:00 NZD Credit Card Spending
07:00 EUR German GfK Consumer Confidence
09:30 GBP Public Finances
09:30 GBP GDP
13:30 CAD GDP
13:30 CAD CPI
Earnings
Before:
Walgreen’s (WAG)
*Always Possible Errors
**Key Events and Reports
Last week better then expected Chinese and US data helped the markets offset the gloom of the fiscal cliff worries and deadlines ahead. Apple continued like a train wreck dragging down the Nasdaq with its heavy weight.
This shall be the last option expiration week of the year with the holidays to begin the following week. The Christmas holiday with markets closed pushes data to this upcoming week. We shall get the third estimate of 3Q GDP, Housing Starts, Building Permits, PCE inflation, income, consumption and spending indicators. Treasury will be auctioning 2-, 5-, and 7-year notes.
The Bank of Japan will be making a decision on monetary policy with expectations to expand credit lending to private sectors and easing policies . Friday, the UK and Canada report their GDP figures of the prior quarter.
In earnings big tech starts off Tues with Oracle, and also this week are, Accenture (ACN), Red Hat (RHT), Tibco Software (TIBX) and BlackBerry maker Research In Motion (RIMM)
**Monday, December 17
US Economics (Time Zone: EDT)
08:30 Empire Manufacturing – consensus -1.00, prior -5.22
09:00 Total Net TIC Flows – prior $4.7B
09:00 Net Long-term TIC Flows – consensus $25.0B, prior $3.3B
11:00 Fed buying $4.25b-$5.25b notes in 6 to 8-year range
11:30 Treasury selling $32b 3-month, $28b 6-month bills
1:00 Treasury selling $35b 2-year notes
Global Economics (Time Zone: GMT)
10:00 EUR Eurozone Trade Balance
14:00 CAD Existing Home Sales
Earnings
No major reports
**Tuesday, December 18
US Economics (Time Zone: EDT)
08:30 Current Account Balance – consensus -$104.0B consensus, prior -$117.4B
10:00 NAHB Housing Market Index – consensus 47, prior 46
11:00 Fed to buy $1.5b-$2.25b notes in 25 to 30-year range
11:30 Treasury selling 4-week
1:00 Treasury selling $35b 5-year notes
2:00 Fed selling $7b-$8b notes in 3-year range
Global Economics (Time Zone: GMT)
00:00 NZD NBNZ Business Confidence
08:00 CNY China Property Prices
09:30 GBP PPI
09:30 GBP CPI
Earnings
Before
Factset Research (FDS)
Jefferies (JEF)
After:
Oracle (ORCL)
**Wednesday, December 19
US Economics (Time Zone: EDT)
07:00 MBA Mortgage Index
08:30 Housing Starts – consensus 874K, prior 894K
08:30 Building Permits – consensus 875K, prior 868K
11:00 Fed buying $1.5b-$2.25b notes in 25 to 30-year range
1:00 Treasury selling $29b 7-year notes
Global Economics (Time Zone: GMT)
JPY BoJ Monetary Policy Meeting
05:00 JPY Leading Index
09:00 EUR German IFO Business Climate
09:30 GBP BoE Minutes
21:45 NZD GDP
Earnings
Before
General Mills (GIS)
Fedex (FDX)
After
Bed Bath & Beyond (BBBY)
Jabil Circuit (JBL)
Paychex (PAYX)
**Thursday, December 20
US Economics (Time Zone: EDT)
08:30 Initial Claims – consensus 360K, prior 343K
08:30 Continuing Claims – consensus 3215K, prior 3205K
08:30 GDP QoQ (Annualized) – consensus 2.8%, prior 2.7%
08:30 Personal Consumption – consensus 1.5%, prior 1.4%
08:30 GDP Price Index – consensus 2.7%, prior 2.7%
08:30 Core PCE – consensus 1.1%, prior 1.1%
10:00 Philly Fed – consensus -3, prior -10.7
10:00 Existing Home Sales – consensus 4.90M, prior 4.79M
10:00 Leading Indicators – consensus -0.2%, prior 0.2%
10:00 House Price Index – consensus 0.2%, prior 0.2%
11:00 Fed buying $1.5b-$2.25b notes in 11 to 20-year range
1:00 Treasury selling $14b 5-year TIPS
2:00 Fed selling $7b-$8b notes in 2.5-year range
Global Economics (Time Zone: GMT)
JPY BoJ Rate Decision
07:00 CHF Trade Balance
07:00 EUR German PPI
09:30 GBP Retail Sales
13:30 CAD Retail Sales
15:00 EUR Eurozone Consumer Confidence
Earnings
Before
KB Home (KBH)
Carmax (KMX)
Discover Financial (DFS)
Darden Restaurants (DRI)
Conagra (CAG)
After
Nike (NKE)
Micron Tech (MU)
Red Hat (RHT)
Carnival (CCL)
**Friday, December 21
US Economics (Time Zone: EDT)
08:30 Chicago Fed – prior -0.56
08:30 Personal Income – consensus 0.3%, prior 0.0%
08:30 Personal Spending – consensus 0.4%, prior -0.2%
08:30 PCE Deflator YoY – consensus 1.6%, prior 1.7%
08:30 PCE Core YoY – consensus 1.6%, prior 1.6%
08:30 Durable Goods – consensus 0.5%, prior 0.5%
08:30 Durable Goods ex Transports – consensus -0.2%, prior 1.8%
08:30 Cap Goods Orders Nondef Ex Air – consensus -1.1%, prior 1.7%
08:30 Cap Goods Ship Nondef Ex Air – consensus 0.8%, prior -0.4%
09:55 University of Michigan Confidence (2nd estimate) – consensus 75, prior 74.5
11:00 Kansas City Fed – consensus -5, prior -6
11:00 Fed buying $1.5b-$2.25b notes in 25 to 30-year range
Global Economics (Time Zone: GMT)
02:00 NZD Credit Card Spending
07:00 EUR German GfK Consumer Confidence
09:30 GBP Public Finances
09:30 GBP GDP
13:30 CAD GDP
13:30 CAD CPI
Earnings
Before:
Walgreen’s (WAG)
