Naj Srinivas
The Global View

The Week Ahead: Dec. 23-29, 2012

By, 12/21/2012

Monday, 12/24:

UK December housing prices

New Zealand M3 money supply

Japan corporate service price

Another inflation indicator, the corporate service price index measures the rate of inflation experienced by corporations when purchasing services.

The New York Stock Exchange and other major markets close early.


Tuesday, 12/25:

Most major markets and banks are closed for Christmas Day.

The Bank of Japan publishes its monetary policy meeting minutes

Although the minutes typically follow board meetings with a four to five week lag, they provide some insight into the board’s overall stance and likely future policy moves.


Wednesday, 12/26:

Most major banks are closed in Europe and other commonwealth countries for Boxing Day.

US weekly Mortgage Bankers Association purchase applications and rebook retail sales

US October S&P Case-Shiller home price index (HPI)

We quibble with many aspects of this widely watched housing index. Its calculation omits many parts of the market and its lag (the release covers data from two months before) means it has little bearing on the future. However, recent housing market data continue to reflect considerable strength.

US December Richmond Fed manufacturing index


Thursday, 12/27:

France November PPI

Italy December manufacturing and mining survey

US weekly initial and continuing jobless claims

US November new home sales

US December consumer confidence

Japan December PMI manufacturing index

Japan November CPI, unemployment, industrial production housing starts, construction orders, and retail sales

Following last week’s parliamentary elections, these economic reports are likely to be closely watched by Japanese politicians and investors. However, little has changed in the last few weeks to reasonably alter consensus expectations of medicore results.


Friday, 12/28:

France November consumer manufactured goods consumption

France Q3 GDP (Revised)

While France’s preliminary Q3 result showed the country just barely grew, we find it unlikely that story changes materially given the myriad issues the country is dealing with today. For more, see our 11/07/2012 cover story, “Hollande Taketh, Hollande Giveth.”  

Italian November PPI

Spain November retail sales

US December Chicago PMI

US November pending home sales

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*The content contained in this article represents only the opinions and viewpoints of the Fisher Investments editorial staff.


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