May 23rd, 2011
Assuming the world doesn’t end tomorrow, here’s what’s shaping up to be a busy week for economic data and maybe some nasty surprises from Europe:
- Monday: The market will start keeping a nervous eye on Europe and the results of regional elections in Spain, which could kick up a hornet’s nest of hidden debt when the new folks take power. St. Louis Fed President Jim Bullard speaks (again!) on the economy. He’s a wild card and often says interesting stuff, though he’s not a central player at the Fed.
- Tuesday: Germany’s Ifo Business Climate index for May is due. Economists expect this sentiment index to dip from April. Germans! What are you going to do? The Richmond Fed releases its own business index later, but that will be overshadowed by the Commerce Department’s report on new-home sales. Economists expect a slight gain in sales, which would break a recent string of ugly housing reports. The Treasury Department will auction 2-year notes. Earnings are due fromApplied Materials, Medtronic and AutoZone.
- Wednesday: ECB folks do some talking, including Italy’s Mario Draghi and Finland’s Erkki Liikanen. It’s a bigdata day, with durable-goods orders for April due. Economists expect a drop in orders, which could have implications for second-quarter GDP. Growth is already toying with falling below the 3% level that could be considered trend growth. Treasury auctions 5-year notes. Earnings are due fromCostco, Computer Sciences and more.
- Thursday: Weekly jobless claims data are due; will they fall below 400,000 again? The Commerce Department takes a second crack at estimating first-quarter GDP. Treasury auctions 7-year notes. Earnings are due fromBig Lots and Tiffany.
- Friday: A bunch of euro-zone sentiment indexes are released early. In the U.S., the Commerce Department releases data on personal income and spending in April — a big GDP contributor. They’re expected to be fairly strong. The University of Michigan updates its consumer-sentiment index a little later. Then the NAR releases its numbers for pending home sales.