Hello fellow monkeys !
After a choppy week during which indexes closed at all-time highs, the situation can be described as okay despite a slowing growth. Some bankers would still want more credit as a sign of financial stability along with more trading volume. On the economic side, the data reported was, again, disappointing (especially with a lowest consumer sentiment in nine months). On the commodity side, prices have been dropping from oil to minerals. This might chance, especially considering a presidential election coming up in Venezuela, a large oil producer. This coming week might reverse this recent economic slump with earnings season kicking off.
You will find more economic releases and data after the break !
On Monday, the NY Fed reports its April Empire Manufacturing Survey at 8:30 AM. The consensus is for a reading of 7.5, down from 9.2 in March (above zero is expansion). At 10:00 AM, the National Association of Homebuilders publishes its April homebuilder survey. Economists expect a reading of 45, up from 44 in March. Although this index has increased sharply in 2012, any number below 50 still indicates that more builders view sales conditions as poor than good.
Tuesday kicks off at 8:30 AM with the March Housing Starts. Total housing starts were at 917 thousand (seasonally adjusted) in February, 0.8% above the revised January estimate of 910 thousand. Single family starts are at the highest level since June 2008. Concerning the March reading, the consensus is for an increase to 930 thousand (seasonally adjusted) in March. At the same time, the BLS publishes the Consumer Price Index for March. Analysts expect no change in CPI in March (due to lower gasoline prices) and for core CPI to increase 0.2%. Then, at 9:15 AM, The Fed will release the March Industrial Production and Capacity Utilization index for March where a 0.2% increase in Industrial Production is expected, as well as a decrease of Capacity Utilization to 78.3%.
Wednesday kicks off at 7:00 AM with the usual Mortgage Bankers Association report of its mortgage purchase applications index. Later, at 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their districts will be released.
On Thursday, the weekly unemployment claims report will be released at 8:30 AM. Experts expect a 1,000 increase since last week. At 10:00 AM, the Philly Fed will report its manufacturing survey for April. Finally, Fed Governor Sarah Bloom Raskin will hold a speech about "Reflections on Inequality and the Recent Business Cycle".
Friday will be a slow day with only the monthly Regional and State Employment and Unemployment March 2013 at 10:00 AM.
Have a good week !
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