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Trading Radar: Holiday-Shortened Week Highlighted by Bank of Japan Rate Decision

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Economics, earnings reports, and market events for the week ahead.

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MINYANVILLE ORIGINAL Next week will be shortened due to the Thanksgiving holiday. On Thursday, US markets will be closed; on Friday, they will close at 1:00 p.m. EST. As such, initial jobless claims and other economic data for the week will be moved up to Wednesday. However, it is worth nothing that last year there was heavy volume on Friday due to the ongoing crisis in Europe. It could certainly be the case again this year due to the issues surrounding the US fiscal situation -- only time will tell.

On Tuesday, European finance ministers will meet to discuss the funding situation in Greece, and whether or not to approve the remaining 41 billion euros in aid to the country. So far, conflicting news reports from Germany and the Netherlands have indicated that it is unlikely the vote will pass. On the other hand, Italy is optimistic.

Also on Tuesday, the Bank of Japan will make its monthly rate decision. Because the current government is dissolving, it is expected in the near future that the central bank will drastically increase its rate of monetary policy easing. However, the new government will not be elected until mid-December, so the coming decision does not have a clear outcome.

In US economic data, the NAHB Housing Market Index (which is the gauge of agent and builder optimism for home sales) will be released on Monday. On Tuesday, the housing starts and building permits will be released. Last month, starts and permits drastically increased month-to-month, which was slightly reflected in the following housing data. This month, economists are expecting a slight decline.

Key earnings reports for the week include Best Buy (NYSE:BBY), Lowe's (NYSE:LOW), Urban Outfitters (NASDAQ:URBN), Hewlett-Packard (NYSE:HPQ), Salesforce.com (NYSE:CRM), and Pandora (NYSE:P).


Monday, November 19

US Economics (Time Zone: EDT)

10:00 NAHB Housing Market Index – consensus 41, prior 41
10:00 Existing Home Sales – consensus 4.75M, prior 4.75M
11:00 Fed selling $7b-$8b notes in 3-year range
11:30 Treasury to sell $32b 3-month bills, $28b 6-month bills

Global Economics (Time Zone: GMT)

05:00 JPY Leading Index
23:00 AUD Conference Board Leading Index

Earnings

Before:
Lowe's (LOW)
Tyson Foods (TSN)
After:
Urban Outfitters (URBN)
Agilent (A)
Nuance (NUAN)


Tuesday, November 20

US Economics (Time Zone: EDT)

08:30 Housing Starts – consensus 840K, prior 872K
08:30 Building Permits – consensus 865K, prior 890K
11:00 Fed purchasing $4.35b-$5.25b notes in 6 to 8-year range
11:30 Treasury to sell 4-week bills
12:15 Bernanke speaks in New York

Global Economics (Time Zone: GMT)

Eurozone Finance Ministers meet in Brussels to discuss funding situation in Greece
JPY Bank of Japan Rate Decision
04:30 JPY All Industry Activity Index
07:00 CHF Trade Balance
07:00 EUR German PPI
11:00 EFSF to sell 6-month bills

Earnings

Before:
Campbell Soup (CPB)
Hewlett-Packard (HPQ)
Best Buy (BBY)
After:
Salesforce.com (CRM)


Wednesday, November 21

US Economics (Time Zone: EDT)

07:00 MBA Mortgage Purchase Index
08:30 Initial Jobless Claims – consensus 400K, prior 439K
08:30 Continuing Claims – consensus 3355K, prior 3334K
08:58 Markit US Preliminary PMI – consensus 51.0
09:55 University of Michigan Confidence – consensus 84.5, prior 84.9
11:00 Fed to buy $7b-$8b 3-year bills
11:30 US to sell $13b 10-year TIPS

Global Economics (Time Zone: GMT)

02:00 NZD Credit Card Spending
09:30 GBP Bank of England Minutes
09:30 GBP Public Sector Net Borrowing
10:30 Germany to sell EU4b 10-year notes

Earnings

Before:
Deere (DE)


Thursday, November 22

US Economics (Time Zone: EDT)

US markets closed for Thanksgiving holidays

Global Economics (Time Zone: GMT)

01:45 CNY HSBC Flash Manufacturing
09:00 EUR Eurozone PMI – Manufacturing
09:00 EUR Eurozone PMI – Services
13:30 CAD Retail Sales
9:30 Spain to sell bonds

Earnings

No major earnings


Friday, November 23

US Economics (Time Zone: EDT)

US markets close at 1:00PM due to Thanksgiving holidays

Global Economics (Time Zone: GMT)

07:00 EUR German GDP – final estimate
09:00 EUR German IFO Business Climate
09:30 GBP BBA Loans for House Purchases
13:30 CAD CPI

Earnings

Before:
Pandora (P)


Twitter: @MichaelSedacca

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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