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Trading Radar: Ben Strikes Again

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

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MINYANVILLE ORIGINAL After the Fed announced another historic round of asset purchases (QE3), the major "event risk" has now subsided for the markets. Next week will be much quieter after the last two weeks, which have been busy due to the central banks and economic data. Over the weekend, the European finance ministers and central bank officials will continue their meeting in Cyprus to discuss a European banking supervisor and the potential for a further aid package to Spain.

On Tuesday, the US will release the NAHB Housing Market Index. Last month, the index rose to the highest point in nearly five years. Later in the week, we'll receive additional housing data in the form of Housing Starts and Building Permits. The Fed is betting on further improvement in the housing market, so stay tuned for this data.

In Europe, the eurozone and Germany will release manufacturing PMI data. Recently, economic activity in the peripheral nations has begun to pick up, and we will see if this has migrated to the core nations of the eurozone.

In Japan, the Bank of Japan will make its rate decision overnight on Tuesday. The market is tentatively expecting further easing from the BoJ after the other global central banks eased in the recent weeks -- but today, market chatter indicated that the BoJ may not be ready to ease unless the yen appreciates further.

In earnings, key reports include FedEx (FDX), General Mills (GIS), Jefferies (JEF), Oracle (ORCL) and Darden Restaurants (DRI).

Monday, September 17

US Economics (Time Zone: EDT)

08:30 Empire Manufacturing – consensus -2.0, prior -5.85
11:00 Fed to buy $4.5b-$5.5b notes in 8 to 10-year range
11:00 Fed to sell $7b-$8b in 2 to 3-year notes
11:30 Treasury to sell $32b 3-month, $28b 6-month bills

Global Economics (Time Zone: GMT)

13:00 CAD Existing Home Sales
13:00 France to sell EU6.8b in bills

Earnings

No major earnings

Tuesday, September 18

US Economics (Time Zone: EDT)

08:30 Current Account Balance - $125.9B, prior -$137.3B
09:00 Total Net TIC Flows – prior $16.7B
09:00 Net Long-term TIC Flows – prior $9.3B
10:00 NAHB Housing Market Index – consensus 38, prior 37
11:00 Fed purchasing $4.25b-5b bonds in 6 to 8-year range
11:30 U.S. to sell 4-week bills, $35b in 52-week bills

Global Economics (Time Zone: GMT)

01:30 CNY China August Property Prices
01:30 AUD RBA minutes
05:45 CHF SECO September Econ Forecasts
08:30 GBP CPI
08:30 GBP Core CPI
08:30 GBP Retail Price Index
09:00 EUR German ZEW Survey
8:30 Spain to sell 12-mo, 18-mo bills

Earnings

Before:
FedEx (FDX) EPS $1.41

Wednesday, September 19

US Economics (Time Zone: EDT)

07:00 MBA Mortgage Purchase Index
08:30 Housing Starts – consensus 765K, prior 746K
08:30 Building Permits – consensus 795K, prior 812K
10:00 Existing Home Sales – consensus 4.55M, prior 4.47M
11:00 Fed to buy $1.5b-$2b in 2-year notes

Global Economics (Time Zone: GMT)

JPY BoJ Rate Decision
05:00 JPY Leading Index
08:30 GBP BoE Minutes
09:00 CHF ZEW Survey
22:45 NZD GDP
10:30 Germany to sell EU5b in 2-year notes

Earnings

Before:
General Mills (GIS) EPS 63c
AutoZone (AZO) EPS $8.41
Bed Bath & Beyond (BBBY) EPS $1.02
After:
Adobe (ADBE) EPS 59c

Thursday, September 20

US Economics (Time Zone: EDT)

08:30 Initial Jobless Claims – consensus 370K, prior 365K
08:30 Continuing Claims – consensus 3311K, prior 3322K
08:58 Markit US PMI Preliminary – consensus 51.3
10:00 Philly Fed – consensus -3.8, prior -7.1
10:00 Leading Indicators – consensus -0.1%, prior 0.4%
11:00 Fed to sell $7b-$8b notes in 3-year range
1:00 Treasury selling $13b 10-yr TIPS (reopening)

Global Economics (Time Zone: GMT)

02:30 CNY HSBC Manufacturing PMI
04:30 JPY All Industry Activity Index
05:00 JPY BoJ Monthly Economic Report
06:00 EUR German PPI
06:00 CHF Trade Balance
07:15 CHF Industrial Production
07:30 EUR German PMI
08:00 EUR Eurozone PMI
08:30 GBP Retail Sales
14:00 EUR Eurozone Consumer Confidence
8:30 Spain to sell bonds

Earnings

Before:
Jefferies (JEF) EPS 31c
CarMax (KMX) EPS 51c
Rite Aid (RID) EPS -7c
After
Oracle (ORCL) EPS 53c

Friday, September 21

US Economics (Time Zone: EDT)

No major reports
11:00 Fed to buy $1.5b-$2b bonds in 10 to 20-year range

Global Economics (Time Zone: GMT)

03:00 NZD Credit Card Spending
08:30 GBP Public Finances
12:30 CAD CPI

Earnings

KB Home (KBH) EPS -15c
Darden Restaurants (DRI) EPS 84c

Twitter: @MichaelSedacca

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No positions in stocks mentioned.

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