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Trading Radar: Busy Economic Calendar in the Holiday Week Ahead

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

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The shock and awe campaign of the central banks continued on Friday. For the most part, the major US indices left a trend exhaustion signal on Friday, but a similar signal back on November 3 was invalidated so we will see what the upcoming holiday shortened week brings. US markets will be closed for the Thanksgiving holiday next Thursday and open for a half day on Friday.

There is a significant amount of US economic data next week on Tuesday and Wednesday. The second estimate of third quarter GDP will be released on Tuesday morning in addition to a number of different housing points. Market participants have largely moved on from the GDP revisions because all of the data has been released with the exception of the Quarterly Services Survey (which now can have a significant effect on GDP figures due to medical costs). On Wednesday, October durable goods orders, personal consumption, Chicago regional manufacturing survey, and consumer confidence will all be released.

In terms of foreign economic data, the preliminary November German consumer price index will be reported next Thursday and the broader eurozone index on Friday. Today, ECB President Mario Draghi said that he is prepared to do more immediately to boost inflation. In his speech, he mentioned the poor manufacturing indices this past week. If the prices show a continued disinflationary pressure it would be a sign that imminent easing is coming. The next ECB meeting is on Thursday, December 4.

Other reports of note is preliminary third quarter UK GDP and Japan's consumer price index.

There are very few earnings reports scheduled for the week ahead. The only notables are Workday (WDAY), Palo Alto Networks (PANW), Deere (DE), Hewlett-Packard (HPQ), and Tiffany (TIF).

Monday, November 24

US Economics (Time Zone: EST)
 
08:30 Chicago Fed National Activity Index (Oct) - expected 0.40, prior 0.47
10:30 Dallas Fed - exp 8.0, prior 10.5
11:30 Treasury to sell $24b 3-month bills and $28b 6-month bills
1:00 Treasury to sell $28b 2-year notes
 
Global Economics (Time Zone: GMT)

09:00 EUR German IFO - economic sentiment
 
Earnings
 
After:
Nuance Communications (NUAN)
Workday (WDAY)
Palo Alto Networks (PANW)

Tuesday, November 25

US Economics (Time Zone: EST)
 
08:30 GDP Annualized QoQ (3Q second estimate) - expected 3.3%, prior 3.5%
08:30 Personal Cnsumption - exp 1.9%, prior 1.8%
08:30 GDP Price Index - exp 1.3%, prior 1.3%
08:30 Core PCE QoQ - exp 1.4%, prior 1.4%
09:00 FHFA Home Price Index MoM (Sep) - exp 0.4%, prior 0.5%
09:00 Home Price Index QoQ (3Q) - prior 0.81%
09:00 S&P/CS 20 City MoM (Sep) - exp 0.20%, prior -0.15%
09:00 S&P/CS YoY - exp 4.60%, prior 5.57%
10:00 Consumer Confidence Index (Nov) - exp 96.0, prior 94.5
10:00 Richmond Fed - exp 15, prior 20
11:30 Treasury to sell 4-week bills, $13b 2-year FRN
1:00 Treasury to sell $35b 5-year notes

Global Economics (Time Zone: GMT)

Kuroda speaks in Nagoya
JPY BoJ Oct meeting minutes
02:00 NZD RBNZ 2-year Inflation Expectations (4Q)
07:00 EUR GDP (3Q final)
09:30 GBP BBA Home Loans
10:00 EUR EC OECD Economic Outlook

Earnings
 
Before:
Eaton Vance (EV)
 
After:
Hewlett-Packard (HPQ)
Tiffany (TIF)

Wednesday, November 26

US Economics (Time Zone: EST)

07:00 MBA Mortgage Apps
08:30 Initial Jobless Claims, expected 287k, prior 291k
08:30 Continuing Claims - exp 2360K, prior 2330k
08:30 Durable Goods Orders (Oct) - exp -0.6%, prior -1.3%
08:30 Durable Goods ex Transports - exp 0.5%, prior -0.2%
08:30 Cap Goods Shipments Nondef Ex Air - exp 0.3%, prior -0.2%
08:30 Cap Goods Orders Nondef Ex Air - exp 0.8%, prior -1.7%
08:30 Personal Income (Oct) - exp 0.4%, prior 0.2%
08:30 Personal Spending - exp 0.3%, prior -0.2%
08:30 PCE Deflator YoY - exp 1.4%, prior 1.4%
08:30 PCE Core YoY - exp 1.5%, prior 1.5%
09:45 Chicago PMI (Nov) - exp 63.0, prior 66.2
09:55 University of Michigan Consumer Confidence (Nov final) - exp 90.0, initial 89.4
10:00 Pending Home Sales MoM (Oct) - exp 1.0%, prior 0.3%
10:00 New Home Sales (Oct) - exp 470K, prior 467K
1:00 Treasury to sell $29b 7-year notes

Global Economics (Time Zone: GMT)
 
05:00 JPY Small Business Confidence
09:30 GBP GDP (3Q prelim)

Earnings
 
Before:
Deere (DE)

Thursday, November 27

US Economics (Time Zone: EST)

US markets closed for Thanksgiving holiday
 
Global Economics (Time Zone: GMT)

NZD Trade Balance
01:30 CNY Industrial Profits
08:55 EUR German Unemployment Change
12:00 EUR German GfK Consumer Confidence
13:00 EUR German CPI (Nov prelim)

Earnings

No major reports

Friday, November 28

US Economics (Time Zone: EST)

US equity market closes at 1pm, bond market at 2pm
09:00 ISM Milwaukee (Nov) - expected 64.00, prior 65.61

Global Economics (Time Zone: GMT)

JPY Japanese Investors Purchases of Foreign Bonds/Stocks
JPY Employment Change
JPY CPI
JPY Retail Sales & Industrial Production
05:00 JPY Housing Starts
10:00 EUR Eurozone Unemployment Rate
10:00 EUR Eurozone CPI (Nov advance)
13:30 CAD GDP

Earnings

No major reports

Twitter: @MichaelSedacca

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