FYI | Feb 23 2008
By Greg Peel
The local reporting season goes into overdrive this week as just about everybody who hasn’t reported yet, does. There is very little left on the calendar after this week. There was a slightly more positive air to profit reports last week than in the previous two, but guidance has continued to be generally sombre. What will this week bring? All the details are available in the FNArena calendar.
Economically, Australia doesn’t clock in until Wednesday when fourth quarter construction work done is revealed. On Thursday it’s fourth quarter capex. Both these numbers have a direct influence on GDP and will provide indication as to whether it’s more of the same for the Aussie economy. Friday sees RBA January credit aggregates and they wrap up a fairly scant five days.
The US sees January existing home sales on Monday, followed by February consumer confidence and the January PPI on Tuesday. As the CPI has already been released, the PPI lacks impact. Also on Tuesday Fed chairman Ben Bernanke will make his biannual testimony to the House Financial Services Committee. Given the Fed minutes released last week caused quite a stir, it will be interesting to hear what Ben’s latest thoughts are. And we learn the Richmond Fed index (not as market-moving as the Philly one) for February, the fourth quarter house price index, and the January Case-Shiller house price index.
On Wednesday it’s January durable goods and on Thursday we learn the preliminary fourth quarter GDP estimate, which should be fun, as well as the preliminary fourth quarter core PCE number. Friday brings the core PCE (personal consumption expenditure) for January (this is another inflation indicator) as well as January personal income and personal spending. Friday also brings the Chicago purchasing manufacturers’ index for January and the Michigan U consumer confidence measure for February.
Other releases of note this week are the Japan and EU January CPI numbers, both on Friday.
