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Global Key Economic Event And Bond Issuance Summary For The Upcoming Week

Tyler Durden's picture




 

Now that the global financial system is down to living literally auction to auction, with negligible available cash and deficits as far as the eye can see, not to mention a European continent living day to day on the whims of either political extreme, issuance of government paper, and particularly its proper uptake, takes takes on a especially significant role. Below we present not only Goldman's summary of the key events in the past week as well as those in the next 5 days, but a bond auction schedule, together with a POMO summary, for the next two weeks.With everyone selling as much paper as they can wet away it, not even the global central banking cartel selling unlimited long term puts on the worldwide treasury curve will do much to prevent the upcoming global yield tsunami.

Source: Morgan Stanley:

Next, Goldman summarizes the past week, and forecast the next 4 business days (Friday is a holiday)

What Matters in FX This Week : Business Surveys in Europe and Turkish Central Bank Meeting

From a macro perspective, last week’s data offered a slightly more positive mix of growth vs. inflation. CPI data in the US showed a more moderate increase in core inflation, while consumer confidence in the US came in slightly better than expected and long-term inflation expectations eased.?
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In terms of our own market views, we re-emphasized our Dollar bearish bias in the FX Monthly but also highlighted that limited further upside in European rates together with slightly more volatile risk sentiment could temporarily hurt our long EUR/US $ exposure. Our commodities strategy team turned more neutral in the near term for oil, and as a result, we closed our long recommendation in Canadian equities.
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Week Ahead?
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The week ahead is reasonably light on data. The European PMIs and the German IFO will be the key releases to watch. So far, these forward-looking growth indicators have remained steady at remarkably high levels, and it will be interesting to watch whether it extends for another month.?
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As a result of our more neutral stance on oil, we are watching our RUB trade closely. If the CBR remains hawkish then there is room for RUB to continue to perform even if oil prices correct lower in the near term. Therefore, watching next week’s investment data is key for our view on the economy and the central bank’s next move.?
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Next week’s central bank meeting in Turkey is unlikely to provide a negative backdrop for our long EURTRY recommendation as we do not expect CBRT to raise reserve requirements again.?
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Monday 18 April?

RBA Board Meeting Minutes.?

Hungary Monetary Policy Meeting: We expect the National Bank of Hungary to keep rates unchanged at 6%.?
Also of interest: Poland wages, US homebuilders’ survey, Singapore trade balance. Fed speeches by Bullard, Fischer & Lockhart.?

Tuesday 19 April?

Eurozone Flash PMIs (Apr): We expect the manufacturing PMI to print at 57.2, very close to last month’s print (of 57.5). Similarly for the services PMI we expect 57, which would be slightly below last month’s 57.2 print.

Russia Investment Statistics (Mar): The strength of the rebound in domestic demand will be important to watch in order to assess the odds for further monetary tightening in the near term in Russia. Our long RUB basket recommendation is predicated on a hawkish CBR stance.?

US Housing Starts (Mar): We expect a 5% increase in starts vs consensus forecasts of 9.6%.?

Also of interest: Canada CPI (Mar), Japan trade balance (Mar), Hungary Wages (Feb), Poland IP (Mar).?

Wednesday 20 April?

Thailand Central Bank Meeting: We expect a 25bp hike of the policy rate to 2.75%, on the back of rising inflationary pressures.?

Taiwan Export Orders (Mar): The March 11 earthquake in Japan is likely to distort export numbers across the region.?
Sweden MPC Meeting: We expect the Riksbank to hike rates by 25bps to 1.75%. This is in line with consensus expectations.?

UK MPC Meeting Minutes: It would be a surprise if any committee member had switched votes between March and April.?

US Existing Home Sales (Mar): We forecast a decline of 6% mom vs a 2.5%mom increase that consensus expects.?

Also of interest: South Africa Retail Sales, Mexico INPC inflation.?

Thursday 21 April?

Germany IFO (Apr): We will be watching whether the IFO continues to point to substantial strength in the German manufacturing sector. The components will also be of interest in terms of assessing the course for business expectations and current trends in the retail and wholesale sectors.?

Turkey Monetary Policy Meeting: We expect the Bank to leave rates unchanged at 6.25%. We do not expect the bank to hike reserve requirements (RRR).?

Japanese Portfolio Flow data for the week ending April 15. The last data set showed large Japanese selling of foreign debt. In comparison to previous years, we think it is related to fiscal year end. If the trend continues, it may signal repatriation of foreign assets in response to last month’s earthquake.?

US Philly Fed (Apr): We expect the Philly Fed indicator to decline to 33 from 43.4, consensus expects a decline to 36 only.

Also of interest: US initial claims?, Canada retail sales.
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Friday 22 April?
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Good Friday?
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Of interest: Hungary Retail Sales

 

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Sun, 04/17/2011 - 18:01 | 1178554 AN0NYM0US
AN0NYM0US's picture

serious question:

Is it even remotely possible that someone who makes their living in the gold business would not be aware that Tungsten and not led  is the metal of choice for fraudsters?

Sun, 04/17/2011 - 18:04 | 1178564 Bubbles...bubbl...
Bubbles...bubbles everywhere's picture

If you didn't, you wouldn't be in the gold business for long, would you?

Sun, 04/17/2011 - 18:04 | 1178555 Bubbles...bubbl...
Bubbles...bubbles everywhere's picture

$43.17

Sun, 04/17/2011 - 18:33 | 1178606 Jim in MN
Jim in MN's picture

Finland Unscrews the Pooch: Bailout Skeptics Rout, Unseat Government; Historic Gains for True Finns Party

Sun, 04/17/2011 - 19:02 | 1178658 disabledvet
disabledvet's picture

"Bond market panic" in Europe on Thursday and Friday "only reported on by Margaret Brennan" of all kids.  Welcome to the "Fukushima" meets "Libya" world of "interconnectedness."  But! But! "we was told it was all gold...i mean God, I mean...GOOD!  GOOD i tell ya', GOOD!"  How do the Kings of Bailout talk such smack?  CHARLIE DON'T SURF PHUCKERS!

Sun, 04/17/2011 - 18:34 | 1178608 Jim in MN
Jim in MN's picture

Duplicate post

Sun, 04/17/2011 - 18:45 | 1178628 Long-John-Silver
Long-John-Silver's picture

Everything happening in the World is bullish for Silver and Gold.

 

$43.18

Sun, 04/17/2011 - 21:51 | 1178963 Atomizer
Atomizer's picture

Debt ceiling will be raised, pretend & extent until the IMF arrives with an offer. End of story.

Sun, 04/17/2011 - 22:19 | 1179011 lolmao500
lolmao500's picture

Any bond issuance this week to breach the debt ceiling?

Sun, 04/17/2011 - 23:30 | 1179105 slewie the pi-rat
slewie the pi-rat's picture

nice view of the new gestalt, tyler:  the entire world living auction-to-auction.  yay!

the gambino family is tuesday, isn't it?

Mon, 04/18/2011 - 02:34 | 1179343 Rusty Shorts
Rusty Shorts's picture

"I think this is the great example of why so many pin their hopes on the "as-yet-unknown-future-technology-fix". We just pop together the as-yet-unknown free energy device into the as-yet-unknown spaceship and fly to the as-yet-unknown destination and *WHAM!* populate the galaxy".

Do NOT follow this link or you will be banned from the site!