Housing starts, industrial production and import prices. The only real market driving event is the massively overhyped 12:30pm MerkOzy press conference.
8:30: Housing starts (July): Small decline? Goldman forecasts a small decline in housing starts following a 15% increase last month. Multi-family starts in particular look set for a temporary setback. Yesterday’s NAHB homebuilder sentiment index (unchanged at 15) suggests trends in single-family construction activity remain poor.
Starts: GS: -5.0%; Consensus: -4.6%; Last +14.6%. MAP: 1
Permits: Consensus: -1.9%; Last +2.5%.
8:30: Import/export price indexes (July). More cooling? Consensus forecasts expect a small additional decline in US import prices of 0.1% (mom), likely due to a lagged response to past declines in commodity prices. The trade-weighted dollar was roughly unchanged over the period relevant for this report.
Median forecast (of 50): -0.1%; last -0.5%.MAP: 1
9:15: Industrial production (July): Auto-related rebound. Rising hours worked, and a rebound in auto production as the Japan-related supply chain disruptions fade, point to an increase in industrial production in July.
Production: GS: +0.5%; Consensus: +0.5%; Last +0.2%. MAP: 2
Capacity utilization: GS: 76.9%; Consensus: 77.0%; Last 76.7%.
10:00: Merkel meets with Sarkozy in Paris to disuss the region's debt crisis
11:00: POMO: The Open Market Desk will buy nominal Treasury coupons in the 08/31/2015 - 02/15/2017 maturity range.
11:00: Treasury may announce a regular CMB.
11:30: Treasury will auction a $35.0 billion 4-week bill to raise $7.0 billion.
12:30: Merkel-Sarkozy Press Conference
Source: Goldman, SMRA, Bloomberg, ZH