wall street in advance

MAY 2017  Economic Statistics
and Other Economic Influences

TUESDAYS:
                Weekly Chain Store Sales*
                 Average Hourly Earnings*
                 API Weekly Gas/Oil Stockpiles Report*  **
(4:30p.m.)
    WEDNESDAYS:
                
Mortgage Applications  Data
                 EIA Weekly Report on Gas & Oil Stockpiles* (10a.m.)
    THURSDAYS:
                 Weekly Unemployment Report*
                  Weekly Mutual Fund Flows*
                   Natural Gas Storage Levels* (a.m.)

 *Except Holidays    ** As of 1/09         All Dates Subject to Change:
Sunday,     May 07 French Presidential Run-off Election between LePen & Macron
     OVERNIGHT into US Mon. a.m.et:

           China April Foreign Direct Investment, Current Account, Trade Balance
           Aussie Mar Building Approvals, April NAB Business Conditions
           German March Factory Orders
           So Africa April FX Reserves
           UK April Halifax House Price Index
           Eurozone Sentix May Investor Confidence
           Hong Kong April Fx Reserves
           Singapore April FX Reservces
Monday,     May 08 Fed's Bullard speaks at Fed Bk of Atlanta's 22nd Annual Financial Markets Conference on "Shifting Sands of Low Interest Rates" (Fernandina Bch FL)
Canada April Housing Starts
Fed's Mester on Eco Outlook & Monetary Policy at Chicago Council on Global Affairs Public Breakfast--From Main Street to Wall Street: Economic Growth, Monetary Policy & the Federal Reserve (Chicago)
BoC Review
Fed's LMCI (Labor Market Conditions Index)
US Treasury Auctions $29B 3-, & $33B 6-month Bills
TD Ameritrade IMX
    OVERNIGHT into US Tues. a.m. et:
          UK BRC Like-for-Like April Sales
          New Zealand April House Sales
          Japan March Labor Cash Earnings
         Aussie NAB Business  Confidence, March/Q1 Retail Sales
         Japan 10-year JGB Auction
         Swiss April Unemployment Rate
         German March Industrial Production, Trade Balance, Current Account
         French April CPI, March Government Budget Balance
         Italy March Retail Sales
         South Africa Q1 Unemploy,ent Rate
Tuesday,   May 09 NFIB Small Business Optimism Index
Redbook weekly Chain Store Sale Snapshot
Canada March Building Permits
US JOLTS (Labor Turnover  & Quits)
US Wholesale Trade
Fed's Rosengren keynotes Risk Managament for Commericial Real Estate Conference @NYU Stern School of BUsiness (NY 1pm)
US Treasury Auctions $24B 3-year Notes
Fed's Kaplan speaks Dallas Regional Chamber Lower Middle Market Investment Summitw/Q&A (Dallas TX 4:15pm)
    OVERNIGHT into US Wed. a.m. et:
         New Zealand April Card Spending
         BoJ Summary of Opinions at 4/26--27 Meeting
         China April Money Supply, New Yuan Loans, & Aggregate Financing, CPI & PPI
         French March Current Account, Trade Balance, Industrial Production
         BoJ's Kuroda Economic Outlook speech
         Italy March Industrial Production
         Swedish Central Bank Publishes Minutes of April 26th Meeting
         ECB's Draghi speaks at Dutch Parliament
Wed.         May 10 MBA weekly Mortgage/Refinance Applications/Rates
US Import/Export Prices
Brazil April CPI & FX Flows
Atlanta Fed Business Inflation Expectations
EIA weekly Petroleum/Gasoline/Distillates Stats
Fed's Rosengren keynotes Jt Meeting of Lake Champlain REgional Chamber & Central Vermont Chamber of Commerce (SO. Burlington VT noon)
US Treasury Auctions $23B 10-yr Note
US Treasury Budget
    OVERNIGHT into US Thurs. a.m. et:
         RBNZ Gov. Wheeler
Speaks
         UK RICS April House Price Balance
         Japan March Current Account & Trade Balance, April Lending, & Bankruptcies
         Swiss April Consumer Price Index
         Germany April WPI
         ECB Economic Bulletin
         UK March Industrial & Manfuacturing Production, Construction Output, Trade Balance
        South Africa March Gold/Mining Production, Manufacturing Production
       EU Commission Economic Forecasts
        NY Fed Pres. Dudley
speaks on Benefits & Challenges from Globalization at the  event held by US-India Business Council, Conference of Indian Industry & Bombay Stock Exchange (Mumbai India)
         BoE MPC Rate Deicision, QE Targets, Inflation Report  (May 11th local time)
         IMF Chief Economic Maurice Obstfeld speech at Geneva Graduate Institute
         G-7 Finance Ministers Meet (Southern Italy to May 13th)
         RBNZ (New Zealand) MPC Interest Rate Decision (11th Local Time)
         SNB's Jordan & FinMin Maurer speak at Private Banking event
         EU Foreign Affairs Council Meets (Brussels)
Thursday, May 11 UK NIESR April GDP
India April Trade Balance
US Weekly Jobless Claims
US April PPI-Final Demand

NY Fed selling up to $200m of Treasuries maturing in 4--6 years from today (This is a Test--Just a Test--of the desk's readiness)
Canada March New Housing Price Index
Brazil March Retail Sales
EIA weekly Natural Gas Report
US Refunding Anouncement
US Treasury Auctions $15B 30-yr Bonds (1pm et)
Fed weekly Balance Sheet/Money Supply
    OVERNIGHT into US Fri. a.m. et:
         Aussie March Credit Card Purchases/Balances
         New Zealand non-Resident Bond Holdings, April PMI + Offshore Holdings
         BoJ Harada panelist in Tokyo
         German Q1 (Prel) GDP, April CPI , HICP
         Japan Machine Tool Orders
         French Non-Farm Payrolls
         Spanish April CPI, HICP
         Hong Kong Q1 GDP
         Eurozone Mar. Industrial Production
         India March Cumulative Industrial Production, Bank Loan & Deposit Growth,
Manufaturing Output & April CPI
         Singapore March Retail Sales
        
Friday,       May 12 Canada Teranet/National Bank April Home Price Index, CPI
US April CPI
US April Retail Sales

Russia March Trade Balance
Fed's Evans panelist on current eco conditions & monetary policy w/Q&A at 45th ACi Financial Markets Association World Conference ECB's Lane also speaks  (Dublin Ireland)
US Business Inventories
U.M. Preliminary May Consumer Sentiment (10am et)
Fed' Harker speaks on "Economic Outlook" at Drexel Univ. Urban Economics Policy Conference w/Q&A (Philadelphia PA 12:30pm et)
Baker-Hughes weekly US/North American Rig Count (1pm et)
Saturday,  May 13 G7 Final Day of Meeting  (Bari Italy)
German April Wholesale Price Index
Sunday,     May 14 Mother's Day
    OVERNIGHT into US Mon. a.m. et:
         So. Korea April  Import/Export Price Index
         New Zealand Q1 Retail Sales & Apr Performance of Serivces Index
         UK May Rightmove House Prices
         Japan April PPI, Corporate Goods Price Index, Mar Loans & Discounts
         Aussie Mar. Home Loans, Investment Lending, Value of All Loans
         RBA (Aussie) May MPC Meeting Minutes
         China April Retail Sales, Fixed Asset Invesetments
, Industrial Production
         India April WPI Food, Fuel & Manufacturing Inflation, Trade Balance
         Swiss April PPI & Import Prices
         ECB's Nouy & Farkas + Bundesbank's Dombret speak at banking conference (Frankfurt Germany)
         Norges Bank Gov Olsen attends hearing regarding the conduct of monetary policy bfeore the standing committee on finance & economic affairs (Oslo)
         Swedish Nat'l Bank's Ingves speech on challenges of monetary policy @Swedish Economics Ass'n (Stockholm)
         Italy April CPI & HICP
Monday,    May 15 Empire State NY Fed May Manufacturing Survey
NAHB May Housing Market Index
Canada April Existing Home Sales
US Treasury Auctions $39B 3-, & $33B 6-month Bills

US TICS
    OVERNIGHT into US Tues. a.m. et:
         Aussie April New Motor Vehicle Sales
         France April CPI & HICP
         EU 25 April New Car Registrations
         Italy Q1 (P) GDP
         UK April CPI, Retail Price Index, PPI, & Producer Output, Mar. House Price Index
         Eurozone March Trade Balance + Q1 (P) GDP
         Eurozone & German May ZEW Surveys
        
Tuesday,   May 16 US April Housing Starts/Building Permits
Redbook weekly Store Sales Shapshot
April Industrial Production/Capacity Utilization
17Q1 E-Commerce Sales
    OVERNIGHT into US Wed. a.m. et:
         South Korea April Import/Export Indexes
         New Zealand Q1 PPI Input + Output
         Japan Mar. Machine Orders
         China April Net FX Settlement
         Aussie Q1 Wage Cost Index
         Singapore April Non-oil Exports & Trade Balance
         Japan Mar. (F) Industrial Production/Capacity Utilization
         Italian March Trade Balance
         2nd APEC Senior Officials Meeting (Hanoi Vietnam to 18th)
         UK ILO March Unemployment Rate/Change/Count, Apr. Jobless Claims
         Eurozone April CPI, March Construction Price Index & Output
         German 30-year Bund Auction
         BoE Chief Economist Haldane speaks at Finance Foundation Annual Lecture
Wed.,         May 17 MBA weekly Mortgage/Refinance Applications
EIA weekly Petroleum/Gasoline/Distillates Stats (w/e 5/12)
South Africa March Retail Sales
Canada March Manufacturing Sales
Russia Q1 GDP
Brazil FX Flows
    OVERNIGHT into US Thurs. a.m. et:
        Japan Q1 GDP,
Housing Loans, Private Consumption, Business Spending
        RBA (Aussie) FX Transactions, April UnemploymentRate/Change/Participation
        China April Property & House Prices
        Fed's Bullard & BoE's Forbes Brief Press
        Greek FinMin Tsakalotos & Central Bk Gov Stournaras speak on Greece's prospects of returning to financial markets
        UK April Retail Sales
Thursday,  May 18 US weekly Jobless Claims
Philly Fed May Business Outlook Survey
Canada March Manufacturing Shipments & Int'l Securities Transactions
Sr. VP at Federal Reserve Bank "Remarks by Lorie Logan" (NY)
Russia Central Bank Reserves
EIA weekly Natural Gas Report
US Treasury Auctions $11B reopened 10-year TIPS
US Refunding Announcement (just reported $185B surplus probably doesn't slow issuance, with debt ceiling still needing a raise)
Fed's Mester speaks at Economic Club of Minneapolis (1:15pm)
Weekly Fed Balance Sheet & US Money Supply (4:30pm et)
    OVERNIGHT Into US Fri. a.m. et:
         South Korea April PPI
         New Zealand April Credit Card Spending & External Migration + Visitors
         French Q1 Unemployment Rate (current 10.0%)
         German April PPI
         Eurozone March Current Account
         Hong Kong April Unemployment Rate
         UK CBI May Selling + Order Trends & Prices
         Nat'l Bank of Poland MPC Meets
         Central Bank of Malaysia MPC Rate Decision
         ECB's Constancio & Praet on "Banking Union & Capital Markets Union: Interaction & Synergies" @Jt ECB/EU Commission Conference on Financial Market Integration (Brussels)
Friday,       May 19 Fed's Bullard on "US Economy & Monetary Policy" at Ass'n for Corporate Growth (ACG) St Louis Chapter w/Q&A (9:15am Washington Univ., St Louis MO)
EU Foreign Affairs Council Meets (Brussels)
Canada March Retail Sales, April CPI
Baker-Hughes weekly US/North American Rig Count (1pm et)
Saturday,  May 20 Swiss April M3 Money Supply

         WEEKS AHEAD: 
05/24     BoC MPC Meets
                                                       FOMC Minutes of 05/02--03 Meeting

*FOMC 2017 Voting Members:  Five governors on the FOMC are permanent voters: Janet Yellen, Stanley Fischer, Lael Brainard, Jay Powell and Dan Tarullo.vote at every meeting. (Board Governors endure 2 vacancies that Trump hasn't filled).  NY Fed pres.also a permanent FOMC voting member. The rest of the voters, in 2017, are 5 of the 11 regional Fed Pres.:New voters, for 2017: Philly Fed Pres. Patrick Harker, Minneapolis Fed Pres Neel "Too Big to Fail" Kashkari, Dallas Fed's Robert Kaplan, and Chicago Fed Pres Charles Evans.  Evans was last a voter in 2015. The other 3 are voters for the first time. Loretta Mester (Cleveland), Eric Rosengren (Boston), James Bullard (St. Louis) and Esther George (Kansas City) have lost their votes in 2017. In an Oct. speech, Harker said he would have preferred if rates had been raised at the prior FOMC meeting. Kaplan was a 23-yr veteran of Goldman Sachs before winding up at Harvard Business School. Mester & George are hawks that dissented at several 2016 meetings until the 2016 rate hike announced 12/14 but aren't voters in 2017.  Richmond Fed's Jeff Lacker esigned in early April 2017, when it became known he'd leaked sensitive FOMC discussions to Medley Advisors. Richmond is operating with an Interim Pres, Mark L Mullinix, while the search for a new leader continues.
                     

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