The Week Ahead: April 30-May 6, 2012

April 30, 2012 04:03 AM
Untitled Document

via a special arrangement with Informa Economics, Inc.

Congress on another recess | Obama meets with Japan's PM | Employment report Friday

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.

Congress is on another week-long recess, with both chambers returning Monday, May 7.

President Obama today meets at the White House with Japan's Prime Minister Yoshihiko Noda, where defense issues are the primary focus.

This week will see most action in the financial and other markets focusing on Friday, when the key Employment Situation report arrives. Leading up to that will be Personal Income on Monday along with manufacturing indexes out of Chicago and Dallas. Tuesday brings the ISM manufacturing index with the private-sector jobs data from ADP. Thursday’s Jobless Claims will also be of note, but will pale in comparison to the Friday release.

For agriculture, the weekly Crop Progress report on Monday will be watched to see how much rainfall may have altered planting progress for corn and soybeans, and whether US winter wheat condition ratings have changed much compared to the prior week. Thursday’s Weekly Export Sales remains a focal point, especially with big sales announced via the daily export sales reporting system to close out the past week.

Key reports and events on tap this week include:

Monday, April 30
House and Senate are in recess.
Both chambers will resume Monday, May 7.
Japanese markets are closed.
President Barack Obama meets Japan's Prime Minister Yoshihiko Noda
at the White House.
Water talks:
The Global Water Summit takes place in Rome (until May 1).
Economic reports:
Selected Interest Rates (Federal Reserve) | Personal Income and Outlays | Chicago PMI
USDA reports
: Export inspections (AMS) | Agricultural Prices (NASS) | Egg Products (NASS) | Peanut Stocks and Processing (NASS) Crop Progress (NASS).

Tuesday, May 1
Some markets closed for May Day, including Germany and Hong Kong.
Energy reports: Weekly National Petroleum Report (API).
Economic reports: ICSC-Goldman Store Sales | Motor Vehicle Sales | ISM Mfg. Index | Construction Spending.
USDA reports:
Commodity Costs and Returns Data (ERS).

Wednesday, May 2
Banks and the Federal Reserve:
Big U.S.banks meet with a Fed official on a Fed plan to limit bank exposure to credit risk from any one country or government.
EU finance ministers meet
to end a deadlock on bank capital rules.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | ADP Employment Report | Factory Orders.
USDA reports: Broiler Hatchery (NASS) | Dairy Products (NASS).

Thursday, May 3
Markets in Japan are closed.
The European Central Bank is expected to hold interest rates steady.
Spain and France auction bonds.
Portugal: The European Commission publishes its report on economic progress in Portugal. The report summarizes the findings of the joint mission by the commission, European Central Bank and IMF.
Oil and its future: Energy ministers, industry leaders and academics gather for the 13th International Oil Summit in Paris.
Transportation: Association of American Railroads issues Weekly Traffic of Major Railroads | Grain Transportation Report (AMS).
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: Jobless Claims (Labor Dept.) | Weekly Mortgage Rates (Freddie Mac) | Productivity and Costs | ICI weekly money market mutual fund data | ISM Non-Mfg Index.
USDA reports: Export Sales (FAS).

Friday, May 4

Japanese markets are closed.
Euro policy: The governing council of the European Central Bank makes its monetary policy decision for the euro area.
Iran elections: The second round of parliamentary elections take place in Iran in areas where no candidate received 25 percent or more of the votes cast.
Economic reports: Employment.
USDA reports: Peanut Prices (NASS).

Sunday, May 6
France holds runoff elections for president. François Hollande is the favorite. Greece holds parliamentary elections.

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.






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