The Week Ahead: Oct. 1-7, 2012

October 1, 2012 12:18 AM
 

via a special arrangement with Informa Economics, Inc.

Bernanke | Presidential debate | Food price index | Employment


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


Key events on tap this week include comments today from Federal Reserve Board Chairman Ben Bernanke, the first of three presidential debates on Wednesday, and Friday's release of the Employment report. Congress remains on their pre-election break with a lame-duck session on tap beginning a week following the Nov. 6 elections.

Focus will continue on Europe for financial markets as traders watch for debt-related developments in Spain, Greece and Italy. Both the European Central Bank and the Bank of England are expected to hold interest rates steady at meetings to be held Thursday.

For agriculture, the focus comes next week with Oct. 11 USDA updates on US spring-planted crops – some private crop estimates will come this week. Crop Progress today is expected to show continued strong gains in the level of corn and soybean harvest with a watch on the progress of seeding the 2013 winter wheat crop. Thursday brings the Weekly Export Sales report. Traders will watch the corn and soybean sales tallies in particular and will have some "known" business already to factor into the mix via soybean sales that were announced during the period covered by the weekly update. On the international front, Statistics Canada on Thursday releases releases its September survey of production of principal field crops.

On the food price inflation front, on Thursday the UN Food and Agriculture Organization releases its world food price index.


Key reports and events this week include:

Monday, Oct. 1
Federal Reserve: Fed Chairman Ben Bernanke speaks at 12:30 p.m. EST on questions about the Fed.
Japan: The Bank of Japan issues its monthly tankan index of business sentiment.
Markets closed include: China, South Korea, Australia and Israel markets are closed all week. Hong Kong markets are closed through tomorrow.
Economic reports: PMI Manufacturing Index | ISM Mfg Index | Construction Spending | Selected Interest Rates (Federal Reserve).
USDA reports: Export inspections (AMS) | Commodity Costs and Returns Data (ERS) | Crop Progress (NASS).

Tuesday, Oct. 2
Economic reports: Motor Vehicle Sales | ICSC-Goldman Store Sales

Wednesday, Oct. 3
Presidential debate: The first presidential debate between Barack Obama and challenger Mitt Romney begins at 9:00 p.m. EST at the University of Denver.
Energy reports:
Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | ADP Employment Report | ISM Non-Mfg Index | MBA Purchase Applications
USDA reports: Broiler Hatchery (NASS) | Dairy Products (NASS).

Thursday, Oct. 4
FAO food price index: The UN Food and Agriculture Organization releases its world food price index.
Europe: The European Central Bank is likely to hold rates steady, as is the Bank of England.
Summit in Ukraine: The Black Sea Economic Forum takes place in Ukraine. The two-day event brings together more than 250 government and business representatives from Ukraine, Russia, Georgia, Turkey, Bulgaria, Romania, Greece, Moldova, Armenia and Azerbaijan.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads) | Grain Transportation Report (AMS).
Energy reports: Weekly US underground natural gas stocks (EIA)
Economic reports: Jobless Claims (Labor Dept.) | Factory Orders | FOMC Minutes | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data
USDA reports: Export Sales (FAS).
Canada: Statistics Canada releases production of principal field crops.


Friday, Oct. 5
G24: The Group of 24 intergovernmental group on international monetary affairs and development meets in Washington through Saturday.
Economic reports: Employment | Consumer Credit.
USDA reports: Peanut Prices (NASS).


Sunday, Oct. 7

Venezuela holds a presidential election.


 

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


 


 

 

 

 

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