The Week Ahead: Sept. 3-9, 2012

September 3, 2012 09:22 PM
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via a special arrangement with Informa Economics, Inc.

Democratic convention | Employment report

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

Washington remains relatively quiet ahead of the Democratic National Convention which begins today in Charlotte, North Carolina, while the top economic information comes Friday with the Employment report.

Financial markets will keep watching for additional signs that the Fed or other central banks in Europe or China will take steps to help the economic situation. Two key financial dates in the week ahead: Sept. 6 when European Central Bank officials discuss a new EU bond-buying program, and as noted, on Friday, when the US employment report Is issued and that report will help set the tone for the upcoming (Sept. 12-13) FOMC meeting. Consensus is for only 128,000 jobs created, with the unemployment rate remaining flat at 8.3 percent.

For agriculture, the Labor Day holiday means some delayed weekly reports. Crop Progress will come on Tuesday and will be watched to see if corn and soybean ratings continue to stabilize. The Weekly Export Sales report, usually released on Thursday, will be issued on Friday, and the focus will continue on whether or not current prices are high enough to ration exports. That hasn’t been the case yet with soybeans, but is evident for corn. Meanwhile, industry estimates are expected this week regarding US crop projections, with USDA releasing its updated survey results on Sept. 12.

Congress is still out and will return Sept. 10. The attention will be focused on the Democratic convention, with President Barack Obama on Thursday giving give his address on why he should be reelected. He will no doubt comment on some remarks made by his GOP challenger, Mitt Romney, during last week’s GOP convention.

Key events and reports on tap this week include:

Monday, Sep. 3
Holiday: Markets closed in the US and Canada in observance of Labor Day.

Tuesday, Sep. 4
Democratic presidential nominating convention begins in Charlotte, N.C.
Secretary of State Hillary Clinton travels to China.
EU: French President François Hollande meets with Italy's Mario Monti.
Economic reports: Motor Vehicle Sales | ISM Mfg Index | Construction Spending | Selected Interest Rates (Federal Reserve).
USDA reports: Export inspections (AMS) | Crop Progress (NASS) | Dairy Products (NASS).

Wednesday, Sep. 5
Economic reports: Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications | ICSC-Goldman Store Sales | Productivity and Costs.
USDA reports: Broiler Hatchery (NASS) | Household Food Security in the US (ERS).

Thursday, Sep. 6
President Obama addresses the Democratic national convention in Charlotte, N.C.
European Central Bank (ECB) could agree on and detail its prospective asset-purchase program. EU President Mario Draghi has said the ECB may need to adopt exceptional measures to maintain price stability.
EU: German Chancellor Angela Merkel meets with Spanish Prime Minister Mariano Rajoy in Madrid.
Bank of England is likely to keep interest rates on hold.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads) | Grain Transportation Report (AMS).
Energy reports: Weekly US underground natural gas stocks (EIA) | Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Jobless Claims (Labor Dept.) | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | ADP Employment Report | ISM Non-Mfg Index.
USDA reports: Vegetables (NASS).

Friday, Sep. 7
Brazil's markets are closed.
Economic reports: Employment.
USDA reports: Export Sales (FAS) | Quick Stats Database Cash Rents - County (NASS) | Peanut Prices (NASS).
Statistics Canada July 31 grain stocks report.

Sunday, Sep. 9
issues several key indicators, including consumer prices, industrial production, and the trade balance.

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






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