Weekly Outlook for 7-11 November

The first week of November revolved around the Greek debt crisis and the future of Greece in the European Union. Papandreou, the current Greek Prime Minster will try to form a government of national unity in order to pass the EU debt plan for Greece.  This issue revolving Greece will probably continue to stir up the financial markets and reduce the influence of other news items that are on this week’s agenda. Besides the Greek story, there are additional important reports to be published that could affect the financial markets including: American trade balance, China’s inflation rate, GB rate decision, OPEC’s monthly report and the U.S. federal budget balance. Here is an economic news calendar for the week of November 7th to November 11th that highlights the main news items related to the U.S., Europe, China, Canada and Australia.   

(all times GMT):

  1. Monday 7th of November 12:00 – German Industrial Production: this report will show the changes in the Germany industrial production and could indicate the progress of the German Economy and consequently could affect forex and commodities traders;
  2. Monday 7th of November 2:30 – Australian Trade Balance: The upcoming report will regard September 2011. In the August 2011 report, the seasonally adjusted balance of goods and services sharply inclined from a surplus of $1,817 million in July 2011 to $3,100 million in August 2011 – a $1,283 million increase. There was an increase in export of non-monetary gold by $392 million (30%); if the gold exports will continue to rise in September, it might suggest an increase in demand for non-monetary gold that could explain the changes in gold prices (see here last report);
  3. Tuesday 8th of November 10:30 – Great Britain Manufacturing Production : this report will show the month to month change in the British manufacturing production in September; in the last report regarding August  the seasonally adjusted manufacturing index fell by 0.3% (M-2-M), while the overall production rose by 0.2%; this news may influence forex and commodities traders;
  4. Tuesday 8th of November 13:15 – Canadian Housing Starts: The upcoming report is regarding October 2011. In the recent September 2011 report, the seasonally adjusted housing starts reached 205,900 units, which is higher than the 191,900 units started during August 2011. This report indicates not only the progress of the Canadian real estate market, but also of the Canadian economy; if the upcoming report will continue to show growth, it may further strengthen the Canadian dollar (see here last report).
  5. Tuesday 8th of November 3:00 – Chinese CPI: in September, the Chinese inflation rate slightly slipped compared with August’s CPI and reached an annual rate of 6.1% (it was 6.2% in August); this rate is still above the China’s inflation target of 4% in annual terms. It could induce the People Bank of China’s attempts to curb the inflation pressures are starting to work;
  6. Wednesday 9th of November tentative –OPEC Monthly Report: this report will show the main changes in crude oil and natural gas’s supply and demand worldwide; the report will also examine the changes in the production of OPEC countries during September; the recent changes in crude oil prices might be stem, in part, from the changes in OPEC’s oil production; (See here a summary of the last October report);
  7. Wednesday 9th of November 14:30 – Chairman of the Federal Reserve  Ben Bernanke Speaks: Following last week’s FOMC meeting, the Chairman of the Federal Reserve will give a welcome in Federal Reserve Conference on Small Business and Entrepreneurship during an Economic Recovery, in Washington DC;
  8. Wednesday 9th of November 15:30 – EIA Report on Crude Oil Stockpiles: the EIA (Energy Information Administration) will publish its weekly report on the U.S oil and petroleum market for the week ending on November 4th; last week, the U.S petroleum & oil stockpiles inclined by 1.8 million barrels to 1,760.7 million barrels (see here the recent oil stockpiles review);
  9. Wednesday 9th of November 2:30 – Australia Rate of Unemployment: in the recent report regarding September 2011 the rate of unemployment slightly declined to 5.2%; the number of employed rose by 20,400 people; the number of unemployed slightly fell by 3,800 during September compared with August’s figures. If this trend ill continue to could further affect the Australian dollar (see here the recent report);
  10. Thursday 10th of November tentative –IEA monthly oil report: this upcoming report will present an updated (as of October) outlook and analysis for the global crude oil market for 2011 and 2012 (See here a summary of the last report);
  11. Thursday 10th of November 9.00 – ECB Monthly Bulletin: This monthly bulletin for November 2011 analyzes the economic situation of the Euro Area including price stability, interest rate decisions and governments debt; this report might provide some insight into the current expectations of the economic progress of the Euro Area (see here last report);
  12. Thursday 10th of November 12:00 –GB Bank Rate: The Bank of England will announce its official bank rate. The current rate is still at 0.5%; this decision may affect forex trading and consequently commodities trading as well;
  13. Thursday 10th of November 13:30 – Department of Labor Report – U.S. Unemployment Claims: initial claims declined by 9,000 to 397,000 claims for the week ending on October 29th; the number of insured unemployment reached 3.683  million, a decrease of 15,000 during the week of October 22nd; the upcoming report may affect forex and commodities traders;
  14. Thursday 10th of November 13:30 –Canadian Trade Balance: In the August report regarding August 2011, imports rose and exports increased during the month: exports increased by 0.5%, and imports rose by 0.7%; as a result, the trade deficit widen from $0.539 billion in July to $0.622 billion in August; exports of energy products decreased by 2.7%, to $8.5 billion, while exports of industrial goods and materials inclined by 2.0% to $10.1 billion;
  15. Thursday 10th of November 13:30 –American Trade Balance: This monthly report for September  2011 will show the changes in imports and exports of goods and services to and from the U.S, including major commodities such as crude oil; The American trade balance report for August 2011 the goods deficit slightly increased by $0.1 billion compared with July 2011 and reached $61.4 billion; the service surplus rose by $0.2 billion to $15.8 billion; as a result, the goods and services deficit remained virtually unchanged during the month at $45.6 billion;
  16. Thursday 10th of November 15:30 – EIA report on U.S. Natural Gas Market: The EIA will publish its U.S. natural gas stocks, production and consumption report for the week ending on November 4th. In the last report, natural gas storage rose for the thirtieth  straight week by 2.1% or by 78 Bcf to 3,794 billion cubic feet for all lower 48 states (see here my recent natural gas storage review);
  17. Thursday 10th of November 16:45 – Fed Chairman Bernanke Speaks: The Chairman of the Federal Reserve will give a speech in El Paso;
  18. Thursday 10th of November 19:00 –U.S. Federal Budget Balance: this upcoming publication will show the changes in the U.S federal balance for October 2011; this report indicates the government debt growth and thus may affect the U.S dollar. In the October report regarding September the deficit rose by $64.5 billion to a deficit of $1,298 billion for the fiscal year of 2011 (See here a summary of the recent report).

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