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Wednesday April 23, 2008 - 13:15:20 GMT
CEP News - www.economicnews.ca

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Wednesday's Events: Canadian Retail Sales, DOE Oil, Norges Bank Rate Decision

07:03 04/23 (CEP News) – Retail sales and comments from Finance Minister Jim Flaherty will top the Canadian economic data for Wednesday while the United States will release weekly oil inventories. Europeans will also be paying attention to the Norwegian Central Bank's rate decision, comments from Bank of England MPC member Andrew Sentance and Belgium's business confidence index for April.

At 8 a.m. EDT, the Norges Bank will announce its rate decision. Economists are nearly unanimously expecting a 25bp hike to 5.50%.

At 8:30 a.m. EDT, Statistics Canada will release retail sales data for February, which economists expected to rise 0.1% month-over-month following January's 1.5% gain. Retail sales excluding automobiles are expected to increase 0.4% following a 1.3% increase in the previous month.

At 9 a.m. EDT, the National Bank of Belgium will release its business confidence index for April, which economists expect to decline to a reading of 0.5 from March's 1.2 level.

At 10 a.m. EDT, the U.S. Bureau of Labor Statistics will release mass layoffs for March.

Also at 10:30 a.m. the U.S. Department of Energy will release oil inventories for the week ending April 18. Economists are expecting a rise of 1500k in crude oil reserves following the previous 2356K decline. Gasoline inventories are expected to fall 2000k following the previous 5517k decrease. Distillate inventories are expected to fall 50k after rising 52k in the previous week. Refinery utilization is expected to increase 0.63% after falling 1.63% in the previous week.

At 1 p.m. EDT, the U.S. Treasury will sell $30 billion in two-year notes.

Also at 1 p.m., Bank of England Monetary Policy Committee Member Andrew Sentance will speak to the Society of Business Economists at the Confederation of British Industry in London.

At 1:15 p.m. EDT, Canadian Finance Minister Jim Flaherty will speak on Canadian economic challenges in New York City. A media Q&A will follow.

8:00 Norges Bank Rate Decision Exp: 5.50%, Prior: 5.25%
8:30 CA Retail Sales (M/M) FEB Exp: +0.1% Prior: +1.5%
8:30 CA Retail Sales Less Autos (M/M) FEB Exp: +0.4% Prior: +1.3%
9:00 EU Belgium Business Confidence Exp: +0.5 vs. Prior: +1.2
10:30 US DOE U.S. Crude Oil Inventories 18-Apr Exp: +1500K Prior: -2356K
10:30 US DOE U.S. Gasoline Inventories 18-Apr Exp: -2000K Prior: -5517K
10:30 US DOE U.S. Distillate Inventory 18-Apr Exp: -50K Prior: +52K
10:30 US DOE U.S. Refinery Utilization 18-Apr Exp: +0.63% Prior: -1.63%
13:00 US TSY to Sell $30B in 2-Year Notes
13:00 UK BOE's Sentence speaks at an event in London
13:15 CA Fin Min Flaherty will be in New York to discuss "How the Canadian Economy will meet future Global Challenges"

By Erik Kevin Franco, efranco@economicnews.ca, edited by Nancy Girgis, ngirgis@economicnews.ca

(END) ©CEP Newswires - ©CEP News Ltd. 2008. All Rights Reserved. www.economicnews.ca

 

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