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Thursday April 24, 2008 - 13:37:28 GMT
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Thursday's Events: BOC MPR, U.S. Durable Goods, Jobless Claims

07:22 04/24 (CEP News) - The Bank of Canada's monetary policy report will top the Canadian economic releases on Thursday as U.S. markets brace for durable goods orders, jobless claims and new home sales. Europeans will also receive comments from a myriad of European Central Bank speakers from a conference in Frankfurt.

At 8:30 a.m. EDT, European Central Bank President Jean-Claude Trichet will speak alongside Governing Council members Jurgen Stark, Axel Weber, John Hurley, Miguel Angel Fernandez Ordonez, Klaus Liebscher, Jose Manuel Gonzalez Paramo and Athanasios Orphanides at the Fourth European Central Bank Conference on Statistics, titled ‘A strategic vision for statistics: Challenges for the next 10 years’ in Frankfurt.

Simultaneously, the U.S. Department of Commerce will release its durable goods report for March. Economists are expecting durable goods orders to rise 0.1% month-over-month after falling a revised 1.1% in February. Durable goods excluding transportation are expected to pick up 0.5% after a previous 2.4% decline. Non-defence capital goods excluding aircraft are expected to remain unchanged from February, when the figures declined 2.4%.

Also at 8:30 a.m., the U.S. Department of Labor will release initial and continuing jobless claims for the weeks ending April 19 and 12 respectively. Initial jobless claims are expected to increase 375k after picking up 372k in the previous week. Continuing claims are expected to reach 2990k from the previous 2984k level.

At 10 a.m. EDT, the U.S. Conference Board will release its help wanted index for March, which economists expect to decline to 20 from the previous month's level of 21.

Also at 10 a.m., the U.S. Census Bureau will release new home sales for March. The consensus is for sales to total 580k to mark a 1.7% month-over-month decline from February's 590k level. In February, new home sales pulled back 1.8%.

At the same time, General Counsel of the Federal Reserve Board Scott Alvarez will testify before the Senate Banking Committee on regulation and sovereign wealth funds.

At 10:30 a.m. EDT, the U.S. Energy Information Administration will release natural gas storage for the week ending April 18, which economists expect to pick up 30 billion cubic feet following a 27 Bcf build in the prior week.

Also at 10:30 a.m., the Bank of Canada will release its monetary policy report. The release will be followed by a press conference from BOC Governor Mark Carney and Deputy Governor Paul Jenkins.

At 1 p.m. EDT, the U.S. Treasury will sell $19 billion in five-year notes.

Also at 1 p.m., Assistant Secretary for Tax Policy Eric Solomon will deliver remarks on current developments in tax policy in New York City.

At 4:30 p.m. EDT, the Fed will release M1 and M2 money supply for the week ending April 14.

8:30 US Durable Goods Orders March Exp: +0.1% Prior: -1.7% Revised: -1.1%
8:30 US Durables Ex Transportation March Exp: +0.6% Prior: -2.6% Revised: -2.4%
8:30 US Durable Nondefence Capital Goods Excluding Aircrafts Prior -2.4%
8:30 US Initial Jobless Claims 19-Apr Exp: +375K Prior: +372K
8:30 US Continuing Claims 12-Apr Exp: 2990K Prior: 2984K
10:00 US Help Wanted Index March Exp: 20 Prior: 21
10:00 US New Home Sales March Exp: 580K Prior: 590K
10:00 US New Home Sales (M/M) March Exp: -1.7% Prior: -1.8%
10:00 US Fed Alvarez testifies on Sovereign Wealth Funds
10:30 US EIA Natural Gas Storage Change 18-Apr Prior: +30 Bcf
10:30 CA Bank of Canada Monetary Policy Report
13:00 US TSY Solomon speaks on Developments in Tax Policy at an event in New York City
13:00 US TSY to Sell $19B in 5-Year Notes
16:30 US M1 and M2 Money Supply

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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