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Wednesday, Dec. 31 National Association of Realtors monthly index of pending home sales expected to rise by 0.5 percent in November, recovering just slightly from the 1.1 percent fall in October, according to analysts. (1000/1500). Separately, Department of Labor issues weekly data for initial jobless claims, jobless claims 4-week average and continued jobless claims (0830/1330).
Chicago Purchasing Management Index for December, which gauges pace of business activity in U.S. Midwest is expected to decline to 60.1 in comparison to 60.8 in November, according to analysts (0945/1445).
Thursday, Jan. 1 Dilma Rousseff will be sworn in for another four-year term as Brazil’s president. An economic slump and a widening scandal at state-run oil company Petrobras threaten to haunt the Leftist leader’s second term. In an attempt to recover investor confidence, Rousseff is expected to announce some austerity measures aimed at balancing the budget and curbing high inflation. The budget cuts are needed if Brazil is to avoid a credit rating downgrade, but they also threaten to further hamstring an economy that is already flirting with recession.
Peru publishes inflation data for December. In November, inflation fell 0.15 percent while the annual rate rose to 3.16 percent – above the central bank’s 3 percent target ceiling. Central Bank President Julio Velarde said inflation in December would likely come in under the 0.17 percent reading in December of 2013 (0100/0600).
Friday, Jan. 2 Financial data firm Markit to release its Manufacturing Purchasing Managers Index for the month of December after its flash PMI index hit an 11-month low of 53.7 (0945/1445).
Commerce department issues construction spending data for November on a month on month basis. Analysts expect the rate at 0.3 percent in comparison to October’s five month high of 1.1 percent (1000/1500).
After a series of upbeat economic reports, data is expected to turn more mixed in the coming week. The Institute for Supply Management is expected to report on Friday that factory activity slowed a step in December, a further retreat from October’s three-and-a-half year high (1000/1500).
The RBC Canadian Manufacturing Purchasing Managers’ index (PMI) to be released for the month of December after the pace of growth held steady in November at 55.3 (0930/1430).
Brazil’s department of commerce releases trade balance for the month of December after the country had posted its third straight monthly deficit in November (1200/1700).
The Day Ahead will be published again on Friday.
(Compiled by Astha Rawat in Bengaluru)
- Politics Government
- Budget, Tax Economy
- jobless claims