Here Are The Key Market Moving Events For Friday, February 24, 2012

JC Penney Fresh Air EventJC Penney will report quarterly results on Thursday, with consensus estimates for earnings per share at $0.67.

Photo: Aimee Groth, Business Insider

Friday ends a busy week, few major earnings announcements. The market will be focused on digesting a series of economic releases, including a preliminary report of fourth quarter GDP in the U.K. and consumer confidence in the U.S.Here’s what you need to know.

  • Japan starts the day off early with the Corporate Services Price Index at 6:50 p.m. EST on Thursday evening. Economists predict average prices of goods sold by Japanese corporations will increase 0.1 per cent in January.
  • At 12:00 a.m. EST on Friday morning, Singapore industrial production will be announced, with estimates for 3.2 per cent sequential growth in January.
  • A final reading of German fourth quarter GDP will be released at 2:00 a.m. EST. Economists polled by Bloomberg see no expected change in economic performance, predicting the same 0.2 per cent decline in the period as seen in a preliminary reading.
  • The German report will also include releases of government spending, private consumption, exports and capital investment. Economists expect government spending to be flat, consumption to fall 0.1 per cent, exports to contract 1.4 per cent, while investment grows 0.5 per cent.
  • At 2:45 a.m. EST, a reading of February French consumer confidence will be released. Consensus is for the indicator to improve to 82, from 81. 
  • Spanish producer prices follow at 3:00 a.m. EST, with expectations for a year-over-year gain of 4.3 per cent in January.
  • Italian retail sales are expected to fall 0.5 per cent in December. The 4:00 a.m. EST announcement comes in the middle of Milan Fashion Week, right between the Moschino and Etro Fall/Winter 2012 collections. 
  • Much like Germany, a second reading of fourth quarter GDP is set for release in the U.K. at 4:30 a.m. EST. Economists believe there will be no revision to the 0.2 per cent contraction last logged.
  • Attention shifts North America at 9:00 a.m. EST, when the Mexican government releases data on employment in the country. The jobless rate is forecast to rise to 5.06 per cent in January, up 55 basis points from December.
  • At 9:55 a.m. EST, a final reading of consumer confidence out of the University of Michigan will be released. Economists see it ticking up to 73, from a previous reading of 72.5.
  • U.S. new home sales will be released at 10:00 a.m. EST. Economists polled by Bloomberg forecast a 2.6 per cent advance month-on-month in January to an annual pace of 315,000.
  • Closing out the day at 2:00 p.m. EST is the release of Argentinian industrial production. January production is seen increasing 3.0 per cent year-on-year.

Below, a roundup of tomorrow’s big announcers. 

Alpha Natural Resources (ANR): $0.26
Newmont Mining (NEM): $1.27
BGC Partners (BGCP): $0.16
JC Penney (JCP): $0.67
Endo Pharmaceuticals Holdings (ENDP): $1.32
Interpublic Group of Cos (IPG): $0.39

Consensus estimates provided by Bloomberg. 

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.