Here Are The Key Market Moving Events For Wednesday, March 7, 2012

Target Employee Supermarket Restocking Girl JobsJoanely Carrero restocks shelves at a Target store, where she recently became a full time employee after being hired initially as a seasonal worker. A reading of payroll growth will be announced at 8:15 a.m. by ADP.

Photo: Joe Raedle/Getty Images

Announcements accelerate on Wednesday, with big announcements out of the U.S., as well as the U.K., Spain, and Germany. Companies announcing quarterly results include American Eagle Outfitters and H&R Block.Here’s what you need to know.

  • The United Kingdom starts things off at 7:01 p.m. EST with a reading of shop prices by the British Retail Consortium. Prices last increased 1.4 per cent year-on-year in January.
  • At 7:30 p.m. EST, the Australian government will release fourth quarter GDP figures, which economists forecast will show a 0.8 per cent expansion during the final three months of 2011. That’s slightly below the 1.0 per cent gain in the third quarter. 
  • Announcements go quiet until a reading of economic activity in Japan at midnight on Wednesday morning. The coincident composite index, which reflects current business conditions in the nation, is seen declining 20 basis points to 93.4 for January.
  • Swiss unemployment follows at 1:45 a.m. EST. The jobless rate is forecast to remain flat at 3.4 per cent in February.
  • Industrial production out of both Spain and Denmark will be released at 3:00 a.m. EST. Economists polled by Bloomberg forecast production declined 2.0 per cent month-on-month in Denmark in January, while falling 4.3 per cent year-on-year in Spain.
  • German factory orders follow at 6:00 a.m. EST. Seasonally adjusted orders are predicted to increase 0.6 per cent in January, slower than the 1.7 per cent growth seen in December.
  • Attention turns to the Americas at 7:00 a.m. EST, when Brazilian industrial production will be announced. Production is expected to contract by 0.8 per cent in January.
  • Major U.S. announcements kick off at 8:15 a.m. EST, with the ADP employment change which is generally an important predictor of non-farm payrolls. Economists see payrolls measured by ADP expanding by 215,000 in February, from 170,000 in January.
  • Shortly thereafter, at 8:30 a.m. EST, a final reading of U.S. non-farm productivity will be announced. Economists see a slight revision higher, to 0.8 per cent.
  • At the same time, Canada will announce the number of building permits issued in January. Permits are forecast to fall 3.2 per cent sequentially.
  • Closing out the day at 3:00 p.m EST is data on U.S. consumer credit. The data, which has pointed to a surge in recent months, is expected to grow another $10.45 billion in January.

Below, the major earnings announcements scheduled for the day.

American Eagle Outfitters (AEO): $0.35
Ciena (CIEN): -$0.03
H&R Block (HRB): $0.07
Children’s Place Retail Stores (PLCE): $0.89
Hovnanian Enterprises (HOV): -$0.37

Consensus estimate provided by Bloomberg.

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