Here Are The Key Market Moving Events For Thursday, May 24

china property constructionConstruction workers in China stand on scaffolding as they begin work on a new building. Chinese flash PMI hits at 10:30 p.m. on Wednesday.

Photo: AP Images

Thursday heats up in the U.S. and internationally with a series of major economic data points. In focus: flash manufacturing PMI readings, second European GDP estimates, and initial claims in the U.S.Here’s what you need to know.

  • China starts things off at 10:30 p.m. on Wednesday evening with the HSBC Flash China Manufacturing PMI. There is no consensus for the May report, which follows a 49.3 reading in April.  
  • At 1:00 a.m. on Thursday morning, the Bank of Japan will release its monthly economic report.
  • German gross domestic product follows at 2:00 a.m. Economists project the economy expanded by 1.7 per cent — confirming an earlier reading.
  • French business confidence hits at 2:45 a.m., with expectations for a 1 point fall in May to 94.
  • Between 3:00 and 3:30 a.m. manufacturing PMI data on France and Spain will be released. Expectations are for both countries to register slight improvements to 47.
  • Unemployment in the Netherlands will be released at 3:30 a.m. There is no consensus for the April report. The jobless rate last stood at 5.9 per cent.
  • European regional manufacturing PMI is scheduled for 4:00 a.m. Economists forecast the headline European figure advanced 10 basis points to 46 in May.
  • The next GDP reading in the U.K. is released at 4:30 a.m., with projections for the 0.2 per cent decline in the first quarter to hold.
  • Brazilian unemployment follows at 8:00 a.m. Economists anticipate the jobless rate will remain flat at 6.2 per cent.
  • Attention shifts to the U.S. at 8:30 a.m. with the initial jobless claims and durable goods reports.  Expectations are for claims to remain flat at 370,000, while orders pick up 0.2 per cent in April.
  • At 8:58 a.m. the first ever flash U.S. PMI will be released for May. There is no consensus estimate.
  • Closing out the day is a reading from the Kansas City Fed. Economists forecast the manufacturing index improved to 5 in May from 3 last month.

Below, the major earnings announcements scheduled for the day.

VeriFone Systems (PAY): $0.61
Tiffany & Co. (TIF): $0.70
Costco Wholesale (COST): $0.87
HJ Heinz (HNZ): $0.79

Consensus estimates provided by Bloomberg. All times are in Eastern Standard Time.

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