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Thursday is an incredibly busy day with major economic announcements scheduled nearly every hour after South Korea kicks things off on Wednesday evening. In the U.S., markets will have the first quarter GDP report, initial unemployment claims and the ADP jobs report to digest.Here’s what you need to know.
- South Korea starts things off at 7:00 p.m. on Wednesday evening with April industrial production. Consensus is for a 0.4 per cent decline month-on-month.
- U.K. consumer confidence follows at 7:01 p.m. with expectations for the GfK survey to register a one point decline to -32 in May.
- At 7:50 p.m. Japan will announce industrial production, with expectations for a 0.5 per cent sequential gain in April.
- Filipino GDP is scheduled for 10:00 p.m. Economists forecast the economy expanded by 2.4 per cent in the first quarter.
- It’s back to Japan at 1:00 a.m. on Thursday morning with April housing starts. Consensus is for the annualized pace to fall to 838,000, 10,000 fewer than a month earlier.
- Indian and Swiss GDP follow at 1:30 and 1:45 a.m., respectively. Economists expect the economies grew by 6.1 and 0.7 per cent, year-on-year. If that holds, it would represent relatively no sequential growth in Switzerland.
- German retail sales follow at 2:00 a.m. Economists project sales increased 0.2 per cent in April.
- French consumer spending will be released at 2:45 a.m. Consensus is for spending to increase 0.3 per cent sequentially in April.
- Germany will release new unemployment data at 3:55 a.m. Forecasts are for the headline rate to remain flat at 6.8 per cent.
- At 5:00 a.m., eurozone CPI will be released. Expectations are for a 2.5 per cent year-on-year increase.
- Attention shifts to the U.S. at 8:15 a.m. with the ADP jobs report. Economists forecast payrolls expanded by 150,000 in May, an increase from April’s 119,000 gain.
- Economic data continues in the U.S. at 8:30 a.m. with the second GDP reading and initial jobless claims. Expectations are for economic expansion to be revised 30 basis points lower in the first quarter to 1.9 per cent growth. Initial claims are projected at 370,000.
- Chicago PMI and NAPM-Milwaukee finish the day off at 9:45 and 10:00 a.m. Both readings are expected to strengthen in May, with Chicago up 60 basis points to 56.8 and Milwaukee gaining 50 basis points to 53.4. A reading over 50 indicates expansion.
- Throughout the day, retail chains will be reporting same-store sales results for May.
Below, the key earnings announcements scheduled for Thursday.
Joy Global (JOY): $1.96
Ciena (CIEN): -$0.03
Ascena Retail Group (ASNA): $0.36
Vera Bradley (VRA): $0.29
SAIC (SAI): $0.33
Movado Group (MOV): $0.16
Consensus estimates provided by Bloomberg. All times are in Eastern Standard Time.