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Wednesday is a relatively slow day, with readings of construction spending in the U.K. and Spanish and German industrial output likely key market drivers. In the U.S., traders will be waiting for the Fed’s Beige Book at 2:00 p.m. for a look at underlying economic trends.Here’s what you need to know.
- The U.K. things off at 7:00 p.m. on Tuesday evening with readings of business sentiment and shop inflation. The British Retail Consortium index is expected to show shop prices increased 1.5 per cent year-on-year this May. There is no consensus for the Lloyds Business Barometer, which last read at 26.
- Australian GDP follows 9:30 p.m., with expectations for a 0.6 per cent sequential gain.
- Irish services PMI hits at 2:00 a.m. on Wednesday morning.
- At 3:00 a.m., Spain will release key industrial output figures. Economists forecast output declined 6.5 per cent year-on-year this April.
- U.K construction PMI will be released at 4:30 a.m., with projections for a slight decline to 54.5. A reading above 50 indicates expansion.
- At 5:00 a.m., eurozone first quarter GDP will be announced. Expectations are for a flat reading during the first quarter’s preliminary report.
- Portuguese industrial sales and German industrial production hit at 6:00 a.m. German production is seen declining 1.0 per cent in April from a month earlier. There is no consensus for the Portugese report.
- Attention shifts to the U.S. at 8:30 a.m. with non-farm productivity and unit labour costs. Expectations are for productivity to decline 0.7 per cent as costs increase 2.1 per cent during the first quarter.
- Closing out the day at 2:00 p.m. is the release of the Fed’s Beige Book.
Below, the key earnings announcement scheduled for Wednesday.
Hovnanian Enterprises (HOV): -$0.32
Consensus estimates provided by Bloomberg. All times are in Eastern Standard Time.
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