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Friday is a relatively busy day internationally, with GDP reading out of Japan, Portugal, Iceland, Hungary, and the Czech Republic. In the U.S., markets will be waiting for trade and inventory data.Here’s what you need to know.
- Japan starts things off at 7:50 p.m. on Thursday evening with a final reading of first quarter GDP. Economists forecast the economy expanded 1.1 per cent sequentially during the first quarter, 10 basis points above an earlier report.
- South Korea’s Central Bank will release a monetary policy decision on its benchmark interest rate at 9:00 p.m., with consensus for no change from the 3.25 per cent seven day repo rate.
- Australian home lending hits at 9:30 p.m, with expectations for no growth in April.
- It’s back to Japan at 1:00 a.m. on Friday morning with the Eco Watcher’s survey. Forecasts are for both the current and future outlook to fall to a neutral reading of 50.
- At 2:00 a.m., Germany will release key trade figures. Economists project exports and imports declined 0.7 and 0.1 per cent in April, respectively.
- French business sentiment will be released at 2:30 a.m., with projections for a two point drop in May to 93.
- Czech and Hungarian GDP reports hit at 3:00 a.m.
- Italian industrial production follows at 4:00 a.m. Consensus is for a 0.5 per cent month-on-month fall in April.
- Icelandic and Portuguese GDP follow at 5:00 and 6:00 a.m., respectively.
- At 8:15 a.m. Canadian housing starts will be announced. Economists anticipate starts declined in May to annualized pace of 215,000.
- Attention shifts to the U.S. at 8:30 a.m. with the country’s trade balance. Projections are for a deficit of $49.5 billion in April.
- Canadian unemployment also hits at 8:30 a.m. Consensus is for no change in the headline jobless rate at 7.3 per cent in May.
- Closing out the day is a reading of wholesale inventories in the U.S. Economists forecast inventories grew by 0.4 per cent in April.
There are no major earnings announcements scheduled for Friday.
Consensus estimates provided by Bloomberg. All times are in Eastern Standard Time.
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