Here Are The Key Market Moving Events For Tuesday, February 28, 2012

natural gasNatural gas producer El Paso reports quarterly results on Tuesday, February 28. Expectations are for earnings per share of $0.30.

Tuesday will be a busy day for markets, with some 20 earnings announcements in the U.S. There are also a number of major economic reports scheduled for the day, including retail sales in Japan, eurozone consumer confidence, and home prices in the U.S.Here’s what you need to know.

  • Japan starts the day off early with retail trade at 6:50 p.m. EST on Monday evening. Sales are seen advancing 1.0 per cent in January, while large retailer sales decline 1.1 per cent.
  • Announcements go quiet until 2:00 a.m. EST on Tuesday morning when the GfK Group releases German consumer confidence. Economists predict the key index will inch up to 6 for March, from the last reading of 5.9.
  • Hungarian unemployment follows at 3:00 a.m. EST, with expectations for it to head 30 basis points higher to 11.0 per cent.
  • At the same time, the number of housing permits in Spain will be announced. The report last found that permits fell 13.2 per cent month-on-month in November. There is no current consensus for December.
  • At 3:30 a.m. EST, Swedish retail sales are scheduled for release. Economists forecast sales will be even with last month’s reading. The Producer Price Index in Sweden will also be released at 3:30 a.m. EST, with expectations for a 0.3 per cent increase in January.
  • Eurozone consumer confidence will be announced at 5:00 a.m. EST, with expectations for February’s final reading to settle slightly higher at -20.2, the same level as a preliminary reading. The business climate indicator is seen moving 6 basis points higher to -0.15 for February.
  • At 6:00 a.m. EST, the Confederation of British Industry will announce reported sales for February. The key index measuring sales is seen moving to -12 from -22.
  • Chilean unemployment kicks things off for the Americas at 7:00 a.m. EST. Economists polled by Bloomberg forecast the jobless rate heading 10 basis points higher to 6.7 per cent.
  • A preliminary reading of German consumer prices in February is set for release at 8:00 a.m. EST. CPI is seen increasing 0.5 per cent month-on-month, and 2.1 per cent above year ago levels.  
  • Attention shifts to the U.S. at 8:30 a.m. EST, when January Durable Goods Orders is set for release. Economists predict orders fell 1.0 per cent in January. However, when excluding the volatile transportation sector, they predict it will remain flat sequentially.
  • Standard & Poor’s Case Shiller data comes out on the U.S. housing market at 9:00 a.m. EST. The index covering the 20 largest metropolitain cities is expected to decline 0.4 per cent month-on-month in December.
  • U.S. announcements continue at 10:00 a.m. EST, with the Federal Reserve Bank of Richmond reporting manufacturing activity in the fifth federal district, which includes the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and parts of West Virginia. Expectations are for the index to move slightly higher to 13, from 12. A reading above zero indicates economic expansion.
  • Closing out the day at 4:45 p.m. EST is the release of New Zealand building permits. January permits are seen increasing 3.4 per cent month-on-month, accelerating from the 2.1 per cent growth in December.

Below, a roundup of tomorrow’s big announcers

Overseas Shipholding Group (OSG): -$2.14
Ariad Pharmaceuticals (ARIA): -$0.19
Tenet Healthcare (THC): $0.14
AutoZone (AZO): $4.01
Ecolab (ECL): $0.70
Western Refining (WNR): $0.52
Viropharma (VPHM): $0.49
Rowan (RDC): $0.31
El Paso (EP): $0.30
HollyFrontier (HFC): $1.25
Fortress Investment (FIG): $0.10
FirstEnergy (FE): $0.75
Kodiak Oil & Gas (KOG): $0.09
Collective Brands (PSS): -$0.81
DreamWorks Animation SKG (DWA): $0.33
Universal Display (PANL): $0.06
Office Depot (ODP): $0.00
Cablevision Systems (CVC): $0.24
Ironwood Pharmaceuticals (IRWD): -$0.12
NRG Energy (NRG): -$0.17

Consensus estimates provided by Bloomberg. 

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