Photo: Wikimedia Commons
Wednesday will be a busy day for markets, with a big focus on economic announcements. Releases scheduled for Wednesday include Indian, Swedish, Danish, and U.S. quarterly GDP readings, Japanese industrial production, and German unemployment. Earnings from Costco and Staples will also hit the Street, a day before retailers report February same-store sales.Here’s what you need to know.
- Japan starts the day off early with industrial production at 6:50 p.m. EST on Tuesday evening. Preliminary January results are seen advancing 1.5 per cent month-on-month, which would be 1.6 per cent below year ago levels.
- At 7:01 p.m. EST, the GfK Group will announce consumer confidence in the United Kingdom. The index is seen moving 2 points higher, to -27 for February. A reading below 0 indicates year-on-year contraction.
- Australian construction and private sector credit follow at 7:30 p.m. EST. Economists predict fourth quarter construction work done will contract by 0.8 per cent, while January private sector credit grows by 0.3 per cent sequentially.
- India’s economy likely decelerated slightly from the prior three months to an annualized pace of 6.3 per cent, economists forecast. The announcement comes at 12:30 a.m. EST on Wednesday morning.
- French consumer spending is scheduled for release at 2:45 a.m. EST. Economists polled by Bloomberg expect the key indicator to advance 0.2 per cent month-on-month in February, which would put it 2.0 per cent below year ago levels.
- Danish GDP follows at 3:00 a.m. EST, with expectations for it to expand by 0.6 per cent in the fourth quarter, reversing a 0.5 per cent decline during the prior three months.
- At the same time, consumer prices in Spain will be announced. Consensus is for prices to be 1.9 per cent higher than they were one year ago.
- Swedish GDP will be announced at 3:30 a.m. EST. Economists expect the economy to fall to contraction, with a 0.7 per cent decline in the fourth quarter.
- German unemployment is expected to remain flat at 6.7 per cent when it is released at 3:55 a.m. EST.
- At 4:30 a.m. EST, net consumer credit will be released in the United Kingdom. Economists are looking for an expansion of £200 million, following a £400 million drop in December.
- Eurozone consumer prices will be announced at 5:00 a.m. EST, with expectations for a 0.8 per cent decline in January.
- Chilean industrial production kicks things off for the Americas at 7:00 a.m. EST. Economists polled by Bloomberg forecast production rising 2.1 per cent above the January 2011 rate.
- Attention shifts to the U.S. at 8:30 a.m. EST, when a second reading of fourth quarter GDP will be released. Economists do not forecast any change to the first reading that indicated the economy expanded by an annualized rate of 2.8 per cent during the fourth quarter.
- Chicago Purchasing Manager Index comes out at 9:45 a.m. EST. The index is expected to advance 80 basis points to 61.0 in February. The NAPM-Milwaukee purchasing managers survey follows at 10:00 a.m. EST. Expectations are for the index to move slightly higher to 58.8, from 58.4. A reading above 50 indicates economic expansion.
- Closing out the day at 2:00 p.m. EST is the release of Federal Reserve’s Beige Book.
Below, a roundup of tomorrow’s big announcers.
SemGroup (SEMG): $0.20
Costco Wholesale (COST): $0.87
Staples (SPLS): $0.40
Joy Global (JOY): $1.35
Liz Claiborne (LIZ): $0.14
GMX Resources (GMXR): -$0.07
PetSmart (PETM): $0.90
MBIA (MBI): N/A
BroadSoft (BSFT): $0.29
Finisar (FNSR): $0.22
Medivation (MDVN): -$0.30
GenOn Energy (GEN): -$0.13
McDermott International (MDR): $0.20
CenterPoint Energy (CNP): $0.19
Endeavour International (END): -$0.27
SureWest Communications (SURW): $0.08
Consensus estimates provided by Bloomberg.