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Friday closes out the week with a key reading of consumer confidence in the U.S. Internationally, China and Singapore will be in focus as both report second quarter GDP readings.Here’s what you need to know.
- Singapore starts things off at 8 p.m. on Thursday evening with a reading of second quarter GDP. Economists forecast it expanded by 0.6 per cent sequentially, for a 2.3 per cent year-on-year gain.
- Chinese GDP follows at 10 p.m. with expectations for a 1.6 per cent sequential advance, or 7.9 per cent improvement from the year ago period.
- Also at 10 p.m.: Chinese industrial production and retail sales. Consensus is for a 9.8 per cent jump in production this June from June 2011, while retail sales gain 13.4 per cent.
- Announcements go quiet until 12:30 a.m. on Friday morning with Japanese May industrial production. There is no consensus for the report.
- Spanish CPI follows at 3:00 a.m. Economists project inflation declined 0.2 per cent in June from May.
- Italian CPI hits at 4:00 a.m. with projections for a 0.2 per cent increase in June.
- Attention shifts to the U.S. at 8:30 a.m. with producer prices. PPI is seen declining 0.5 per cent month-on-month this June. Excluding food and energy costs, PPI is expected to increase 0.2 per cent.
- Closing out the day at 9:55 a.m. is the preliminary July University of Michigan Consumer Confidence report. Economists forecast it will increase 30 basis points to 73.5.
Below, the key earnings announcements scheduled for the day.
J.P. Morgan Chase (JPM): $0.76
Wells Fargo & Co. (WFC): $0.81
Consensus estimates provided by Bloomberg. All times are in Eastern Standard Time.
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