Economic Calendar for week 27th - 31th August 2007

All times GMT

Monday Aug 27th:

UK - ALL DAY - Bank Holiday .
EU - 14:00 - ECB President Trichet Speaks
USD - 15:00 - Existing Home Sales

Tuesday August 28th:

EU - 09:00 - German Ifo Business Climate Index .
EU - 09:00 - German Ifo Business Expectations Index
EU - 09:00 - M3 Money Supply y/y
UK - 09:30 - BBA Mortgage Approvals
US - 15:00 - Consumer Confidence
US - 15:00 - Richmond Fed Index
EU - Tentative - German CPI M/M (p)
US - 19:00 - FOMC Meeting Minutes

Wednesday August 29th:

EU - 07:00 - German Consumer Confidence
US - 15:30 - Crude Oil Inventories

Thursday August 30th:

UK - 07:00am - Nationwide House Prices M/M
EU - 08:55 - German Unemployment Rate
EU - 09:00 - Italian Retail Sales M/M
UK - 09:30 - Mortgage Approvals
UK - 09:30 - Net Lending to Individuals M/M
UK - 11:00 - CBI Distributive Trades Realized
US - 13:30 - GDP Annualized q/q (r)
US - 13:30 - GDP Deflator Annualized q/q (r)
US - 13:30 - Unemployment Claims
US - 15:00 - House Price Index q/q

Friday August 31st:

EU - 07:00 - German Retail Sales M/M
EU - 10:00 - CPI y/y (p)
EU - 10:00 - Unemployment Rate
EU - 10:00 - Italian CPI m/m
EU - 10:00 - Consumer Confidence
UK - 10:30 - Consumer Confidence
US - 13:30 - Core PCE Price Index M/M
US - 13:30 - Personal Spending M/M
US - 13:30 - Personal Income M/M
US - 14:45- Chicago PMI
US - 15:00 - Factory Orders M/M
US - 15:00 - Consumer Sentiment (r)
US - 15:00 - Fed Chairman Bernanke Speaks


EU - Europe wide
FR - France
UK - United Kingdom
US - United States
GE - Germany

The week ahead.

Let The Bailouts Begin

The mortgage industry finally received some reprieve last week when the Bank of America invested 2 billion dollars into the ailing mortgage lender Countrywide Financial.

Although this caused some upbeat momentum, it was short lived, as credit worries still continue to plague the market. On August 17th the Fed Bank cut its lending rate by .50bp, which resulted in the market jumping 230 points on the Dow Jones.

The stock market had some follow through this week, closing up or flat, for the first three days. However it seems like the moment there is any hint of credit crunch; the market gives back all gains. There is major speculation that unless the FOMC doesn't cut rates, then as soon as the next major set of bad news comes around, the market will potentially give back everything they gained from the fed cut and then some

Next week we are going to get a sneak peak into the consumer's financial health. With consumer spending data being released, The Consumer Confidence report is on Tuesday and Personal Spending and Personal Income on Friday.

Both reports could possibly be market moving, as the market has been focusing its spotlight of attention on the credit of consumers. Also on Monday there is existing home sales figures, which with the credit market drying up, would probably be down. With little possibility of good news the outlook for the near future seems to be Bearish-Neutral.

A no touch play on the SP500 to the upside with 100 pts from the spot with a 20 day duration returns an 11% ROI.


Arthur Smelyansky