Tom Hanna's Lifestream

Two of the biggest news events this week will happen Tuesday, with the Bank of Canada widely expected to cut interest rates and the National Association of Realtors set to report on Pending Home Sales for October. After the Mortgage Bankers Association reported a record breaking increase in mortgage applications last Wednesday, they reported a record increase in foreclosures and delinquencies on Friday. The market actually took the Wednesday report seriously, a first for positive housing indicators in several months, and took the bad news Friday in stride. Signs of a bottom or at least a short term improvement in mood? Good news on Pending Home Sales and mortgage applications this week could help a rebound; bad news could trigger another attempt to find a new bottom. Thursday and Friday we'll see a couple of important inflation reports, the Import/Export Price Indexes reflecting inflation in international trade where dollar fluctuations tend to magnify things more quickly and the Producer Price Index (PPI) for wholesale price inflation.
Also Thursday, the Commerce Department will report on foreign trade, where the bad news of recession has been translating into lower trade deficits, a trend that may change as global recession hurts exports. Friday is also the day for the November Retail Sales report from the Commerce Department. With only a few days after Thanksgiving included this will provide only a minor glimpse into the direction of the holiday shopping season and it will be important to remember that Thanksgiving was a week earlier last year when making year-to-year comparisons.

Day / Date





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Tuesday





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Friday







Indicators

Employment Trends Index from the Conference Board

Bank of Canada interest rate announcement October Pending Home Sales Index from the National Association of Realtors Leading Index for Japan from the Conference Board Weekly Redbook Retail Index

Monthly Wholesale Trade from the Commerce Department November Monthly Treasury Statement Leading Index for Korea from the Conference Board Weekly Mortgage Applications Survey from the Mortgage Bankers Association Weekly Petroleum Inventory Report and This Week in Petroleum from the Energy Information Administration

December CASH Index from RBC November Export Import Price Indexes from the BLS October International Trade from the Commerce Department Leading Index for Spain from the Conference Board Weekly Jobless Claims report from the Employment and Training Administration Weekly Money Supply (M1 and M2) from the Federal Reserve Weekly Natural Gas Report from the Energy Information Administration

November Producer Price Index (PPI) from the Bureau of Labor Statistics November Retail Sales from the Commerce Department October Business Inventories from the Commerce Department

Treasury Auctions and Announcements

11 AM: 4-Week T-Bill Announcement 11 AM: 3- Year and 10-Year Treasury Note Announcement 1 PM: 3-Month and 6- Month T-Bill Auctions

1 PM: 4-Week T-Bill Auction

1 PM: 3-Year Treasury Note Auction

11 AM: 3-Month and 6-Month T-Bill Announcements 11 AM: 52- Week T-Bill Announcement 1 PM: 10-Year Treasury Note Auction

*See more information on the Financial Roadmap series here. Earnings reports are companies of interest, NOT recommendations.

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