Economic Events and Analysis
Week of May 25 - 29
US Calendar: Major updates come this week from the manufacturing, housing, and consumer sectors. Durable goods leads the week off with what is expected to be another decline though the outlook for ex-transportation is positive. Housing then takes the focus with price data from FHFA and Case-Shiller and followed by new home sales and pending sales of existing homes. After this week, we'll know whether last week's surge in starts and permits was a fluke or not for the housing sector. Readings on the consumer will include consumer confidence and consumer sentiment, both of which have been sagging. The week winds up with the first revision to first-quarter GDP which is seen moving from marginally positive ground to the negative side.
Global Calendar: The Bank of Canada announces its policy decision this coming week. Expectations are that the BoC will leave its policy interest rate at 0.75 percent. The UK, U.S., Spain and Italy report revised gross domestic product data while Canada releases its estimate of first quarter GDP. And Japan posts its end of the month avalanche of economic data.