"Monday and Friday will be the two “rest days" this week in terms of macroeconomic data. Investors in Hungary will focus on a Finance Ministry press conference on budget processes, construction industry figures and earnings data for May.Regarding international releases, Wednesday will be the key day with inflation numbers coming out in both the euro zone and the United States.
Hungary's Finance Ministry will hold a press conference on the June budget on Thursday. Last week the ministry reported a deficit of HUF 297.2 billion for the sixth month of year, against the forecast for HUF -282.1 bn (on a cash flow basis, excluding local governments). The H1 gap reached HUF 722 bn, which corresponds to 66.8% of the full-year projection of HUF 1,081 bn (revised downward three weeks ago).
Also on Thursday, the Central Statistics Office (KSH) will provide data for the number of employees and earnings in May, which is important in respect of interest rate expectations. On Friday, it will provide data for the construction industry's performance in May, which will show whether the moderate improvement in the segment continued or not.
14 July, Monday
09:00 Agricultural prices, May - Central Statistics Office (KSH)
Previous: +32.6% yr/yr
15 July, Tuesday
09:00 Industrial output, detailed, May - Central Statistics Office (KSH)
Previous: +4.7% yr/yr
11:30 Auction of 3-month discount T-bill (D081022) - Government Debt Management Agency (ÁKK)
Offered amount: HUF 30 bn
Previous auction - Bids: HUF 104.3 bn; Average yield: 8.63%
16 July, Wednesday
11:30 Bond buyback auctions (2009/C, 2009/E) - Government Debt Management Agency (ÁKK)
17 July, Thursday
09:00 Number of employees and earnings in the national economy, January-May - Central Statistics Office (KSH)
11:00 Press conference on June budget - Finance Ministry
June balance: HUF -297.2 bn
11:30 Auction of 10-yr bond (2019/A) - Government Debt Management Agency (ÁKK)
Offered amount: HUF 40 bn
Previous auction - Bids: HUF 91 bn; Average yield: 8.43%
18 July, Friday
09:00 Construction, May - Central Statistics Office (KSH)
Previous: +0.8% yr/yr
Of regional macro releases, the only one that deserves attention is Poland's inflation figures for June, to be released on Tuesday.
Euro zone, USA
14 July, Monday
07:00 Japan Announcement of rate decision
Forecast: 0.5%; Previous: 0.5%
15 July, Tuesday
11:00 Germany ZEW (economic sentiment)
Forecast: -55 pts; Previous: -52.4 pts
14:30 USA Producer price index, June (m/m)
Forecast: 1.3%; Previous: 1.4%
14:30 USA Retail sales, June (m/m)
Forecast: 0.3%; Previous: 1.0%
16:00 USA Business inventories, May (m/m)
Forecast: 0.5%; Previous: 0.5%
16 July, Wednesday
11:00 EU-15 Euro zone CPI, June (yr/yr)
Forecast: 4.0%; Previous: 3.7%
14:30 USA CPI, June (m/m)
Forecast: 0.7%; Previous: 0.6%
15:15 USA Industry, June (m/m)
Forecast: 0.2%; Previous: -0.2%
20:00 USA FOMC Minutes
17 July, Thursday
14:30 USA Building permits, June
Forecast: 970,000 ; Previous: 969,000
14:30 USA Building starts, June
Forecast: 968,000 ; Previous: 975,000
14:30 USA Initial jobless claims, 5 July
Previous: 346,000
16:00 Philadelphia Fed.
Forecast: -15.2 pts; Previous: -17.1 pts
18 July, Friday
No key macro release on this day."
Source: Portfolio Online Financial Journal
14.07.2008