CALENDAR 16 JULY 2007 – 20 JULY 2007

Monday, July 16, 2007
-GMT 06:00 GER CPI (m/m) (Jun) EST 0.1% PREVIOUS 0.1%
-GMT 06:00 GER CPI (y/y) (Jun) EST 1.8% PREVIOUS 1.8%
-GMT 06:00 GER HCPI (m/m) (Jun) EST 0.1% PREVIOUS 0.1%
-GMT 06:00 GER HCPI (m/m) (Jun) EST 2.0% PREVIOUS 2.0%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

-GMT 09:00 EU HICP final (m/m), (Jun) EST 0.1% PREVIOUS 0.2%
-GMT 09:00 EU HICP final (y/y), (Jun) EST 1.9% PREVIOUS 1.9%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

-GMT 09:00 EU HICP core (y/y), (Jun) EST 1.9% PREVIOUS 1.9%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 12:30 USA Empire Manufacturing Survey Index (Jul) EST 18.0 PREVIOUS 25.8
Definition
The New York Fed conducts this monthly survey of manufacturers in New York State. Participants from across the state represent a variety of industries. On the first of each month, the same pool of roughly 175 manufacturing executives (usually the CEO or the president) is sent a questionnaire to report the change in an assortment of indicators from the previous month. Respondents also give their views about the likely direction of these same indicators six months ahead. This index is seasonally adjusted using the Philadelphia Fed's seasonal factors because its own history is not long enough with data only going back a couple of years.

-GMT 23:50 JPN Tertiary Industry Index (m/m), (May) EST 0.2% PREVIOUS 1.7%
-GMT 23:50 JPN Tertiary Industry Index (y/y), (May) EST 1.1% PREVIOUS 1.3%
Definition
The tertiary index measures activity in six industries: utilities, transport and telecommunications, wholesale and retail, finance and insurance, real estate and services.

Tuesday, July 17, 2007
-GMT 08:30 UK CPI (m/m), (Jun) EST 0.1% PREVIOUS 0.3%
-GMT 08:30 UK CPI (y/y), (Jun) EST 2.3% PREVIOUS 2.5%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

-GMT 08:30 UK CPI-Core (y/y), (Jun) EST 1.9% PREVIOUS 1.9%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 09:00 GER ZEW index (Jul) EST 19.5 PREVIOUS 20.3
-GMT 09:00 GER ZEW current (Jul) EST 88 PREVIOUS 88.7
-GMT 09:00 GER ZEW Euro-Zone (Jul) EST 19 PREVIOUS 19
Definition
The ZEW works in the field of user-related empirical economic research. In this context it particularly distinguished itself nationally and internationally by analysing
internationally comparative issues in the European context and by compiling scientifically important data bases.
The ZEW's duty is to carry out economic research, economic counseling and knowledge transfer. The institute focuses on decision-makers in politics, economics, and administration, scientists in the national and international arena as well as the interested public. Regular interviews on the situation on the financial markets and business-related service providers as well as large-scale annual studies on technological competitiveness of and innovation activities in the economy are representative of the different types of topical information provided by the ZEW.
The ZEW is subdivided into the following five research fields:
International Finance and Financial Management;
Labour Economics, Human Resources, and Social Policy;
Industrial Economics and International Management;
Corporate Taxation and Public Business Finance;
Environmental and Resource Economics, Eco-management.

-GMT 12:30 USA PPI (m/m), (Jun) EST 0.1% PREVIOUS 0.9%
-GMT 12:30 USA PPI (y/y), (Jun) EST 3.6% PREVIOUS 4.1%
Definition
The PPI gauges the average changes in prices received by domestic producers for their output at all stages of processing. The PPI data is compiled from most sectors of the economy, such as manufacturing, mining and agriculture.

-GMT 12:30 USA PPI Core (m/m), (Jun) EST 0.2% PREVIOUS 0.2%
-GMT 12:30 USA PPI Core (y/y), (Jun) EST 1.6% PREVIOUS 1.6%
Definition
This indicator is a derivative of the PPI that excludes the volatile Food and Energy items.

-GMT 13:00 USA Net Foreign Securities Purchases (May) EST $70.0B PREVIOUS $84.1B
Definition
These Treasury data track the flows of financial instruments into and out of the United States. Instruments tracked include Treasury securities, agency securities, corporate bonds, and corporate equities.

-GMT 13:15 USA Industrial Prod (m/m), (Jun) EST 0.5% PREVIOUS 0.0%
Definition
Industrial production consists of the total output of a nation’s plants, utilities, and mines. From a fundamental point of view, it is an important economic indicator that reflects the strength of the economy, and by extrapolation, the strength of a specific currency.

-GMT 13:15 USA Capacity Util. (Jun) EST 81.5% PREVIOUS 81.3%
Definition
Capacity utilization consists of total industrial output divided by total production capability. The term refers to the maximum level of output a plant can generate under normal business conditions. A normal “figure” for a steady economy is 81.5 percent. If the figure reads 85 percent or more, the data suggests that the industrial production is overheating, that the economy is close to full capacity. High capacity utilization rates precede inflation, and expectation in the foreign exchange market is that the central bank will raise interest rates in order to avoid or fight inflation.

-GMT 17:00 USA Fed's Hoenig Speaks on US Economy in Nebraska

-GMT 17:00 USA NAHB Housing Market Index (July) EST 28 PREVIOUS 28
Definition
The Housing Market Index is data from a survey of home builders reflecting single-family home sales on the present, the next six months and traffic from prospective buyers. This composite index indicates housing market trends. This provides a gauge of not only the demand for housing, but consumer sentiment as well. Furthermore, this narrow piece of data has a powerful multiplier effect through the economy, and therefore across the markets and investments. Each time the construction of a new home begins, it translates to more construction jobs, and income which will be pumped back into the economy. Once a home is sold, it generates revenues for the home builder and the realtor. It brings a myriad of consumption opportunities for the buyer. Refrigerators, washers, dryers and furniture are just a few items new home buyers might purchase. The economic "ripple effect" can be substantial especially when you think a hundred thousand new households around the country are doing this every month.

-GMT 23:50 JPN BoJ Monetary Policy Meeting Minutes for June

Wednesday, July 18, 2007
-GMT 05:00 JPN Leading Economic Index (May) EST 36.4% PREVIOUS 30.0%

-GMT 05:00 JPN Coincident Index (May) EST 60.0% PREVIOUS 66.7%
Definition
An economic indicator that generally moves in line with the general business cycle such as industrial production.

-GMT 08:30 UK BoE Minutes For July 4-5 Meeting
-GMT 08:30 UK Av. Earnings Inc. Bonus (3m, y/y), (May) EST 3.6% PREVIOUS 4.0%
Definition
The Average Earnings Index (AEI) measures the average wage, including bonuses, paid to employees.

-GMT 08:30 UK Av. Earnings Ex. Bonus (3m, y/y) (May) EST 3.6% PREVIOUS 3.6%
Definition
The Average Earnings Index (AEE) measures the average wage, paid to employees.

-GMT 08:30 UK Claimant Count Rate (Jun) EST 2.7% PREVIOUS 2.7%
Definition
The Claimant Count measures the change in number of people claiming unemployment related benefits over the previous month.

-GMT 08:30 UK Unemployment (May) EST 5.5% PREVIOUS 5.5%
Definition
The percentage of the people classified as unemployed as compared to the total labor force.

-GMT 09:00 EU Trade balance (May) EST 2.2B PREVIOUS 1.8B
Definition
Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. They form part of the balance of payments, which also includes other transactions such as international investment.
The figures are usually split into visible and invisible balance figures. The visible balance represents the physical goods, and invisible represents other forms of trade, e.g. the service economy.
A positive balance of trade is known as a trade surplus and consists of exporting more (in financial capital terms) than one imports. A negative balance of trade is known as a trade deficit and consists of importing more than one exports. Neither is necessarily dangerous in modern economies, although large trade surpluses or trade deficits may sometimes be a sign of other economic problems.
If the balance of trade is positive, then the economy has received more money than it has spent. This may appear to be a good thing but may not always be so.

-GMT 12:30 USA CPI (m/m), (Jun) EST 0.2% PREVIOUS 0.7%
-GMT 12:30 USA CPI (y/y), (Jun) EST 2.6% PREVIOUS 2.7%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

-GMT 12:30 USA CPI Core (m/m), (Jun) EST 0.2% PREVIOUS 0.1%
-GMT 12:30 USA CPI Core (y/y), (Jun) EST 2.2% PREVIOUS 2.2%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 12:30 USA Housing Starts (Jun) EST 1450k PREVIOUS 1474k
Definition
An estimate of the number of housing units on which construction was started. Starting construction is defined as excavation for the footings or foundation, or the first shovel of dirt to break ground. (In response to natural disasters such as Hurricane Andrew in August of 1992, that definition has been expanded to a housing unit built on an existing foundation after the previous structure had been completely
destroyed.) Housing starts are divided into single-family and multifamily(2+) units. Beginning construction on a 100 unit apartment building, for example, is counted as 100 starts.

-GMT 12:30 USA Building Permit (Jun) EST 1480k PREVIOUS 1520k

-GMT 14:00 USA Fed's Bernanke Testifies Before House Panel on Monetary Policy

-GMT 23:50 JPN All-Industries index (m/m), (May) EST 0.1% PREVIOUS 1.2%
Definition
The all-industries index adds data from the primary sector -- composed of fishing, farming, forestry and mining -- and from the secondary, or manufacturing sector, to data for the tertiary sector.

Thursday, July 19, 2007
-GMT 06:00 GER PPI (m/m), (Jun) EST 0.3% PREVIOUS 0.3%
-GMT 06:00 GER PPI (y/y), (Jun) EST 1.8% PREVIOUS 1.9%
Definition
The PPI gauges the average changes in prices received by domestic producers for their output at all stages of processing. The PPI data is compiled from most sectors of the economy, such as manufacturing, mining and agriculture.

-GMT 08:30 UK Retail sales (m/m), (Jun) EST 0.3% PREVIOUS 0.4%
-GMT 08:30 UK Retail sales (y/y), (Jun) EST 3.5% PREVIOUS 3.9%
Definition
The retail sales report is a measure of the total receipts of retail stores from samples representing all sizes and kinds of business in retail trade throughout the nation. It is the most timely indicator of broad consumer spending patterns and is adjusted for normal seasonal variation, holidays, and trading-day differences. Retail sales include durable and nondurable merchandise sold, and services and excise taxes incidental to the sale of merchandise. Excluded are sales taxes collected directly from the customer. It also excludes spending for services, a large component of consumer expenditures. Retail sales is a the first picture of consumer spending for a given month. Retail sales are often viewed ex-autos, as auto sales can move sharply from month-to-month. Also, gas and food component changes are often a result of price changes rather than shifting consumer demand. Retail sales can be quite volatile and the advance reports are subject to large revisions.

-GMT 12:30 USA Initial Claims EST 310k PREVIOUS 308K
Definition
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smoothes out weekly volatility.

-GMT 13:30 USA Bernanke Testifies Before Senate Panel on Monetary Policy

-GMT 14:00 USA Leading Indicator (Jun) EST 0.0% PREVIOUS 0.3%
Definition
The Index of Leading Indicators consist of the following economic indicators
- Average workweek of production workers in manufacturing.
- Average weekly claims for state unemployment.
- New orders for consumer goods and materials
- Vendor performance (companies receiving slower deliveries from suppliers)
- Contracts and orders for plant and equipment
- New building permits issued
- Change in manufacturers’ unfilled orders, durable goods
- Change in sensitive materials prices
- Index of stock prices
- Money supply
- Index of consumer expectations
This index is designed to offer a 6 to 9 month future outlook of economic perfomance.

-GMT 16:00 USA Philly Fed Survey Index (Jul) EST 14.0 PREVIOUS 18.0
Definition
A composite diffusion index of manufacturing conditions within the Philadelphia Federal Reserve district. This survey is widely followed as an indicator of manufacturing sector trends since it is correlated with the NAPM survey and the index of industrial production.

-GMT 16:30 USA Fed's Moskow Speaks to Economists in Philadelphia

-GMT 18:00 USA Minutes of June 28 FOMC Meeting

Friday, July 20, 2007
-GMT 08:30 UK GDP (q/q), (2Q) EST 0.7% PREVIOUS 0.7%
-GMT 08:30 UK GDP (y/y), (2Q) EST 2.9% PREVIOUS 3.0%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 09:00 EU ECB's Trichet, Liikanen speak at a seminar

-GMT 15:00 USA Fed's Poole Speaks on Subprime Mortgages in St. Louis


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