Investing.com - The economic calendar for upcoming week will bring speeches from several Federal Reserve officials, as well as Bank of England Governor Mark Carney. Reports this week will also offer a fresh view on the U.S. housing sector, and bring a look at China’s manufacturing sector and at private sector activity in the euro zone.
Here are the key events to watch:
Fed speakers this week include William Dudley (New York), John Williams (San Francisco), Jeffrey Lacker (Richmond), Charles Plosser (Philadelphia) and James Bullard (St. Louis). Investors will be looking for further indications on the Fed’s view of the economic recovery after the central bank lowered its growth forecast for 2014 at last week’s policy meeting.
Chinese manufacturing data
China is to publish the preliminary reading of the HSBC manufacturing PMI on Monday. The index has remained in contraction territory since December 2013, but last month’s rebound to a five month high of 49.7 eased fears over a slowdown in the world’s second largest economy. A result above the 50 level, separating growth from contraction, would indicated that the economy is stabilizing.
Euro zone flash PMI’s
The euro zone manufacturing and services indices could edge lower this month, following small declines in May, but are still expected to show that the economic recovery in the currency bloc continued in the second quarter.
Final US Q1 GDP estimate
Many economists believe that the contraction in first quarter gross domestic product was larger than reported last month. The consensus forecast is for a 1.7% annual contraction, worse than the revised 1.0% decline reported in May or the preliminary estimate for growth of 0.1%. Economists think the annual rate of growth in this quarter will rebound to around 3.5%.
US home sales
The U.S. is to release data on existing home sales on Monday and a report on new home sales on Tuesday. Market expectations are for an uptick in sales of both new and existing homes in May, while weak numbers would point to underlying weakness in the sector.
Bank of England Governor Mark Carney and other members of the monetary policy committee are to address a Treasury Committee hearing in London. Recent comments have indicated that the central bank is considering a rate hike, possibly before then end of this year. Hawkish comments could see the pound extend gains past recent five year highs against the dollar.
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