Financial Roadmap for May 21 to 25, 2007
The big news in this slow week will be the one-two punch of new home sales on Thursday and existing home sales on Friday. With the housing market sending mixed signals on both supply and demand, matching signs from both indicators would be great ‫ if extremely unlikely. The most important signal this week will be in the relation between inventories and sales; with a better than 7-month supply of new and existing homes for sale, inventory levels are high enough to drag down prices.
With gasoline still at record levels and the heavy driving of Memorial Day Weekend just ahead, Wednesday's petroleum report will have oil markets focused on inventories also. A continued inventory build and Memorial Day driving hit hard by record prices could equate to an easing of prices in early summer. If inventories falter here and holiday driving isn't affected by the high retail prices, don't expect relief anytime soon, but do expect a serious hit on retail sales and consumer confidence later in the year. The next two weeks inventory figures could tell the tale for the Christmas retail season.
And on the topic of Memorial Day Weekend ‫ next week's roadmap calendar will be published next Sunday. Any commentary on events after Wednesday will be added to the article on Memorial Day or the Tuesday following.
|
Day / Date |
Monday |
Tuesday |
Wednesday |
Thursday |
Friday |
|
Indicators |
None |
March Leading Index for Spain from the Conference Board: Leading Up 0.9; Coincident Up 0.6% May Investor Confidence Index from State Street Associates: |
March Leading Index for Germany from the Conference Board: Leading Up 0.4%; Coincident Up 0.2% Weekly Mortgage Applications Survey from the Mortgage Bankers Association: Weekly Petroleum Data Summary and This Week in Petroleum from the Energy Information Administration: |
March Leading Index for Australia from the Conference Board: Coincident Up 0.2%; Leading Up 0.5% April Durable Goods Orders from the Commerce Department: April New Home Sales from the Commerce Department: Weekly Jobless Claims from the Employment and Training Administration |
April Existing Home Sales from the National Association of Realtors: Single family sales down 2.4%; Median single family price $220,500 |
|
Earnings Reports |
Hastings Entertainment Inc [Ticker: HAST ; Industry: Music & Video Stores ] | Computer Sciences Corp [Ticker: CSC ; Industry: Information Technology Services ] | Foot Locker Inc [Ticker: FL ; Industry: Apparel Stores ] | BARNES AND NOBLE [Ticker: BKS ; Industry: Specialty Retail, Other ] | Royal Bank of Canada [Ticker: RY ; Industry: Money Center Banks ] |
|
Treasury Auctions and Announcements |
11 AM: 4-Week T-Bill Announcement
1 PM: 3-Month and 6-Month T-Bill Auctions |
1 PM: 4-Week T-Bill Auction | None | 11 AM: 3-Month and 6-Month T-Bill Announcement, 2-Year and 5-Year Note Announcements | None |
*See more information on the Financial Roadmap series here. Earnings reports are companies of interest, NOT recommendations.
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