The UK's budget, comments from Treasury Secretary Tim Geithner, and a bout of major earnings in the United States on Wednesday top the bill for the day's main economic events.
At 7:30 a.m. EDT, UK Chancellor of the Exchequer Alistair Darling is expected to release the highly anticipated budget statement. It is expected to contain updated economic forecasts, along with information on additional government actions to support the country's ailing economy.
At 8:30 a.m. EDT, Statistics Canada will release its leading economic index for March, which is expected to contract by 0.8% month-over-month after a 1.1% drop in February.
At 9 a.m. EDT, U.S. Treasury Secretary Timothy Geithner will speak at the Economic Club of Washington, D.C. on the global recession.
At 10 a.m. EDT, the U.S. Federal Housing Finance Agency (FHFA) will release the U.S. house price index for February, which economists expect to contact 0.7% month-over-month after a 1.7% gain in January.
At 10:30 a.m. EDT, the U.S. Energy Information Administration will release oil inventories for the week ending April 17. Economists are expecting a 2500k build in crude oil reserves following the previous 5671k gain. Meanwhile, gasoline inventories are expected to come in lower by 700k following the previous 944k fall. Distillate inventories are expected to fall 1000k after decreasing 1170k in the previous week. Finally, refinery utilization is expected to come in 0.65% higher after falling 1.47% the week prior.
Wednesday offers another brisk bout of U.S. earnings results. Ahead of the open, AT&T is expected to report earnings per share of $0.48; McDonalds is expected to report earnings per share of $0.82; Wells Fargo, $0.41 per share; and Boeing, of $0.91 per share. After the close, Apple is expected to report earnings per share of $1.09. Morgan Stanley is slated to report flat earnings per share on Wednesday as well, but no release time has been provided.
All times: EDT.
7:30 GB U.K. Chancellor of the Exchequer Makes Budget Statement
8:00 EU ECB's Quaden Speaks at a Conference in Belgium
8:30 CA Leading Indicators (M/M) March Exp: -0.8% Prior: -1.1%
9:00 US Treasury Secretary Geithner Speaks in Washington, D.C.
10:00 US House Price Index (M/M) February Exp: -0.7% Prior: +1.7%
10:30 US DOE U.S. Crude Oil Inventories W/E April 17 Exp: 2500k Prior: +5671K
10:30 US DOE U.S. Gasoline Inventories W/E April 17 Exp: -700K Prior: -944K
10:30 US DOE U.S. Distillate Inventory W/E April 17 Exp: -1000 Prior: -1170K
10:30 US DOE U.S. Heat Oil Inventories W/E April 17
10:30 US DOE U.S. Refinery Utilization W/E April 17 Exp: 0.65% Prior: -1.47%
By Erik Kevin Franco
©CEP News Ltd. 2009
