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Economic calendar: US real estate market draws attention

8:47 AM April 23, 2019

Summary:

  • Canadian wholesale trade sales are expected to rise subtly
  • New home sales from the USA
  • API release to be released tonight

1:30 pm GMT- Canadian wholesale:  A change in Canadian wholesale for February will be presented this afternoon.  The last reading produced a slight improvement but this time market expectations suggest a smaller increase (0.1 % m/m vs. 0.6 % m/m in January).

3:00 pm GMT - Richmond Fed manufacturing index for April: While PMIs from European economies got worse in the first quarter,  this is especially true when it comes to Germany, sentiment among US manufacturers did not worsen so much. Let us recall that a regional Fed index from Chicago showed a slight increase, but such a move is not expected from Richmond as the consensus calls for 10 points, unchanged compared to March.

3:00 pm GMT-New Home Sales from the USA: Last Friday showed rather gloomy data concerning building permits for March. This afternoon might shed some light on the sentiment among developers. Note that given a retreat in average mortgage rates one could hope for somewhat better data in the nearest future.. The consensus calls for 649k for March, down from 667k in February

9:30 pm GMT API Weekly crude oil stocks : Oil prices have been performing quite well since the beginning of the week after an announcement from the White House. While the removal of exemptions from US sanctions granted for some countries could be a bullish factor for crude prices in the near-term, possibly higher production from other producers could dampen this pressure before long . Keep in mind that API reports often set expectations ahead of governmental releases.

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