Looking Ahead: March 4 through March 8, 2013

U.S. sequestration and an Italian election didn't rattle the international markets which were buoyed by comments from ECB President Mario Draghi as well as Fed Chairman Ben Bernanke. Economic data were mixed to disappointing in Japan, Europe and the UK. This week brings five major central bank meetings — Reserve Bank of Australia, Banks of Japan, Canada and England and the European Central Bank. Canada and the U.S. will release their employment reports while Australia’s fourth quarter growth data are expected. Global service sector PMIs — the counterparts of those for manufacturing — will provide a snap shot of what is by far the largest part of the global economy.

Looking Ahead: February 25 through March 1, 2013

Equities were mixed last week as investors responded to currency moves, tepid economic data and FOMC minutes. The Eurozone will remain in recession according to lowered forecasts from the EU. Europe’s flash PMIs showed the currency union continues to contract though Germany continues to show slight growth. Investors will be paying close attention to Fed Chairman Ben Bernanke’s Congressional testimony on Tuesday and Wednesday, especially after the strong reaction to the minutes of the FOMC’s last meeting. Key Japanese data for January will be published at week’s end. And hopefully, we will know who Japanese Prime Minister Shinzo Abe selects to be his new governor of the Bank of Japan.

Looking Ahead: February 18 through February 22, 2013

Investors focused on the currency markets and in particular, the decline of the yen against the euro and U.S. dollar. As expected the Bank of Japan left its monetary policy unchanged at the BoJ waited for the appointment of the new governor and his two deputies. Economic data especially in Japan and Europe disappointed. Given the declines in GDP, flash PMI indexes will get close attention when they are released Thursday. The German ZEW and Ifo surveys will be in focus given the decline in fourth quarter GDP as investors look for signs of recovery.

Looking Ahead: February 11 through February 15, 2013

Three central banks met and left their policy interest rates unchanged. The Reserve Bank of Australia left its key rate at 3.0 percent, the Bank of England kept its 0.5 percent rate while the European Central Bank’s rate remained at 0.75 percent as expected. Economic data centered on merchandise trade. China’s January trade data improved and showed both global and domestic recovery. Composite PMI indexes for the most part showed that activity was stabilizing and improving (except in France). The Bank of Japan meets this week — no policy change is anticipated until a new governor is selected. The Bank of England releases its quarterly Inflation Report. Many Asian markets will be closed to celebrate the Lunar New Year. Mainland China’s financial market will be shut for the entire week while the Hong Kong market will be closed from Monday through Wednesday.

Looking Ahead: February 4 through February 8, 2013

Equities were mixed last week. The slew of data indicated an improving but uneven global economic landscape. When revisions were taken into account, the U.S. employment report showed that employment growth was better than originally estimated. Other data — with the exception of fourth quarter GDP — showed a growing economy at a stable pace that even the FOMC acknowledged. Elsewhere, the data were mixed but biased towards the positive. The Reserve Bank of Australia, Bank of England and the European Central Bank meet this week. Services PMIs will be released and investors will get a look at this part of the economy in January. Merchandise trade and industrial production dominate data releases. China releases merchandise trade and the consumer and producer price indexes for January.

Looking Ahead: January 28 through February 1, 2013

The Bank of Japan partially filled market expectations when it adopted a two percent inflation target but disappointed by not adding to its asset purchase plan until 2014. The Bank of Canada as expected left its key rate at 1.0 percent where it has been since September 2010. Economic data indicated an improvement in the global economic picture. The FOMC holds a two day meeting this week — no policy changes are expected. There is an outpouring of new economic data globally. Investors will be looking to see if the fledgling sprouts of improvement continue. The exception here is Japan where the country is mired in

Looking Ahead: January 21 through January 25, 2013

Markets were mixed last week as economic and earnings data vied for attention. Investors tried to anticipate what the Bank of Japan will do at its meeting at the beginning of the week. Most economic data were positive in the U.S. and China while those in Europe tended to disappoint. The Bank of Japan meets the first two days of the week. As noted elsewhere, the monetary policy board is expected to add additional stimulus to shake the economy out of deflation and get it growing again. The BoJ and the Government reached a basic agreement Thursday on the substance of an upcoming joint statement on fighting deflation. The document will call for the BoJ to adopt a 2.0 percent inflation target, and charge the central bank's governor with reporting regularly on progress toward this objective. Elsewhere, the Bank of Canada is expected to leave its policy interest rate at 0.5 percent. Flash January purchasing managers’ indexes will be released for China, U.S., Eurozone, France and Germany and will give us our first look at January manufacturing data. The UK reports its initial fourth quarter GDP data.