Nomura European US Economic Calander

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16 November 2010

2011 Europe-US Economic CalendarN O M U R A G L O B A L E C O N O M I C S

2011 Europe-US Economic Calendar Release dates for Europe and US economic indicators Our calendar includes release dates and times for most major European and US economic indicators as well as important political events. We also include dates for US Treasury securities auctions. In the limited cases where 2011 schedules are not yet available we provided estimated release dates in italics. Scheduled times are UK time.

Nomura Europe EconomicsPeter Westaway Chief Economist Europe +44 20 7102 3991 [email protected]

Nomura US Economics David Resler Chief Economist US +1 212 667 2415 [email protected]

2011 Europe-US Economic Calendar

Nomura Global Economics 1

January 2011 Monday Tuesday Wednesday Thursday Friday

3 4 5 6 7 EA AM PMI manufacturing (Dec) EA 10:00 HICP inflation (Dec-flash) EA 9:00 PMI services (Dec) UK 9:30 PMI services (Dec) EA 10:00 Unemployment rate (Nov) UK: Holiday – Markets closed UK 9:30 PMI manufacturing (Dec) GE 8:30 PMI services (Dec) GE 11:00 Industrial production (Nov) US: 112th Congress takes office UK 9:30 BoE lending statistics (Nov) FR 8:00 PMI services (Dec) US 13:30 Employment report (Dec) US 15:00 ISM manufacturing (Dec) US 15:00 Factory orders (Nov) US 13:15 ADP employment (Dec) US 20:00 Consumer credit (Nov) US 15:00 Construction spending (Nov) US 19:00 FOMC minutes (14 Dec) US 15:00 ISM non-manufacturing (Dec)

10 11 12 13 14 UK 9:30 Industrial production (Nov) EA 10:00 Industrial production (Nov) EA 12:45 ECB Governing Council mtg EA 10:00 HICP inflation (Dec-fin) US 15:00 Wholesale inventories (Nov) GE 8:00 GDP (2010) FR 6:30 HICP inflation (Dec) GE 7:00 HICP inflation (Dec-fin) US 18:00 TSY 3yr auction US 13:30 Import prices (Dec) UK 12:00 BoE MPC meeting US 13:30 Retail sales (Dec)

US 18:00 TSY 10yr auction (R) US 13:30 Trade balance (Nov) US 13:30 CPI (Dec) US 19:00 US budget (Dec) US 13:30 PPI (Dec) US 14:15 Industrial production (Dec) US 19:00 Fed Beige Book US 18:00 TSY 30yr auction (R) US 14:55 Consumer sentiment (Jan-pre)

US 15:00 Business inventories (Nov) 17 18 19 20 21

US Holiday – Markets closed UK 9:30 CPI & RPI inflation (Dec) UK 9:30 Labour market report (Jan) US 15:00 Philly Fed survey (Jan) GE 9:00 Ifo index (Jan) US 13:30 Empire State survey (Jan) US 13:30 Housing starts (Dec) US 15:00 Existing home sales (Dec) US 14:00 TIC data (Nov) US 15:00 Leading indicators (Dec) US 1:00 NAHB builder sentiment (Jan) US 18:00 TSY 10yr TIPS auction

24 25 26 27 28 EA 9:00 Flash PMIs (Jan) UK 9:30 GDP (Q4-1st) UK 9:30 BoE MPC minutes GE HICP inflation (Jan-1st) EA 9:00 M3/Loans to private sector (Dec) GE 8:30 Flash PMIs (Jan) US FOMC meeting NO 13:00 Norges Bank policy meeting US 13:30 Durable goods (Dec) US 13:30 GDP (Q4-1st) FR 8:00 Flash PMIs (Jan) US 14:00 Case-Shiller house prices (Nov) US FOMC meeting US 15:00 Pending home sales (Nov) US 13:30 Employment Cost Index (Q4)

US 15:00 Consumer confidence (Jan) US 15:00 New home sales (Dec) US 18:00 TSY 7yr auction US 14:55 Consumer sentiment (Jan-fin) US 18:00 TSY 2yr auction US 18:00 TSY 5yr auction

31

EA 10:00 HICP inflation (Jan-flash)

S M T W T F S1 2 3 4

5 6 7 8 9 10 1112 13 14 15 16 17 1819 20 21 22 23 24 2526 27 28 29 30 31

December 2010S M T W T F S

1 2 3 4 56 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 24 25 2627 28

February 2011

US 13:30 Personal income (Dec) US 14:45 Chicago PMI (Jan) US 15:00 Housing vacancies (Q4)

Main political event: Hungary assumes EU Council Presidency until 30 June (1 Jan)



February 2011 Monday Tuesday Wednesday Thursday Friday

1 2 3 4

S M T W T F S1

2 3 4 5 6 7 89 10 11 12 13 14 1516 17 18 19 20 21 2223 24 25 26 27 28 2930 31

January 2011

EA AM PMI manufacturing (Jan) US 13:15 ADP employment (Jan) EA AM PMI services (Jan) US 13:30 Employment report (Jan) EA 10:00 Unemployment rate (Dec) EA 12:45 ECB Governing Council mtgUK 9:30 PMI manufacturing (Jan) UK 9:30 PMI services (Jan) UK 9:30 BoE lending statistics (Dec) US 8:30 Productivity (Q4-pre) US 10:00 ISM manufacturing (Jan) US 10:00 ISM non-manufacturing (Jan) US 10:00 Construction spending (Dec) US 10:00 Factory orders (Dec)

7 8 9 10 11

US 18:00 Consumer credit (Dec) GE 11:00 Industrial production (Dec) US 18:00 TSY 10yr auction UK 9:30 Industrial production (Dec) GE 7:00 HICP inflation (Jan-fin) US 18:00 TSY 3yr auction UK 12:00 BoE MPC meeting US 13:30 Trade balance (Dec)

US 15:00 Wholesale inventories (Dec) US 14:55 Consumer sentiment (Feb-pre) US 18:00 TSY 30yr auction US 19:00 US budget (Jan)

14 15 16 17 18 EA 10:00 Industrial production (Dec) EA/GE/FR AM GDP (Q4-flash) UK 9:30 Labour market report (Feb) US 13:30 CPI (Jan)

UK 9:30 CPI & RPI inflation (Jan) UK 10:30 BoE inflation report US 15:00 Philly Fed survey (Feb) SE 8:30 Riksbank policy meeting US 13:30 Housing starts (Jan) US 15:00 Leading indicators (Jan) US 8:30 Retail sales (Jan) US 13:30 PPI (Jan) US 18:00 TSY 30yr TIPS auction US 9:00 TIC data (Dec) US 14:15 Industrial production (Jan) US 10:00 Business inventories (Dec) US 19:00 FOMC minutes (25-26 Jan)

21 22 23 24 25 EA 9:00 Flash PMIs (Feb) US 14:00 Case-Shiller house prices (Dec) FR 6:30 HICP inflation (Jan) GE 7:00 GDP (Q4-fin) EA 9:00 M3/Loans to private sector (Jan) GE 8:30 Flash PMIs (Feb) US 15:00 Consumer confidence (Feb) UK 9:30 BoE MPC minutes US 13:30 Durable goods (Jan) GE HICP inflation (Feb-1st) GE 9:00 Ifo index (Feb) US 18:00 TSY 2yr auction US 15:00 Existing home sales (Jan) US 15:00 New home sales (Jan) UK 9:30 GDP (Q4-2nd) FR 8:00 Flash PMIs (Feb) US 18:00 TSY 5yr auction US 18:00 TSY 7yr auction US 13:30 GDP (Q4-2nd) US Holiday – Markets closed US 14:55 Consumer sentiment (Feb-fin)

28 EA 10:00 HICP inflation (Jan-fin)

S M T W T F S1 2 3 4 5

6 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 24 25 2627 28 29 30 31

March 2011 US 13:30 Personal income (Jan) US 13:45 Chicago PMI (Feb) US 15:00 Pending home sales (Dec)



March 2011 Monday Tuesday Wednesday Thursday Friday

1 2 3 4

S M T W T F S1 2 3 4 5

6 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 24 25 2627 28

February 2011

EA AM PMI manufacturing (Feb) US 13:15 ADP employment (Feb) EA AM PMI services (Feb) US 13:30 Employment report (Feb) EA 10:00 HICP inflation (Feb-flash) US 19:00 Fed Beige Book EA 10:00 GDP (Q4-2nd) US 15:00 Factory orders (Jan) EA 10:00 Unemployment rate (Jan) EA 12:45 ECB Governing Council mtgUK 9:30 PMI manufacturing (Feb) UK 9:30 PMI services (Feb) UK 9:30 BoE lending statistics (Jan) US 8:30 Productivity (Q4-fin) US ISM manufacturing (Feb) US 10:00 ISM non-manufacturing (Feb) US Construction spending (Jan)

7 8 9 10 11 US 20:00 Consumer credit (Jan) US 18:00 TSY 3yr auction GE 11:00 Industrial production (Jan) UK 9:30 Industrial production (Jan) GE 7:00 HICP inflation (Feb-fin)

US 15:00 Wholesale inventories (Jan) UK 12:00 BoE MPC meeting US 13:30 Retail sales (Feb) US 18:00 TSY 10yr auction US 13:30 Trade balance (Jan) US 14:55 Consumer sentiment (Mar-pre)

US 19:00 US budget (Feb) US 15:00 Business inventories (Jan) US 18:00 TSY 30yr auction

14 15 16 17 18 EA 10:00 Industrial production (Jan) FR 6:30 HICP inflation (Feb) EA 10:00 HICP inflation (Feb-fin) SW 8:30 SNB policy meeting FR 6:30 HICP inflation (Feb) US FOMC meeting UK 9:30 Labour market report (Mar) US 14:30 CPI (Feb)

US 14:30 Import prices (Feb) NO 13:00 Norges Bank policy meeting US 15:15 Industrial production (Feb) US 14:30 Empire State survey (Mar) US 14:30 Housing starts (Feb) US 16:00 Philly Fed survey (Mar) US 15:00 TIC data (Jan) US 14:30 PPI (Feb) US 16:00 Leading indicators (Feb) US 16:00 NAHB builder sentiment (Mar) US 14:30 Current account (Q4)

21 22 23 24 25 US 16:00 Existing home sales (Feb) UK 14:30 CPI & RPI inflation (Feb) UK 9:30 BoE MPC minutes EA 9:00 Flash PMIs (Mar) EA 9:00 M3/Loans to private sector (Feb)

US 16:00 New home sales (Feb) GE 8:30 Flash PMIs (Mar) GE 9:00 Ifo index (Mar) FR 6:30 GDP (Q4-2nd) US 14:30 GDP (Q4-3rd) FR 8:00 Flash PMIs (Mar) US 15:55 Consumer sentiment (Mar-fin) US 14:30 Durable goods (Feb) US 19:00 TSY 10yr TIPS auction (R)

28 29 30 31 US 13:30 Personal income (Feb) GE HICP inflation (Mar-1st) US 13:15 ADP employment (Mar) EA 10:00 HICP inflation (Mar-flash)

S M T W T F S1 2

3 4 5 6 7 8 910 11 12 13 14 15 1617 18 19 20 21 22 2324 25 26 27 28 29 30

April 2011

US 15:00 Pending home sales (Jan) UK 9:30 GDP (Q4-3ｒd) US 18:00 TSY 5yr auction US 14:45 Chicago PMI (Mar) UK 9:30 BoE lending statistics (Feb) US 15:00 Factory orders (Feb) US 14:00 Case-Shiller house prices (Jan) US 18:00 TSY 7yr auction US 15:00 Consumer confidence (Mar) US 18:00 TSY 2yr auction

Main political event: Baden-Württemberg, Rhineland-Palatinate state elections in Germany (27 Mar)



April 2011 Monday Tuesday Wednesday Thursday Friday

1

S M T W T F S1 2 3 4 5

6 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 24 25 2627 28 29 30 31

March 2011

S M T W T F S1 2 3 4 5 6 78 9 10 11 12 13 1415 16 17 18 19 20 2122 23 24 25 26 27 2829 30 31

May 2011 EA AM PMI manufacturing (Mar) EA 10:00 Unemployment rate (Feb) UK 9:30 PMI manufacturing (Mar) US 8:30 Employment report (Mar) US 10:00 ISM manufacturing (Mar) US 10:00 Construction spending (Feb)

4 5 6 7 8

EA 9:00 PMI services (Mar) UK 9:30 Industrial production (Feb) EA 12:45 ECB Governing Council mtg US 15:00 Wholesale inventories (Feb) GE 8:30 PMI services (Mar) GE 11:00 Industrial production (Feb) FR 8:00 PMI services (Mar) UK 12:00 BoE MPC meeting UK 9:30 PMI services (Mar) US 20:00 Consumer credit (Feb) US 15:00 ISM non-manufacturing (Mar) US 19:00 FOMC minutes (15 Mar)

11 12 13 14 15 GE 7:00 HICP inflation (Mar-fin) EA 10:00 Industrial production (Feb) US 13:30 PPI (Mar) EA 10:00 HICP inflation (Mar-fin) UK 9:30 CPI & RPI inflation (Mar) FR 6:30 HICP inflation (Mar) US 18:00 TSY 30yr auction US 13:30 CPI (Mar) NO 13:00 Norges Bank policy meeting UK 9:30 Labour market report (Apr) US 13:30 Empire State survey (Apr) US 8:30 Trade balance (Feb) US 13:30 Retail sales (Mar) US 14:00 TIC data (Feb) US 8:30 Import prices (Mar) US 15:00 Business inventories (Feb) US 14:15 Industrial production (Mar) US 13:00 TSY 3yr auction US 18:00 TSY 10yr auction US 14:55 Consumer sentiment (Apr-pre) US 14:00 US budget (Mar) US 19:00 Fed Beige Book

18 19 20 21 22 US 15:00 NAHB builder sentiment (Apr) US 15:30 Housing starts (Mar) EA 9:00 Flash PMIs (Apr) US 15:00 Philly Fed survey (Apr)

Europe and US Holiday Markets closed

GE 8:30 Flash PMIs (Apr) US 15:00 Leading indicators (Mar) FR 8:00 Flash PMIs (Apr) US 18:00 TSY 5yr TIPS auction UK 9:30 BoE MPC minutes SE 8:30 Riksbank policy meeting US 15:00 Existing home sales (Mar)

25 26 27 28 29

Europe Holiday Markets closed

GE 9:00 Ifo index (Apr) GE HICP inflation (Apr-1st) US 13:30 GDP (Q1-1st) EA 9:00 M3/Loans to private sector (Mar) US FOMC meeting UK 9:30 GDP (Q1-1st) US 15:00 Pending home sales (Feb) EA 10:00 HICP inflation (Dec-flash) US 14:00 Case-Shiller house prices (Feb) US FOMC meeting US 18:00 TSY 7yr auction EA 10:00 Unemployment rate (Mar) US 15:00 Consumer confidence (Apr) US 13:30 Durable goods (Mar) UK: Holiday – Markets closed US 18:00 TSY 2yr auction US 15:00 Housing vacancies (Q1) US 13:30 Personal income (Mar)

US 18:00 TSY 5yr auction US 14:45 Chicago PMI (Apr) US 15:00 New home sales (Mar) US 14:55 Consumer sentiment (Apr-fin) Main political event: IMF Spring Meeting in Washington D.C. (16-17 Apr)



May 2011 Monday Tuesday Wednesday Thursday Friday

2 3 4 5 6 EA 9:00 PMI manufacturing (Apr) UK 9:30 PMI manufacturing (Apr) EA 9:00 PMI services (Apr) UK: Electoral Reform referendum/Local elections GE 11:00 Industrial production (Mar) GE 8:30 PMI manufacturing (Apr) US 15:00 Factory orders (Mar) GE 8:30 PMI services (Apr) EA 12:45 ECB Governing Council mtg US 13:30 Employment report (Apr) FR 8:00 PMI manufacturing (Apr) FR 8:00 PMI services (Apr) UK 9:30 PMI services (Apr) US 20:00 Consumer credit (Mar) UK: Holiday – Markets closed UK 9:30 BoE lending statistics (Mar) UK 12:00 BoE MPC meeting US 15:00 ISM manufacturing (Apr) US 13:15 ADP employment (Apr) US 13:30 Productivity (Q1-pre) US 15:00 Construction spending (Mar) US 15:00 ISM non-manufacturing (Apr)

9 10 11 12 13

US 13:30 Import prices (Apr) GE 7:00 HICP inflation (Apr-fin) EA 10:00 Industrial production (Mar) EA 10:00 GDP (Q1-flash) US 15:00 Wholesale inventories (Mar) UK 10:30 BoE inflation report UK 9:30 Industrial production (Mar) GE 7:00 GDP (Q1-1st) US 18:00 TSY 3yr auction US 13:30 Trade balance (Mar) US 13:30 Retail sales (Apr) FR 6:30 GDP (Q1-1st)

US 18:00 TSY 10yr auction US 13:30 PPI (Apr) FR 6:30 HICP inflation (Apr) US 19:00 US budget (Apr) US 15:00 Business inventories (Mar) US 13:30 CPI (Apr)

US 18:00 TSY 30yr auction US 14:55 Consumer sentiment (May-pre)

16 17 18 19 20 EA 10:00 HICP inflation (Apr-fin) UK 9:30 CPI & RPI inflation (Apr) UK 9:30 BoE MPC minutes US 15:00 Philly Fed survey (May) US 13:30 Empire State survey (May) US 13:30 Housing starts (Apr) UK 9:30 Labour market report (May) US 15:00 Existing home sales (Apr) US 14:00 TIC data (Mar) US 14:15 Industrial production (Apr) US 19:00 FOMC minutes (26-27 Apr) US 15:00 Leading indicators (Apr) US 15:00 NAHB builder sentiment (May) US 18:00 TSY 10yr TIPS auction (R)

23 24 25 26 27 EA 9:00 Flash PMIs (May) GE 7:00 GDP (Q1-fin) UK 9:30 GDP (Q1-2nd) US 13:30 GDP (Q1-2nd) EA 9:00 M3/Loans to private sector (Apr) GE 8:30 Flash PMIs (May) US 15:00 New home sales (Apr) US 13:30 Durable goods (Apr) US 18:00 TSY 7yr auction GE HICP inflation (May-1st) GE 9:00 Ifo index (May) US 18:00 TSY 2yr auction US 18:00 TSY 5yr auction US 13:30 Personal income (Apr) FR 8:00 Flash PMIs (May) US 14:55 Consumer sentiment (May-fin)

US 15:00 Pending home sales (Mar)

30 31UK: Holiday – Markets closed EA 10:00 HICP inflation (Dec-flash)

S M T W T F S1 2

3 4 5 6 7 8 910 11 12 13 14 15 1617 18 19 20 21 22 2324 25 26 27 28 29 30

April 2011

S M T W T F S1 2 3 4

5 6 7 8 9 10 1112 13 14 15 16 17 1819 20 21 22 23 24 2526 27 28 29 30

June 2011US: Holiday – Markets closed EA 10:00 Unemployment rate (Apr)

US 14:00 Case-Shiller house prices (Mar) US 14:45 Chicago PMI (May)

US 15:00 Consumer confidence (May)



June 2011 Monday Tuesday Wednesday Thursday Friday

1 2 3

S M T W T F S1 2 3 4 5 6 78 9 10 11 12 13 1415 16 17 18 19 20 2122 23 24 25 26 27 2829 30 31

May 2011 EA AM PMI manufacturing (May) US 13:30 Productivity (Q1-fin) EA AM PMI services (May) UK 9:30 PMI manufacturing (May) US 15:00 Factory orders (Apr) GE 8:30 PMI services (May) UK 9:30 BoE lending statistics (Apr) FR 8:00 PMI services (May) US 8:15 ADP employment (May) UK 9:30 PMI services (May) US 10:00 ISM manufacturing (May) US 13:30 Employment report (May) US 10:00 Construction spending (Apr) US 15:00 ISM non-manufacturing (May)

6 7 8 9 10

US 18:00 TSY 3yr auction EA 10:00 GDP (Q1-2nd) EA 12:45 ECB Governing Council mtg GE 7:00 HICP inflation (May-fin) US 20:00 Consumer credit (Apr) GE 11:00 Industrial production (Apr) UK 12:00 BoE MPC meeting UK 9:30 Industrial production (Apr)

US 18:00 TSY 10yr auction US 13:30 Trade balance (Apr) US 13:30 Import prices (May) US 19:00 Fed Beige Book US 15:00 Wholesale inventories (Apr) US 19:00 US budget (May)

US 18:00 TSY 30yr auction

13 14 15 16 17 FR 6:30 HICP inflation (May) UK 9:30 CPI & RPI inflation (May) EA 10:00 Industrial production (Apr) EA 10:00 HICP inflation (May-fin) US 14:55 Consumer sentiment (Jun-pre)

US 13:30 Retail sales (May) UK 9:30 Labour market report (Jun) SW 8:30 SNB policy meeting US 15:00 Leading indicators (May) US 13:30 PPI (May) US 13:30 CPI (May) US 13:30 Housing starts (May) US 15:00 Business inventories (Apr) US 13:30 Empire State survey (Jun) US 13:30 Current account (Q1)

US 14:00 TIC data (Apr) US 15:00 Philly Fed survey (Jun) US 14:15 Industrial production (May) US 15:00 NAHB builder sentiment (Jun)

20 21 22 23 24 US FOMC meeting UK 9:30 BoE MPC minutes EA 9:00 Flash PMIs (Jun) FR 6:30 GDP (Q1-2nd) US 15:00 Existing home sales (May) NO 13:00 Norges Bank policy meeting GE 8:30 Flash PMIs (Jun) US 13:30 GDP (Q1-3rd)

US FOMC meeting GE 9:00 Ifo index (Jun) US 13:30 Durable goods (May) FR 8:00 Flash PMIs (Jun) US 15:00 New home sales (May) US 18:00 TSY 30yr TIPS auction (R)

27 28 29 30 US 13:30 Personal income (May) GE HICP inflation (Jun-1st) UK 9:30 BoE lending statistics (May) EA 9:00 M3/Loans to private sector (May)

S M T W T F S1 2

3 4 5 6 7 8 910 11 12 13 14 15 1617 18 19 20 21 22 2324 25 26 27 28 29 30

July 2011

UK 9:30 GDP (Q1-3rd) US 15:00 Pending home sales (Apr) EA 10:00 HICP inflation (Dec-flash) US 14:00 Case-Shiller house prices (Apr) US 18:00 TSY 5yr auction US 14:45 Chicago PMI (Jun) US 15:00 Consumer confidence (Jun) US 18:00 TSY 7yr auction US 18:00 TSY 2yr auction

Main political event: G7/G8 Summit in France (date and place to be announced)



July 2011 Monday Tuesday Wednesday Thursday Friday

1

S M T W T F S1 2 3 4

5 6 7 8 9 10 1112 13 14 15 16 17 1819 20 21 22 23 24 2526 27 28 29 30

June 2011

S M T W T F S1 2 3 4 5 6

7 8 9 10 11 12 1314 15 16 17 18 19 2021 22 23 24 25 26 2728 29 30 31 32 33 34

August 2011 Poland assumes EU Council Presidency

EA AM PMI manufacturing (Jun) EA 10:00 Unemployment rate (May) UK 9:30 PMI manufacturing (Jun) US 9:55 Consumer sentiment (Jun-fin) US 10:00 ISM manufacturing (Jun) US 10:00 Construction spending (May)

4 5 6 7 8 US: Holiday – Markets closed EA 9:00 PMI services (Jun) US 13:15 ADP employment (Jun) EA 12:45 ECB Governing Council mtg US 13:30 Employment report (Jun)

GE 8:30 PMI services (Jun) US 15:00 ISM non-manufacturing (Jun) GE 11:00 Industrial production (May) US 15:00 Wholesale inventories (May) FR 8:00 PMI services (Jun) UK 9:30 Industrial production (May) US 20:00 Consumer credit (May) UK 9:30 PMI services (Jun) UK 12:00 BoE MPC meeting SE 8:30 Riksbank policy meeting US 15:00 Factory orders (May)

11 12 13 14 15 GE 7:00 HICP inflation (Jun-fin) EA 10:00 Industrial production (May) EA 10:00 HICP inflation (Jun-fin) US 13:30 CPI (Jun) UK 9:30 CPI & RPI inflation (Jun) FR 6:30 HICP inflation (Jun) US 13:30 Retail sales (Jun) US 13:30 Empire State survey (Jul) US 13:30 Trade balance (May) UK 9:30 Labour market report (Jul) US 13:30 PPI (Jun) US 14:15 Industrial production (Jun) US 18:00 TSY 3yr auction US 13:30 Import prices (Jun) US 15:00 Business inventories (May) US 14:55 Consumer sentiment (Jul-pre)

US 18:00 TSY 10yr auction US 18:00 TSY 30yr auction US 19:00 FOMC minutes (21-22 Jun) US 19:00 US budget (Jun)

18 19 20 21 22 US 14:00 TIC data (May) US 13:30 Housing starts (Jun) UK 9:30 BoE MPC minutes EA 9:00 Flash PMIs (Jul) GE 9:00 Ifo index (Jul) US 15:00 NAHB builder sentiment (Jul) US 15:00 Existing home sales (Jun) GE 8:30 Flash PMIs (Jul)

FR 8:00 Flash PMIs (Jul) US 15:00 Philly Fed survey (Jul) US 15:00 Leading indicators (Jun) US 18:00 TSY 10yr TIPS auction

25 26 27 28 29 UK 9:30 GDP (Q2-1st) EA 9:00 M3/Loans to private sector (Jun) US 15:00 Pending home sales (May) EA 10:00 HICP inflation (Dec-flash) US 14:00 Case-Shiller house prices (May) GE HICP inflation (Jul-1st) US 18:00 TSY 7yr auction UK 9:30 BoE lending statistics (Jun) US 15:00 Consumer confidence (Jul) US 13:30 Durable goods (Jun) US 13:30 GDP (Q2-1st) US 15:00 New home sales (Jun) US 19:00 Fed Beige Book US 13:30 Employment Cost Index (Q2) US 18:00 TSY 2yr auction US 18:00 TSY 5yr auction US 14:45 Chicago PMI (Jul)

US 14:55 Consumer sentiment (Jul-fin) US 15:00 Housing vacancies (Q2)



August 2011 1 2 3 4 5

EA 9:00 PMI manufacturing (Jul) US 13:30 Personal income (Jun) EA 9:00 PMI services (Jul) EA 12:45 ECB Governing Council mtg GE 11:00 Industrial production (Jun) EA 10:00 Unemployment rate (Jun) GE 8:30 PMI services (Jul) UK 12:00 BoE MPC meeting US 13:30 Employment report (Jul) GE 8:30 PMI manufacturing (Jul) FR 8:00 PMI services (Jul) US 20:00 Consumer credit (Jun) FR 8:00 PMI manufacturing (Jul) UK 9:30 PMI services (Jul) UK 9:30 PMI manufacturing (Jul) US 13:15 ADP employment (Jul) US 15:00 ISM manufacturing (Jul) US 15:00 ISM non-manufacturing (Jul) US 15:00 Construction spending (Jun) US 15:00 Factory orders (Jun)

8 9 10 11 12 UK 9:30 Industrial production (Jun) GE 7:00 HICP inflation (Jul-fin) US 13:30 Trade balance (Jun) EA 10:00 Industrial production (Jun) US FOMC meeting UK 10:30 BoE inflation report US 18:00 TSY 30yr auction FR 6:30 HICP inflation (Jul) US 13:30 Productivity (Q2-pre) NO 13:00 Norges Bank policy meeting US 13:30 Retail sales (Jul) US 18:00 TSY 3yr auction US 15:00 Wholesale inventories (Jun) US 14:55 Consumer sentiment (Aug-pre)

US 19:00 US budget (Jul) US 15:00 Business inventories (Jun) US 18:00 TSY 10yr auction

15 16 17 18 19 IT: Holiday – Markets closed EA 10:00 GDP (Q2-flash) EA 10:00 HICP inflation (Jul-fin) US 13:30 CPI (Jul) US 13:30 Empire State survey (Aug) GE 7:00 GDP (Q2-1st) UK 9:30 Labour market report (Aug) US 15:00 Philly Fed survey (Aug) US 14:00 TIC data (Jun) FR 6:30 GDP (Q2-1st) UK 9:30 BoE MPC minutes US 15:00 Existing home sales (Jul) US 15:00 NAHB builder sentiment (Aug) UK 9:30 CPI & RPI inflation (Jul) US 13:30 PPI (Jul) US 15:00 Leading indicators (Jul)

US 13:30 Housing starts (Jul) US 18:00 TSY 5yr TIPS auction (R) US 13:30 Import prices (Jul) US 14:15 Industrial production (Jul)

22 23 24 25 26 EA 9:00 Flash PMIs (Aug) US 13:30 Durable goods (Jul) US 18:00 TSY 7yr auction EA 9:00 M3/Loans to private sector (Jul) GE 8:30 Flash PMIs (Aug) US 18:00 TSY 5yr auction UK 9:30 GDP (Q2-2nd) GE 9:00 Ifo index (Aug) US 13:30 GDP (Q2-2nd) FR 8:00 Flash PMIs (Aug) US 14:55 Consumer sentiment (Aug-fin) US 15:00 New home sales (Jul) US 18:00 TSY 2yr auction

29 30 31 UK: Holiday UK 9:30 BoE lending statistics (Jul) EA 10:00 HICP inflation (Dec-flash)

S M T W T F S1 2

3 4 5 6 7 8 910 11 12 13 14 15 1617 18 19 20 21 22 2324 25 26 27 28 29 30

July 2011S M T W T F S

1 2 34 5 6 7 8 9 1011 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27 28 29 30

September 2011

GE HICP inflation (Aug-1st) US 14:00 Case-Shiller house prices (Jun) EA 10:00 Unemployment rate (Jul) US 13:30 Personal income (Jul) US 15:00 Consumer confidence (Aug) US 13:15 ADP employment (Aug) US 15:00 Pending home sales (Jun) US 19:00 FOMC minutes (9 Aug) US 14:45 Chicago PMI (Aug)

US 15:00 Factory orders (Jul)



September 2011 Monday Tuesday Wednesday Thursday Friday

1 2

S M T W T F S1 2 3 4 5 6

7 8 9 10 11 12 1314 15 16 17 18 19 2021 22 23 24 25 26 2728 29 30 31 32 33 34

August 2011S M T W T F S

12 3 4 5 6 7 89 10 11 12 13 14 1516 17 18 19 20 21 2223 24 25 26 27 28 2930 31

October 2011

EA AM PMI manufacturing (Aug) US 13:30 Employment report (Aug) GE 7:00 GDP (Q2-fin) UK 9:30 PMI manufacturing (Aug) US 8:30 Productivity (Q2-fin) US 10:00 ISM manufacturing (Aug) US 10:00 Construction spending (Jul)

5 6 7 8 9 EA 9:00 PMI services (Aug) EA 10:00 GDP (Q2-2nd) GE 11:00 Industrial production (Jul) EA 12:45 ECB Governing Council mtg GE 7:00 HICP inflation (Aug-fin) GE 8:30 PMI services (Aug) US 15:00 ISM non-manufacturing (Aug) UK 9:30 Industrial production (Jul) UK 12:00 BoE MPC meeting US 15:00 Wholesale inventories (Jul) FR 8:00 PMI services (Aug) SE 8:30 Riksbank policy meeting US 13:30 Trade balance (Jul) UK 9:30 PMI services (Aug) US 19:00 Fed Beige Book US 20:00 Consumer credit (Jul) US: Holiday – Markets closed

12 13 14 15 16 UK 9:30 CPI & RPI inflation (Aug) EA 10:00 Industrial production (Jul) EA 10:00 HICP inflation (Aug-fin) US 14:00 TIC data (Jul) FR 6:30 HICP inflation (Aug) UK 9:30 Labour market report (Sep) SW 8:30 SNB policy meeting US 14:55 Consumer sentiment (Sep-pre) US 13:30 Import prices (Aug) US 13:30 Retail sales (Aug) US 8:30 CPI (Aug) US 18:00 TSY 3yr auction US 13:30 PPI (Aug) US 8:30 Current account (Q2) US 19:00 US budget (Aug) US 15:00 Business inventories (Jul) US 9:15 Industrial production (Aug)

US 18:00 TSY 10yr auction US 10:00 Philly Fed survey (Sep) US 13:00 TSY 30yr auction

19 20 21 22 23 15:00 NAHB builder sentiment (Sep) US FOMC meeting UK 9:30 BoE MPC minutes EA 9:00 Flash PMIs (Sep) GE 9:00 Ifo index (Sep)

US 13:30 Housing starts (Aug) NO 13:00 Norges Bank policy meeting GE 8:30 Flash PMIs (Sep) US 15:00 Existing home sales (Aug) FR 8:00 Flash PMIs (Sep)

US 15:00 Leading indicators (Aug) US 18:00 TSY 10yr TIPS auction (R)

26 27 28 29 30 IMF Annual Meeting (Washington DC) IMF Annual Meeting (Washington DC) GE HICP inflation (Sep-1st) UK 9:30 BoE lending statistics (Aug) EA 10:00 Unemployment rate (Aug) FR 6:30 GDP (Q2-2nd) EA 9:00 M3/Loans to private sector (Aug) US 13:30 Durable goods (Aug) US 13:30 GDP (Q2-3rd) EA 10:00 HICP inflation (Dec-flash) US 15:00 New home sales (Aug) US 14:00 Case-Shiller house prices (Jul) US 18:00 TSY 5yr auction US 15:00 Pending home sales (Jul) UK 9:30 GDP (Q2-3rd)

US 15:00 Consumer confidence (Sep) US 18:00 TSY 7yr auction US 13:30 Personal income (Aug) US 18:00 TSY 2yr auction US 14:45 Chicago PMI (Sep)

US 14:55 Consumer sentiment (Sep-fin)

Main political event: IMF Annual Meeting in Washington D.C. (24-26 Sep). Berlin state election in Germany (18 Sep).



October 2011 Monday Tuesday Wednesday Thursday Friday

3 4 5 6 7 EA 9:00 PMI manufacturing (Sep) US 15:00 Factory orders (Aug) EA 9:00 PMI services (Sep) EA 12:45 ECB Governing Council mtg GE 11:00 Industrial production (Aug) GE 8:30 PMI manufacturing (Sep) GE 8:30 PMI services (Sep) UK 12:00 BoE MPC meeting UK 9:30 Industrial production (Aug) FR 8:00 PMI manufacturing (Sep) FR 8:00 PMI services (Sep) US 13:30 Employment report (Sep) UK 9:30 PMI manufacturing (Sep) UK 9:30 PMI services (Sep) US 15:00 Wholesale inventories (Aug) US 15:00 ISM manufacturing (Sep) US 13:15 ADP employment (Sep) US 20:00 Consumer credit (Aug) US 15:00 Construction spending (Aug) US 15:00 ISM non-manufacturing (Sep)

10 11 12 13 14 US: Holiday – Markets closed US 19:00 FOMC minutes (20 Sep) EA 10:00 Industrial production (Aug) GE 7:00 HICP inflation (Sep-fin) EA 10:00 HICP inflation (Sep-fin)

US 18:00 TSY 3yr auction UK 9:30 Labour market report (Oct) FR 6:30 HICP inflation (Sep) US 13:30 Retail sales (Sep) US 18:00 TSY 10yr auction US 13:30 Trade balance (Aug) US 13:30 Import prices (Sep)

US 18:00 TSY 30yr auction US 14:55 Consumer sentiment (Oct-pre) US 19:00 US budget (Sep; FY 2011) US 15:00 Business inventories (Aug)

17 18 19 20 21 US 13:30 Empire State survey (Oct) UK 9:30 CPI & RPI inflation (Sep) UK 9:30 BoE MPC minutes US 15:00 Philly Fed survey (Oct) GE 9:00 Ifo index (Oct) US 14:15 Industrial production (Sep) US 13:30 PPI (Sep) NO 13:00 Norges Bank policy meeting US 15:00 Existing home sales (Sep)

US 14:00 TIC data (Aug) US 13:30 Housing starts (Sep) US 15:00 Leading indicators (Sep) US 15:00 NAHB builder sentiment (Oct) US 13:30 CPI (Sep) US 18:00 TSY 30yr TIPS auction (R)

US 19:00 Fed Beige Book

24 25 26 27 28 EA 9:00 Flash PMIs (Oct) UK 9:30 GDP (Q3-1st) US 13:30 Durable goods (Sep) EA 9:00 M3/Loans to private sector (Sep) US 13:30 Personal income (Sep) GE 8:30 Flash PMIs (Oct) US 14:00 Case-Shiller house prices (Aug) US 15:00 New home sales (Sep) GE HICP inflation (Oct-1st) US 13:30 Employment Cost Index (Q3) FR 8:00 Flash PMIs (Oct) US 15:00 Consumer confidence (Oct) US 18:00 TSY 5yr auction SE 8:30 Riksbank policy meeting US 14:55 Consumer sentiment (Oct-fin)

US 18:00 TSY 2yr auction US 13:30 GDP (Q3-1st) US 15:00 Pending home sales (Aug) US 18:00 TSY 7yr auction

31 ECB Trichet completes his term as President

S M T W T F S1 2 3

4 5 6 7 8 9 1011 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27 28 29 30

September 2011S M T W T F S

1 2 3 4 56 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 24 25 2627 28 29 30

November 2011

EA 10:00 HICP inflation (Dec-flash) EA 10:00 Unemployment rate (Sep) UK 9:30 BoE lending statistics (Sep) US 13:45 Chicago PMI (Oct)

Main political event: Parliamentary election in Switzerland (23 Oct)



November 2011 Monday Tuesday Wednesday Thursday Friday

1 2 3 4

S M T W T F S1

2 3 4 5 6 7 89 10 11 12 13 14 1516 17 18 19 20 21 2223 24 25 26 27 28 2930 31

October 2011

Mexico takes over G20 Presidency EA 9:00 PMI manufacturing (Oct) EA 12:45 ECB Governing Council mtg EA 9:00 PMI services (Oct) UK 9:30 PMI manufacturing (Oct) GE 8:30 PMI manufacturing (Oct) UK 9:30 PMI services (Oct) GE 8:30 PMI services (Oct) US FOMC meeting FR 8:00 PMI manufacturing (Oct) US 12:30 Productivity (Q3-pre) FR 8:00 PMI services (Oct) US 14:00 ISM manufacturing (Oct) US FOMC meeting US 14:00 ISM non-manufacturing (Oct) US 12:30 Employment report (Oct) US 14:00 Construction spending (Sep) US 12:15 ADP employment (Oct) US 14:00 Factory orders (Sep)

US 14:00 Housing vacancies (Q3)

7 8 9 10 11 GE 11:00 Industrial production (Sep) UK 9:30 Industrial production (Aug) US 15:00 Wholesale inventories (Sep) GE 7:00 HICP inflation (Oct-fin) FR 6:30 HICP inflation (Oct) US 20:00 Consumer credit (Sep) US 18:00 TSY 3yr auction US 18:00 TSY 10yr auction UK 12:00 BoE MPC meeting US: Holiday – Bond markets closed

US 13:30 Trade balance (Sep) US 14:55 Consumer sentiment (Nov-pre) US 13:30 Import prices (Oct) US 18:00 TSY 30yr auction US 19:00 US budget (Oct)

14 15 16 17 18 EA 10:00 Industrial production (Sep) EA/GE/FR AM GDP (Q3-flash) EA 10:00 HICP inflation (Oct-fin) US 13:30 Housing starts (Oct) US 15:00 Leading indicators (Oct)

UK 9:30 CPI & RPI inflation (Oct) UK 9:30 Labour market report (Nov) US 15:00 Philly Fed survey (Nov) US 8:30 Retail sales (Oct) UK 10:30 BoE inflation report US 18:00 TSY 10yr TIPS auction (R) US 8:30 PPI (Oct) US 13:30 CPI (Oct) US 8:30 Empire State survey (Nov) US 14:00 TIC data (Sep) US 10:00 Business inventories (Sep) US 14:15 Industrial production (Oct)

US 15:00 NAHB builder sentiment (Nov) 21 22 23 24 25

US 15:00 Existing home sales (Oct) US 13:30 GDP (Q3-2nd) EA/GE/FR AM Flash PMIs (Nov) GE 7:00 GDP (Q3-fin) US 18:00 TSY 2yr auction US 18:00 TSY 5yr auction GE 9:00 Ifo index (Nov) UK 9:30 GDP (Q3-2nd)

UK 9:30 BoE MPC minutes US: Holiday – Markets closed US 8:30 Durable goods (Oct) US 9:55 Consumer sentiment (Nov-fin) US 14:00 FOMC minutes (1-2 Nov) US 13:00 TSY 7yr auction

28 29 30 EA 9:00 M3/Loans to private sector (Oct) UK 9:30 BoE lending statistics (Oct) EA 10:00 Unemployment rate (Oct)

S M T W T F S1 2 3

4 5 6 7 8 9 1011 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27 28 29 30 31

December 2011GE HICP inflation (Nov-1st) SE 8:30 Riksbank policy meeting EA 10:00 HICP inflation (Nov-flash) US 15:00 New home sales (Oct) US 14:00 Case-Shiller house prices (Sep) US 13:15 ADP employment (Nov)

US 15:00 Consumer confidence (Nov) US 13:30 Productivity (Q3-fin) US 14:45 Chicago PMI (Nov) US 15:00 Pending home sales (Sep) US 19:00 Fed Beige Book

Main political event: G20 Summit in Cannes, France (date to be announced)



December 2011 Monday Tuesday Wednesday Thursday Friday

1 2

S M T W T F S1 2 3 4 5

6 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 24 25 2627 28 29 30

November 2011S M T W T F S1 2 3 4 5 6 78 9 10 11 12 13 1415 16 17 18 19 20 2122 23 24 25 26 27 2829 30 31

January 2012

EA 9:00 PMI manufacturing (Nov) US 13:30 Employment report (Nov) GE 8:30 PMI manufacturing (Nov) FR 8:00 PMI manufacturing (Nov) UK 9:30 PMI manufacturing (Nov) US 15:00 ISM manufacturing (Nov) US 15:00 Construction spending (Oct)

5 6 7 8 9 EA 9:00 PMI services (Nov) EA 10:00 GDP (Q3-2nd) GE 11:00 Industrial production (Oct) EA 12:45 ECB Governing Council mtg GE 7:00 HICP inflation (Nov-fin) GE 8:30 PMI services (Nov) US 18:00 TSY 3yr auction UK 9:30 Industrial production (Oct) UK 12:00 BoE MPC meeting US 13:30 Trade balance (Oct) FR 8:00 PMI services (Nov) US 18:00 TSY 10yr auction US 15:00 Wholesale inventories (Oct) US 14:55 Consumer sentiment (Dec-pre) UK 9:30 PMI services (Nov) US 20:00 Consumer credit (Oct) US 18:00 TSY 30yr auction US 15:00 ISM non-manufacturing (Nov) US 15:00 Factory orders (Oct)

12 13 14 15 16 US 19:00 US budget (Nov) FR 6:30 HICP inflation (Nov) EA 10:00 Industrial production (Oct) EA/GE/FR AM Flash PMIs (Dec) US 13:30 CPI (Nov)

UK 9:30 CPI & RPI inflation (Nov) UK 9:30 Labour market report (Dec) EA 10:00 HICP inflation (Nov-fin) GE 9:00 Ifo index (Dec) US FOMC meeting NO 13:00 Norges Bank policy meeting SW 8:30 SNB policy meeting US 13:30 Retail sales (Nov) US 13:30 Import prices (Nov) US 8:30 Current account (Q3) US 15:00 Business inventories (Oct) US 9:00 TIC data (Oct)

US 9:15 Industrial production (Nov) US 10:00 Philly Fed survey (Dec)

19 20 21 22 23 US 15:00 NAHB builder sentiment (Dec) SE 8:30 Riksbank policy meeting UK 9:30 BoE MPC minutes UK 9:30 GDP (Q3-3rd) UK: Markets closed in PM

US 13:30 Housing starts (Nov) US 15:00 Existing home sales (Nov) US 13:30 GDP (Q3-3rd) FR 6:30 GDP (Q3-2nd) US 14:55 Consumer sentiment (Dec-fin) US 13:30 Personal income (Nov) US 15:00 Leading indicators (Nov) US 13:30 Durable goods (Nov) US 18:00 TSY 5yr TIPS auction (R) US 15:00 New home sales (Nov)

26 27 28 29 30

Europe and US Holiday Markets closed

UK: Holiday US 18:00 TSY 5yr auction EA 9:00 M3/Loans to private sector (Nov) UK: Markets closed in PM US 14:00 Case-Shiller house prices (Oct) GE HICP inflation (Dec-1st) US 14:45 Chicago PMI (Dec) US 15:00 Consumer confidence (Dec) US 15:00 Pending home sales (Oct) US 18:00 TSY 2yr auction US 18:00 TSY 7yr auction



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Contacts

Global Paul Sheard Global Chief Economist [email protected] 1-212-667-9306Alastair Newton Senior Political Analyst [email protected] 44-20-7102-3940

North America David Resler Chief Economist US [email protected] 1-212-667-2415Aichi Amemiya US [email protected] 1-212-667-9347Charles St Arnaud Canada [email protected] 1-212-667-1986Zach Pandl US [email protected] 1-212-667-9668

Europe Peter Westaway Chief Economist Europe [email protected] 44-20-7102-3991Dimitris Drakopoulos [email protected] 44-20-7102-5846Takuma Ikeda [email protected] 44-20-7102-1605Philip Rush [email protected] 44-20-7102-9595Lavinia Santovetti [email protected] 44-20-7102-6364Jens Sondergaard [email protected] 44-20-7102-1969 Stella Wang [email protected] 44-20-7102-0599

Japan Takahide Kiuchi Chief Economist Japan [email protected] 81-3-6703-1280Kenichi Kawasaki Senior Political Analyst [email protected] 81-3-6703-1277Mika Ikeda [email protected] 81-3-6703-1287Naokazu Koshimizu [email protected] 81-3-6703-1289Masaki Kuwahara [email protected] 81-3-6703-1284Takashi Miwa [email protected] 81-3-6703-1278Minoru Nogimori [email protected] 81-3-6703-1288Shuichi Obata [email protected] 81-3-6703-1295Kohei Okazaki [email protected] 81-3-6703-1291Takayuki Urade [email protected] 81-3-6703-1282Ritsuko Wada [email protected] 81-3-6703-1283

Asia Rob Subbaraman Chief Economist Asia [email protected] 852-2536-7435Tomo Kinoshita Deputy Head, Asia Economics [email protected] 852-2536-1858Stephen Roberts Chief Economist Australia [email protected] 61-2-8062-8631Yougesh Khatri Southeast Asia [email protected] 65-6433-6960Young Sun Kwon South Korea [email protected] 852-2536-7430Euben Paracuelles Southeast Asia [email protected] 65-6433-6956Chi Sun China [email protected] 852-2536-7705Sonal Varma India [email protected] 91-22-4037-4087

Emerging Markets Ann Wyman Head of EM Research, EMEA; Middle East [email protected] 44-20-7102-9287Peter Attard Montalto SA, CEE [email protected] 44-20-7102-8440Olgay Buyukkayali Turkey, Israel [email protected] 44-20-7102-3242Tatiana Orlova Russia, Ukraine, Kazakhstan [email protected] 44-20-7102-0490Tony Volpon Head of EM Research, Americas; Brazil, Chile [email protected] 1-212-667-2182Benito Berber Mexico, Colombia [email protected] 1-212-667-9503Boris Segura Argentina [email protected] 1-212-667-1375

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