If confirmed by official figures to be released in a week’s time, the Bank of Spain’s initial estimate would be the weakest outturn since the second quarter of 2009. Reuters

Investors and traders will face a very active economic-release schedule next week as they prepare to rip the September page from their calendars.

The highlights will be the Germany IFO survey, euro-zone inflation data, U.S. durable-goods orders, Chicago purchasing managers index, and University of Michigan consumer-confidence figures. Also on the calendar are revised numbers for gross domestic product in the U.S. and U.K.

Officials in France and Spain will present their 2013 budgets to their respective parliaments this week. Both will feature more austerity measures to meet their budget-deficit targets. This exercise might bring Spain closer to meeting the likely terms for a future bailout.

In emerging markets, the focus will be on interest-rate decisions in Israel, Hungary, Czech Republic, and Colombia.

Below are entries on the economic calendar Sept. 24-28. All listed times are EDT.


8:30 a.m. -- The Federal Reserve Bank of Chicago's Midwest manufacturing index for August.

10:30 a.m. -- The Federal Reserve Bank of Dallas' manufacturing survey for September.

3:30 p.m. -- Federal Reserve Bank of San Francisco President John Williams (a voter on the Federal Open Market Committee this year) speaks on the economic outlook before the City Club of San Francisco at a roundtable luncheon.


France -- President Francois Hollande visits the U.S.

Israel -- Base-rate announcement for September.

Singapore -- August consumer price index.

Vietnam -- September CPI.

U.K. -- Nationwide house price index for September.

Netherlands -- 2Q GDP, final reading.

Germany -- IFO business climate index, current assessment index, and business expectations index for September.

Taiwan -- August industrial production.

Japan -- August corporate services price index.


9 a.m. -- The S&P/Case-Shiller home price indexes are likely to show that price gains continued in July. Economists look for the 20-city seasonally adjusted index to climb 0.8 percent month-to-month, also showing prices up 0.8 percent year-to-year.

10 a.m. -- The Conference Board's index of consumer confidence is expected to recover slightly to 62.6 from a nine-month low of 60.6 in August. Although the labor market remains weak, consumers likely are encouraged by the Federal Reserve's latest round of quantitative easing, or QE3, a move to buoy prices in markets such as equities and real estate.

10 a.m. -- Economists look for the Federal Housing Finance Agency's house price index to rise 0.5 percent in July, consistent with the improvement in other home price indexes during the same period.

10 a.m. -- The Federal Reserve Bank of Richmond's manufacturing survey for September.

10:30 a.m. -- The Dallas Fed’s Texas service-sector outlook survey for September.

12 noon -- Federal Reserve Bank of Philadelphia President Charles Plosser (a nonvoter on the FOMC this year) speaks on the economic and policy outlook before the CFA Society of Philadelphia and Bond Club of Philadelphia.


Hungary -- Base-rate announcement for September.

Euro zone -- European Central Bank President Mario Draghi meets German Chancellor Angela Merkel in Berlin.

Spain -- Budget, year-to-date.

Germany -- GfK consumer-confidence index for October.

France -- Business-climate index for September.

Thailand -- Customs exports for August.

Italy -- Consumer-confidence index for September.

Mexico -- Economic activity index for July.

New Zealand -- August trade balance.


7 a.m. -- Mortgage Bankers Association mortgage survey for the week ending Sept. 22.

10 a.m. -- Economists expect new home sales to rise 2.1 percent month-on-month to 380,000 in August and for supply to decline to 4.3 months, or close to precrisis inventory levels. This forecast would leave the three-month moving average at 370,000, modestly above the 352,000 average in the first quarter of this year and the 363,000 average in the second quarter.

1:15 p.m. -- Chicago Fed President Charles Evans (a nonvoter on the FOMC this year) speaks on "Perspectives on Current Economic Issues" before the Lakeshore Chamber of Commerce's eighth annual Business Expo in Hammond, Ind.


Germany -- September CPI.

Singapore -- Industrial production for August.

France -- Consumer-confidence indicator for September.

Sweden -- Consumer confidence, manufacturing confidence, and economic tendency indicator for September.

Italy -- Retail sales for July.

Norway -- Unemployment rate for July.


8:30 a.m. -- Preliminary benchmark revision to establishment employment.

8:30 a.m. -- Economista look for second-quarter GDP to remain unchanged at 1.7 percent in the third estimate. Both the GDP price index and the core personal consumption expenditure deflator are expected to come in unrevised at 1.6 percent and 1.8 percent, respectively.

8:30 a.m. -- Durable-goods orders will likely post a 4.4 percent decline in August, after rising 4.1 percent in July. Economists have penciled in a negative payback in aircraft and motor-vehicle orders following strong gains in July.

8:30 a.m. -- For the week ending Sept. 22, initial jobless claims are expected to come in at 379,000. That is down from the prior week’s reading of 382,000.

10 a.m. -- Pending home sales, which track signed contracts on single-family homes, condos, and co-ops, will likely fall 1 percent month-on–month in August after rising 2.4 percent in July.

11 a.m. -- The Federal Reserve Bank of Kansas City's manufacturing survey for September.


Romania -- Interest-rate announcement for September.

Czech -- Repo-rate announcement for September.

New Zealand -- Business confidence index for September.

Spain -- Adjusted retail sales for August.

Germany -- Unemployment change for September.

Euro zone -- M3, loans to private sector for August.

Italy -- Business confidence index for September.

U.K. -- 2Q GDP, final release.

Euro zone -- September consumer confidence, final reading.

Euro zone -- September industrial confidence index.

Belgium -- September CPI.

Korea -- August current account balance and industrial production.

U.K. -- GfK consumer confidence for September.

Japan -- August unemployment rate, real household spending, nationwide CPI and industrial production.


8:30 a.m. -- Economists expect a 0.2 percent increase in personal income and a 0.5 percent jump in personal spending in August. The gain in spending is largely due to higher commodity prices. Real consumer spending likely rose only 0.1 percent.

9:45 a.m. -- The Chicago PMI for September is expected to edge down to 52.4, from 53 in August.

9:55 a.m. -- Economists look for the University of Michigan consumer-confidence measure to moderate to 79 after an out-of-consensus preliminary September reading of 79.2.


France -- Government presents budget for 2013.

Spain -- New structural-reform program, final bank-stress test results, and presentation of 2013 budget.

Colombia -- Overnight lending rate for September.

Uruguay -- Overnight lending rate for September.

Euro zone -- European Central Bank executive board member Joerg Asmussen speaks on "Increase of money without equivalent" in Germany.

Euro zone -- Flash harmonised index of consumer prices for September.

Italy -- Preliminary HICP and CPI for September.

Spain -- Preliminary HICP for September.

Thailand -- Manufacturing production for August.

Thailand -- August exports and current account.

France -- 2Q GDP, final release.

Denmark -- 2Q GDP, final release.

Costa Rica -- 2Q GDP.

Germany -- August retail sales.

Norway -- September registered unemployment rate.

India -- 2Q current account.

Argentina -- Economic activity index for July.

Sources: Central banks, European Commission, Reuters, Bank of America Merrill Lynch, Market News, Capital Economics, Nomura.