US Trade Deficit
Containers being unloaded at a dock. REUTERS

Next week will be a reasonably quiet one for both the U.S. and the euro zone.

In the U.S, the focus will be on Thursday's international trade data for June, which is expected to show a small decline in the trade deficit due to a fall in the oil price.

In Europe, Germany releases June industrial production data and Italy releases gross domestic product figures for the second quarter. These reports will likely provide further support to the view that the euro zone is heading back into a recession that will affect all corners of the region.

China will be dumping a whole bunch of macro data for July in the back half of next week. Major releases include: consumer price index, producer price index, fixed asset investment, industrial production, trade balance, retail sales, new loans and M2 money supply.

Below are entries on the economic calendar from Aug. 6 to Aug. 10. All listed times are EDT.


9:00 a.m. -- Federal Reserve Chairman Ben Bernanke (FOMC voter) speaks via pre-recorded video about economic measurement before the 32nd General Conference of the International Association for Research in Income and Wealth in Cambridge, Mass.

2:00 p.m. -- The Federal Reserve's Senior Loan Officer Survey will provide an update on credit conditions since April. Economists expect that demand for business loans waned a bit as the economy slowed. In addition, faced with the escalating crisis in Europe, banks may have modestly tightened standards for certain types of credit. Households' demand for mortgages was likely up notably, while demand for auto loans should have also increased as market standards saw further easing.

3:30 p.m. -- Treasury auctions 13-week and 26-week bonds.


Russia -- Overnight deposit rate and repo rate for August.

Ukraine -- July CPI.

Indonesia -- Q2 GDP.

Taiwan -- July CPI.

U.K. -- Halifax house price index for July.

U.K. -- BRC total sales in July.

Sweden -- June service production.

Greece -- July HICP.

Chile -- June economic activity index.

New Zealand -- Q2 hourly earnings.


2:30 p.m. -- Federal Reserve Chairman Ben Bernanke (FOMC voter) gives brief remarks about the importance of personal financial education and responds to questions from both in-person and videoconference participants in a town hall meeting at the Federal Reserve.

3:00 p.m. -- Consumer credit is expected to come in at $12 billion in June, compared with $17.12 billion in May.

3:30 p.m. -- Treasury auctions 4-week bonds.

5:00 p.m. -- Treasury auctions 3-year bonds.


Australia -- RBA cash rate for August.

Italy -- June industrial production.

Italy -- Preliminary Q2 GDP.

Germany -- June factory orders.

U.K. -- June industrial production and manufacturing output.

Japan -- June current account.

Japan -- July bank lending.


7:00 a.m. -- MBA Mortgage Index for the week ending Aug. 4.

8:30 a.m. -- Economists expect growth in productivity (output per hour worked) in the nonfarm business sector of 1.4 percent in the second quarter, up from negative 0.9 percent in the first quarter, with softer output growth likely to be outweighed by a slowdown in growth in hours worked. Unit labor costs likely increased 0.5 percent in Q2, after advancing 1.3 percent in the first three months of 2012.
10:30 a.m. -- Crude oil inventories for the week ending Aug. 4.

5:00 p.m. -- Treasury auctions 10-year bonds.


U.K. -- Bank of England inflation report for August.

New Zealand -- July house prices.

New Zealand -- Q2 unemployment rate, employment change and participation rate.

Australia -- June investment lending and home loans.

France -- June trade balance.

Germany - June trade balance.

Germany -- June industrial output.

Chile -- July CPI.

Japan -- July M2/M3 money supply.

Japan -- June core machinery orders.


8:30 a.m. -- Economists look for initial jobless claims to rise to 370,000 for the week ending Aug. 4. That is up from the 365,000 print in the prior week.

8:30 a.m. -- The previous fall in the oil price is likely to be the main factor behind a small decline in the trade deficit in June, to around $47.4 billion, from $48.7 billion in May. This would be broadly consistent with the U.S. Bureau of Economic Analysis' assumption in the advance estimate of Q2 GDP.

10:00 a.m. -- Wholesale inventories likely rose 0.3 percent in June, after rising 0.3 percent in May. Wholesale sales probably rebounded 0.2 percent in June, following a 0.8 percent decline in May.

5:00 p.m. -- Treasury auctions 30-year bonds.


E17 -- European Central Bank publishes monthly bulletin for August.

Greece -- May unemployment rate.

Ireland -- July HICP.

Australia -- July unemployment rate, employment change and participation rate.

U.K. -- June visible trade balance.

Japan -- Bank of Japan target rate for August.

Japan -- July corporate goods price index.

China -- July CPI, PPI.

China -- July industrial production.

China -- July fixed asset investments.

China -- July retail sales.

Hong Kong -- Q2 GDP.

Mexico -- July CPI.


8:30 am. -- Economists are looking for a flat reading on import prices in July, with a small rebound in petroleum prices offset by another decline in ex-petroleum prices, of 0.2 percent. In June, import prices saw a sharper than expected 2.7 percent monthly decline. Meanwhile, export prices likely fell 0.1 percent in July, after dropping 1.7 percent in the prior month.

2:00 p.m. -- The federal budget deficit in July likely widened to $103 billion relative to its year-ago value of $129 billion.


China -- July imports and exports.

Singapore -- Q2 GDP, final reading.

Philippines -- June total exports.

U.K. -- July input and output prices.

Germany -- Final readings on July HICP and CPI.

Italy -- Final readings on July HICP and CPI.

Portugal -- July HICP.

France -- June industrial production.

France -- Budget, year-to-date.

Denmark -- July CPI.

Romania -- July CPI.

Norway -- July CPI.

Argentina -- July CPI.

Sources: Central banks, European Commission, Reuters, Market News, Capital Economics, Nomura.