The headliners for China’s macroeconomy in the coming week: Chinese trade data, revised Japan GDP data and some words from Bank of England governor Mark Carney. If those data releases don’t leave your head spinning, no fear. A celebration of Sufi traditions in central Turkey will combine motion with mysticism.
Monday, December 7: H&R Block reports earnings. Expectations are running high after the Kansas City–based tax preparation company’s stock tested new highs and announced the 213th consecutive quarterly dividend since debuting as a public company in 1962 this fall.
Tuesday, December 8: Chinese trade data for November will be critical for global market sentiment as demand in the world’s largest emerging economy continues to signal weakness. Consumer and producer inflation data, monetary supply, retail sales and industrial production figures are for the month are also scheduled to be released this week.
Wednesday, December 9: Initial Japanese GDP for the third quarter revealed a technical recession despite the best efforts for the Bank of Japan. Revised data due from the nation’s Cabinet Office may show some improvement in light of figures released last week showing that capital spending in Japan’s private sector increased by more than 11 percent in the three-month period.
Thursday, December 10: The Energy Information Administration will release natural gas storage data with forecasts for a seasonal decline. Debate among the Organization of the Petroleum Exporting Countries at the semiannual meeting in Vienna this past week did little to inspire confidence in oil markets as declining emerging demand and a historic supply glut continue to weigh on prices.
Friday, December 11: Bank of England governor Mark Carney will have a chance to respond to European Central Bank president Mario Draghi’s December 3 announcement of an interest rate cut on deposits. In testimony before parliament last month Carney reiterated that there was no pressing need to raise benchmark rates in the near term.
Saturday, December 12: The city of Konya, located in central Turkey, plays host to the Whirling Dervish festival. Members of the Mevlevi Order, a Sufi sect founded in the 13th century by followers of medieval mystic and polymath Jalal ad-Din Muhammad Rumi, perform the sema, a twirling dance of men wearing blunt conical hats and white robes with circle skirts meant to bring divine energy back to earth and a turn toward truth. Rumi’s final resting place is located in Konya and is a pilgrimage site for many Muslim faithful.
