China once again takes the spotlight in the coming week. As the Communist Party of China hosts its annual National People’s Congress, the nation’s customs authority will release updated trade data, giving insight into how the domestic shift toward a consumer-based domestic economy is playing out internationally. Over in Europe, financial markets are tense in the lead-up to the European Central Bank announcement on Thursday as investors play wait-and-see on any further action from ECB President Mario Draghi to bolster euro zone inflation.
Monday, March 7: Hundreds of thousands of pilgrims will convene in Nepali capital Kathmandu for celebrations of Maha Shivaratri, which commemorates the marriage of Lord Shiva and the Goddess Parvati. Colorfully painted nude Naga Babas, holy men who practice yoga and eschew material possessions, will be among the gathered faithful at the ancient Pashupatinath Temple along the Bagmati River.
Tuesday, March 8: China’s General Administration of Customs releases February trade data, with consensus economist forecasts for another double-digit year-over-year decline in both imports and exports. One particular component of China’s international trade, steel, may face increasing pressure in coming months. This past week, U.S. regulators joined India and Indonesia in slapping duties on steel imports from China after accusing producers there of “dumping” artificially underpriced materials into the market.
Wednesday, March 9: After last week’s surprise 10.4 million barrel jump in oil stockpiles, the supply report from the Energy Information Administration will get particular attention. Oil markets fluctuated last week, as traders attempted to decipher the potential impact of a production cap agreement reached by Russia, Saudi Arabia, Venezuela and Qatar in February, balanced with the end of sanctions against Iran.
Thursday, March 10: European investors have reason to be on edge: shaky economic fundamentals, weak external demand and the possibility of a U.K. exit from the European Union. As the ECB hosts its latest policy meeting, president Mario Draghi finds himself staring down the prospects of more stimulus amid sluggish inflation and some European government securities trading at negative nominal yields.
Friday, March 11: The University of Michigan releases preliminary March readings for its U.S. consumer sentiment index. Despite consistent improvement in U.S. employment levels, the index has failed to return to the highs seen in early 2015. There are some signals that some Americans are becoming more willing to spend. January consumer spending levels as measured by the Commerce Department rose by 0.5 percent, a significantly faster pace than consensus forecasts.
Saturday, March 12: South by Southwest, known also as SXSW or as “South by” by those professing to be in the know, gets into full swing in Austin, Texas. The annual film, interactive technology and music festival beckons some 30,000 registrants and spectators to the thousands of concerts, movie screenings and keynote speeches from tech-world celebrities — and this year, President and First Lady Barack and Michelle Obama.
