What is on tap from a release standpoint next week:

Monday - April 8

  • German Trade Balannce
  • Canada housing starts/building permits
  • US Factory Orders/Durable Goods revision

Tuesday - April 9

  • Swiss unemployment
  • US JOLTS job openings
  • Feds Clarida speaks

Wednesday - April 10

  • RBA Asst Gov. Debelle speaks
  • BOJ Kuroda speaks
  • Australia Westpac consumer sentiment
  • UK GDP
  • UK Manufacturing Production/Industrial Production
  • ECB Interest rate statement and press conference
  • US CPI data
  • Fed's Quarles speaks
  • US 10 year auction
  • FOMC Meeting minutes

Thursday - April 11

  • China CPI/PPI
  • German/France final CPI
  • OPEC meeting
  • US PPI
  • US weekly unemployment claims
  • Fed's Clarida speaks
  • Fed's Bullard speaks
  • FOMC Bowman speaks
  • US 30 year auction

Friday - April 12

  • NZ Business Manufacturing Index
  • RBA Financial Stability Review
  • China Trade balance
  • EU industrial production
  • US Michigan consumer sentiment (preliminary)
  • IMF meeting (Friday and Saturday).

Brexit next week:

Over the weekend PM May and Labour Corbyn will meet to try and block the logjam over Brexit. The problem is Labour wants a permanent customs union with the EU. They also want a 2nd referendum. Those are two thing that PM May and the Tories don't want. Is the PMs overtures a way to set up Labours Corbyn to be the fall guy for a Brexit delay?

Monday April 8

Cooper-Letwin bill was fast tracked through the HoC and House of Lords and may receive final approval and the royal assent. That would give the bill the force of law in record time. The legislation is needed to ensure that lawmakers are able to consider and vote on any request from PM May for a delay to Brexit.

Tuesday April 9

Assuming Copper Letwin gets final approval, PM May may appear before the HoC to give account to her plan to delay Brexit until June 30. That delay would be shortened if the UK ratifies the exit treaty before that date.

According to sources, she may also try for another vote on her deal if there is an accord with Labour. If talks fall with Labour, she may asks lawmakers - through a series of votes - which options they prefer for the future relationship wiht the EU.

Wednesday April 10

The EU meets for an emergency leaders summit. The request from PM May for an extension to June 30 will be submitted at that meeting. Any agreement will trump UK legislation. If the UK can come to an exit treaty before that date - May hopes before the May 23 elections - they would leave the EU. The EU could accept PM May's request or propose an alternative extension. EU Tusk has proposed an extension up to a year with scope to leave if the UK ratifies the exit deal earlier.

Friday April 12.

This is the no-deal date now in effect and hoped to be extended. In order to be extended, Tusk has the UK must decide to take pair in the EU elections. Failure to participate in the elections would undermine the legal order of the EU bloc as the UK would remain a member of the EU even though it did not take part in the elections.