This week marks the start of the Q1 2011 earnings season, while the markets are likely to be moved by CPI numbers from the U.S. and China, which also announces its GDP at week's end. Other market movers will be fallout from the Portugal bailout and the differing signals sent by central banks on interest rates, especially the ECB’s decision last week to raise rates.
The U.S. government narrowly averted a government shutdown via a last minute deal on Friday night, but the broader implications for the 2012 budget will play out over time. Press reports indicate that President Obama will deliver a speech on Wednesday that lays out goals for the Federal budget in 2012 and beyond, while the Congress is expected to pass a final budget for the remainder of FY 2011 by Thursday.
All times are Eastern.
Monday, April 11
7:00 AM U.K. Independent Commission on Banking recommends higher capital levels for British banks.
12:00 PM House of Representatives convenes. Budget bill for 2011 expected to be introduced.
4:10 PM Q1 2011 unoffical earnings season kicks off with Alcoa earnings.
Tuesday, April 12
8:30 AM U.S. February trade deficit from the Commerce Department.
8:30 AM U.S. March import prices from the Department of Labor.
10:00 AM U.S. Senate convenes.
10:00 AM U.S. Senate Finance Committee hearing on best practices in tax administration worldwide.
12:00 PM U.S. House of Representatives convenes.
2:00 PM U.S. March Federal budget deficit numbers from the Treasury Department.
2:30 PM U.S. Senate Committee on Homeland Security and Governmental Affairs hearing on financial literacy, subcommittee on oversight of government management.
Wednesday, April 13
TBD: President Obama to deliver speech laying out broad budget plan for 2012.
7:10 AM Q1 2011 earnings released by JPMorgan Chase.