Several world leaders will fly to Washington for the 2016 Nuclear Security Summit hosted by the American President and the US state department. The Turkish President and the Italian PM are attending. President Obama is scheduled to meet with the Chinese President on the sidelines on Thursday.
The US Labor Department will release job figures on Friday. 200,000 jobs are expected to have been added to the American economy and the jobless rate expected to remain at its 8 year low of 4.9. The American Institute of Supply Management is also expected to release figures that show the index rising, reflecting an improvement in American manufacturing. There is hope that this positive showing will lead to upward movement in US stock prices.
Bank of Canada Deputy Governor, Lynn Patterson, will give a speech on Wednesday titled “Adjusting to the Fall in Commodity Prices: One Step at a Time”. There is an expectation that this is a “multi-year phenomenon” will be reinforced by the Fed. While the debate on whether the benefits of lower commodity prices will help different parts of the economy later on or whether the negative effects are ongoing and will peak in 2018 will likely be discussed.
Chinese official PMI numbers will also be released on Friday and they are expected to show an improvement occurring in March. Non-Manufacturing PMI reflecting services will be closely watched to see if it’s decelerating as it has been a positive support for the Chinese economy as of late.
Japan is also releasing economic figures from consumer spending to housing starts, at the time when the Bank of Japan is considering further easing of monetary policy.
Fed Chairwoman Janet Yellen is scheduled to speak at an Economic Club of New York this week. Her remarks are always closely watched given the Fed’s possible interest rate hikes and the state of the international and domestic economy.