Jobs and interest rates in Australia, interest rates in Europe, a revised look at business sentiment in Japan, the strong markets and more.
In fact meetings of central banks in Australia (tomorrow), Japan (Thursday), Europe (also Thursday) and the UK (Thursday again) will dominate the week.
In the US we get the minutes of the last Fed meeting and some figures on the economy, with a speech by chairman Ben Bernanke and appearances by other governors during the week.
All in all it’s another big week for the state of various economies around the world, especially here in Australia with interest rates, trade and jobs data up for release or decision.
In Australia the Reserve Bank board meeting is the most important event this week and it will almost certainly leave interest rates on hold at 4.75% .
The AMP’s Chief Economist Dr Shane Oliver says, "Nothing much has changed since the last meeting when it assessed that the current mildly restrictive stance of monetary policy was appropriate: economic data has been on the soft side, there have been no new readings on inflation and the Japanese earthquake has increased uncertainty about the short term outlook.
"However, the RBA is likely to maintain a mild inclination to tighten on the back of the favourable medium term growth outlook which is likely to have been reinforced by continuing strength in commodity prices.
"We don’t expect the RBA to begin tightening again until around July or August," he wrote on Friday.
And Westpac’s chief economist Bill Evans wrote on Friday, "The Reserve Bank board meets next week on April 5. There is virtually no chance of a decision to change rates at that meeting.
"We are maintaining our call (held since last November) that only one rate hike can be expected this year and not before the September quarter.
And on the jobs front, this week sees the usual monthly update for March.
The AMP’s Shane Oliver says the employment data on Thursday "is likely to show a slight bounce back from a flood-related fall in February which is likely to leave unemployment at 5%".
Some economists say 25,000 new jobs will be reported on Thursday by the ABS.
Before then we get a couple of internet job surveys and the main one, the ANZ job ads index which will out later today.
Trade data for February is also out tomorrow and a small rise in housing finance data for February (due Wednesday) after last week’s approvals revealed a small increase in the approvals of private dwellings.
Industry figures on car sales will come out on Wednesday.
In corporate news, the court action between Seven Group Holdings and James Warburton (who left Seven after being signed up as Ten chief executive) is expected to start tomorrow.
Annual meetings include QBE and Sundance Resources, as well as Eureka Energy, Marathon Resources, G8 Education and Humanis Group , Reed Resources, Sinovus Mining and Iron Ore Holdings.
The Bank of Japan releases an update of its quarterly Tankan survey of big business sentiment later today.
It was originally released on Friday, but the survey closed on March 11, the date of the earthquake, tsunami and then the Fukushima nuclear crisis erupted.
The Bank of Japan also meets this Thursday to discuss interest rates and perhaps extra help to companies hit by the triple disasters.
The European Central Bank meets on Thursday and will attract a lot of interest as it is likely to raise its key short term interest rate to 1.25% from 1% as it has been foreshadowing in response to upwards pressure on the headline rate of inflation.
As reported on Friday, headline European inflation rose to an annual 2.6% in March from 2.4% in February, confirming the worries many inflation hawks have, especially in the ECB
Many economists think any rate rise will be premature given core inflation of just 1% and the ongoing sovereign debt problems in Europe, especially with Portugal looking like it will join Ireland and Greece in the bailout basket.
It is likely the ECB will indicate that the move is a one-off and that additional increases should not be expected in the short term.
The Bank of England also meets on Thursday night, our time, and won’t lift rates, despite headline inflation running at more than 4% a year and core inflation also above the target level of 2%.
The UK economy is slowing with budget cuts and job sackings already underway as the government tries to reduce the deficit and debt.
The European Monetary Union producer price index for February is out tonight, while the EU retail sales figures for February are out tomorrow night. Wednesday sees the US final 4th quarter economic growth figures.
In the US, Fed Chairman Ben Bernanke will speak tonight, our time, Atlanta Fed President Dennis Lockhart has three speaking engagements this week and Richmond Fed President Jeffrey Lacker will speak on Thursday.
The minutes of the Fed meeting last month will be released this week and will be examined for a clue on what was discussed about the economy and the so-called second round of quantitative easing.
Seven Fed governors have made strong comments for and against this spending, and voiced worries about inflation.
The improvement in the jobs picture last month will add to the interest in the comments this week.
An optimistic but cautious view from the Fed is likely to keep expectations for an in
