Monday
Indicators: US labour market conditions index (Jun), consumer inflation expectations (Jun)
Meetings: New vehicle licences
Motor sector expects a good year
While last year’s record numbers of car registrations are not likely to be repeated in 2017, the industry is still expecting relatively good sales delivering on targets.
On Monday, the Central Statistics Office (CSO) releases its new licensing figures (based on road tax) for June.
Figures for May showed 9,581 new private cars were licensed for the first time, a decrease of 5.4 per cent on the same month last year. However, 7,732 used (imported) private cars were licensed, a rise of 41 per cent.
In the first five months of 2017, the CSO reported a decline of 10.3 per cent, as used imported cars rose by almost 50 per cent.
Last week, the Society of the Irish Motor Industry (Simi) issued its registration-based statistics. The first six months of the year, it also reported, saw new car registrations fall by 10 per cent.
Although numbers have dipped, Simi believes it will be a good year. "As the Industry now turns its focus to the 172 registration period (from July), we would anticipate that sales in the second half of the year should keep us on track to reach the 132,000 total that was predicted at the start of the year," it told The Irish Times. Last year's record sales reached 146,603.
“Since the commencement of Brexit last year there has been uncertainty in the market place and the decline in new car sales has been a nationwide trend.”
Tuesday
Results: Abbey, PepsiCo
Indicators: Irish construction PMI (Jun), residential property prices (May)
Meetings: Comhlámh's Trade Justice Group launch of CETA: Implications for Ireland guide to the Comprehensive Economic Trade Agreement between Canada and the European Union (Buswells Hotel, Dublin 2); Sodexo Ireland and Catalyst event 'Disrupt the Default - Closing the Gender Gap for Women in Tech' (Bord Bia Thinking House, Mount Street, Dublin).
House prices are only going one way
Residential property price figures for May, released on Tuesday, are expected to continue the story of spiralling prices amidst increasing demand.
CSO figures for the year to April showed a national rise of 10.5 per cent, compared increases of 9.6 per cent in the year to March and 5.8 per cent in the twelve months to April 2016.
In Dublin, residential prices climbed 8.2 per cent in the year to April.
Such statistics are fuelling the debate on how Ireland addresses its housing problems. A recent survey by property website MyHome.ie found homes in north Dublin and in cities outside of the capital experiencing the sharpest rise in asking prices.
The surge has been explained by house hunters priced out of the expensive south Dublin market shifting their focus elsewhere.
Economist Jim Power expects more of the same on Tuesday. "There is no anecdotal evidence of any easing in the market. It's still reflecting very strong pent up demand," he told The Irish Times.
“I think the help to buy scheme was a mistake [and] I think the easing of the Central Bank rules was also a mistake because both of these measures fuelled demand. There is only one response [that will work] here, which is supply.”
Wednesday
Results: Bang & Olufsen, Delta Airlines, Peregrine Pharmaceuticals
Indicators: Euro zone industrial production (May); UK unemployment (May), average earnings (May); US mortgage applications (Jul)
Meetings: Opec monthly report
Thursday
Results: Suedzucker, Norwegian Air
Indicators: Irish inflation (Jun); German inflation (Jun); US PPI (Jun)
Meetings: Irish International Business Network summer networking evening (Sophie's Restaurant, Harcourt St, Dublin); Chartered Accountants Ireland open evening (Chartered Accountants House, Pearse Street, Dublin 2)
Friday
Results: Citigroup, JP Morgan Chase, Wells Fargo
Indicators: Irish balance of trade (May), current account (Q1), GDP growth (Q1); US inflation (Jun), retails sales (Jun), industrial production (Jun), manufacturing production (Jun)
Meetings: DCC AGM (InterContinental Hotel, Ballsbridge, Dublin 4)