As we saw this week, the events that move markets often aren’t even on the schedule. With a light calendar that might be the case next week, too.

This past week saw markets gripped by news such as the U.S.-European Union squabble over the fate of the US$45 billion acquisition of Honeywell International Inc. by General Electric Co. That was followed by the massive earnings warning from our own disgraced Cinderella, Nortel Networks.

Next week the earnings and economic data schedule is light, so the most important market events may well be earnings warnings from other companies.

“The split personality of Canada’s economy will be on full display next week, as manufacturing is expected to show weakness while consumer spending chugs ahead,” says BMO Nesbitt Burns. On the data side, manufacturing shipments data for April is due Monday. Consensus is that it will remain flat, although BMO is a pessimist, seeing a 1.0% slide.

The spending and trade data will come on Thursday. CIBC World Markets says, “Sunny skies and surging auto sales likely produced an impressive retail gain, while an ongoing North American factory recession looks to have pushed merchandise exports under water and keyed a narrowing in Canada’s trade surplus.” Retail trade is expect to increase by 0.8%, with the trade surplus slipping to $6 billion from $6.2 billion the previous month. BMO, however, expects a large upward revision to last month’s surplus, with it coming in around $6.5 billion this time around.

“With the bank wary of rising inflation, the week ahead’s data likely won’t leave Dodge and company in a rush to chop rates. But with plunging hours painting a soft picture for Q2 growth and the labour market living on borrowed time, the Bank’s rate cutting days look far from over,” says CIBC World Markets.

In the United States, housing starts data is due on Tuesday, and it is expected to be soft. On Wednesday, U.S. Federal Reserve Board chair Alan Greenspan speaks at the Labour Department’s Workforce Summit and he testifies to Senate Banking Committee.

Those appearances will be closely watched says CIBC, “for clues about whether the Fed will opt for a 25 bps easing move at the June 26-27 FOMC meeting or administer stronger medicine, given signs the economy is still struggling.”

On Thursday, trade data is out in the U.S. “The trade balance is set to deteriorate further as the persistently strong U.S. dollar and waning growth in Japan and Europe likely restrained exports, particularly capital goods shipments,” says BMO Nesbitt Burns.

On the earnings front, only Research In Motion and Shermag Inc. are confirmed. They will both report Thursday. In the U.S., the earnings situation is relatively quiet again, the biggest news will likely be the brokers. Goldman Sachs, Bear Stearns, Morgan Stanley and Lehman are all going to report.