Traders will have more earnings reports, and some interesting economic data to chew on from both sides of the border this week.

In Canada, Manitoba’s budget is the only thing on tap for Monday.

Tuesday will be the only significant day for economic releases, says RBC Financial, with the Consumer Price Index and retail sales on the schedule. “The Bank of Canada will be shown to be ahead of the curve if its benchmark level for inflation, CPI-X, retreats to 2%, even if energy and raw food costs jar the monthly overall CPI change,” says CIBC World Markets. “Don’t read anything into a lacklustre monthly retail sales change, given the stunning gains over the four preceding months.”

BMO Nesbitt Burns warns that the CPI could be ugly. “We are looking for a hefty 0.9% rise in headline prices (or +0.7%, on a seasonally adjusted basis). This will boost the year-over-year inflation rate to 2% from 1.5% last month, and just 0.7% at the end of 2001.” It is also looking for a modest increase of 0.2% in overall sales, with a slightly firmer 0.3% gain in ex-auto activity.

On Wednesday, the Bank of Canada issues its latest Monetary Policy Report. BMO Nesbitt Burns says, “Worth watching in the report will be any changes in the inflation outlook – in January, the Bank called for core inflation to average just under 1.5% in the second half of the year, and move back to 2% by the end of 2003.”

In the U.S., Fed chairman Alan Greenspan has a couple of speeches scheduled for Monday and Tuesday. Numbers on new home sales and durable orders are out on Wednesday, followed by initial unemployment claims and existing home sales on Thursday. CIBC World Markets says durable goods orders will be held back as aircraft orders slip, but elsewhere should show a nice climb, as will home sales.

RBC says that Friday will be the most important day of the week for releases as advance GDP numbers for Q1 2002 and the University of Michigan Consumer Sentiment Survey become available. Although, BMO Nesbitt Burns says Greenspan indicated that it would be two to four months before the Fed would be close to having the data needed to reach a sound conclusion about the momentum in the economy and the inflationary implications, if any. “Admittedly, that puts the upcoming round of data on the back burner from the financial markets’ perspective.”

CIBC World Markets says that the first guess at Q1 GDP is likely to come in a bit shy of consensus if, “as we expect, the estimates allow for a further sharp boost in imports in March, for which data is as yet unavailable. But anything above 4% will mark the first step towards absorbing the slack opened up by last year’s recession.”

BMO Nesbitt Burns says that, “There is a cloud of uncertainty surrounding the [GDP] figures and the probable reaction to them. We believe that there is some upside risk relative to the consensus, which is at 5%. To the extent that an even stronger report is due to inventories, rather than final sales, the market will shrug it off. However, there were some hints of upside risk for final sales in recent monthly data, and we are inclined to view the GDP figures as more likely to cause problems for the bond market than to be friendly. The profits background, with an extraordinary productivity pop and no gain in compensation to speak of, should be encouraging for stocks.”

There is a flood of earnings report due next week. Brookfield Properties, CN Railway, EDS, Ipsco and Russel Metals are due Monday.

Tuesday will bring ADF Group Inc., BCE Emergis Inc., CGI Group Inc., Imperial Oil, Petro-Canada and Summit REIT.

Abitibi-Consolidated Inc. reports on Wednesday, along with Agrium Inc., EnCana, BCE Inc., Clarica Life Insurance, Danier Leather Inc., Dofasco, Dorel Industries, Finning International Inc., Macdonald, Dettwiler and Associates Ltd., Methanex Corp., Open Text Corporation, Placer Dome and Trilon Financial.

Acetex Corp., Agnico-Eagle Mines, BC Gas, CP Railway, DuPont Canada Inc., Great-West Lifeco, Morguard REIT, Shell Canada, Stelco and Suncor Energy Inc. will report on Thursday.

Friday will closes out the week with just Enerflex Systems and TransCanada PipeLines Ltd. on the schedule.