Thursday's Events: U.S. Jobless Claims, Existing Home Sales, Fed's Geithner

U.S. jobless claims and existing home sales will dominate the scheduled events of the day, along with testimony from New York Fed President Timothy Geithner (voter) and SEC Chairman Chris Cox. Meanwhile, European markets will be paying attention to the release of the Belgian business confidence index and comments from Bank of England Deputy Governor Charles Bean.

At 8:30 a.m. EDT, the U.S. Department of Labor will release initial and continuing jobless claims for the weeks ending July 19 and 12 respectively. The consensus is looking for initial claims to rise to 380k compared to the previous week's 366k level. Continuing claims are expected to increase to 3160k from 3122k.

At 9 a.m. EDT, the National Bank of Belgium will release its business confidence index for July, which is expected to decline to a score of -7.1 from June's -5.9 reading.

At 10 a.m. EDT, the U.S. National Association of Realtors will release existing home sales for June. Sales are expected to total 4.94 million compared to the 4.99 million reported in May, a 1.0% month-over-month decline after a 2.0% surge in May.

At 10 a.m. EDT, the U.S. Census Bureau will release housing vacancies for the second quarter of 2008.

Also at 10 a.m. EDT, New York Fed Governor Timothy Geithner will testify alongside SEC Chief Christopher Cox on market regulatory restructuring before the House Financial Services Committee.

At 10:35 a.m. EDT, the U.S. Energy Information Administration will release natural gas storage for the week ending July 18. Economists expect a build of 80 Bcf compared to the previous week's 104 Bcf increase.

At 1 p.m. EDT, the U.S. Treasury will sell $21 billion in five-year Treasury notes.

At 1:35 p.m. EDT, Bank of England Deputy Governor Charles Bean will speak at the 50th anniversary of the Confederation of British Industry's Industrial Trends Survey on London.

At 4:30 p.m. EDT, the Fed will release M1 and M2 money supply figures for the week ending July 14.

8:30 US Initial Jobless Claims W/E July 19 Exp: +380K Prior: +366K

8:30 US Continuing Claims W/E July 12 Exp: +3160K Prior: +3122K

9:00 BE Belgian Business Confidence July Exp: -7.1 Prior: -5.9

10:00 US Existing Home Sales June Exp: +4.94M Prior: +4.99M

10:00 US Existing Home Sales (M/M) June Exp: -1.0% Prior: +2.0%

10:00 US NY Fed's Geithner, SEC's Cox to Testify Before House Committee

10:35 US EIA Natural Gas Storage Change 18-July Exp:+80 Bcf Prior: +104 Bcf

13:00 US Treasury to Sell $21B in 5-Year Notes

13:35 UK BOE Deputy Bean Speaks at CBI Anniversary

16:30 US Treasury to release M1 and M2 Money Supply

By Erik Kevin Franco and edited by Nancy Girgis