Tuesday's Events: PPI, Housing Starts and Building Permits

The release of U.S. producer price index along with housing starts and building permits for July tops news today. Markets will also be paying attention to comments from Dallas Fed President Richard Fisher and U.S. Treasury Secretary Henry Paulson speaking at separate events.

At 8:30 a.m. EDT, Statistics Canada will release wholesale sales for June, which economists expect to rise by 0.7% month-over-month, a drop from the 1.6% increase in May.

Also at 8:30 a.m., the U.S. Bureau of Labor Statistics will release its producer price index for July. Core PPI is expected to come at 0.2% month-over-month, unchanged from the previous month, while the annual figure is expected to rise by 3.2% year-over-year, compared to the 3.0% year-over-year rise in the previous month. Meanwhile, headline PPI is expected to post a 0.6% month-over-month rise following a 1.8% gain in June and PPI for the year is expected to come in at 9.3%, slightly higher than the previous month.

The U.S. Department of Commerce will also release housing starts and building permits for July at 8:30 a.m. EDT. The consensus is looking for starts to total 960k compared to the previous month's 1066k level. Building permits are projected to have totalled 970k in July compared to June's revised 1138k level.

At 10:00 A.M. EDT, Dallas Fed President Richard Fisher (voter) will speak on the U.S. economy in Aspen, Colorado.

At 10:30 a.m. EDT, the Bank of Canada will sell C$9.5 bills in Treasury Bills.

At 11:15 A.M. EDT, Treasury Secretary Henry Paulson will speak on the topic of "The right way to engage China" at the Foreign Affairs Magazine Conference Call on China.

At 1 p.m. EDT, the U.S. Treasury Department will auction $30 billion in four-week bills.

At 5 p.m. EDT, ABC will release their U.S. consumer comfort index for the week ending Aug. 17. The consensus expects no change to the previous week's score of -50.

8:30 CA Wholesale Sales (M/M) June Exp: +0.7% Prior: +1.6%

8:30 US Producer Price Index (M/M) July Exp: +0.6% Prior: +1.8%

8:30 US PPI Ex Food & Energy (M/M) July Exp: +0.2% Prior: +0.2%

8:30 US Producer Price Index (Y/Y) July Exp: +9.3% Prior: +9.2%

8:30 US PPI Ex Food & Energy (Y/Y) July Exp: +3.2% Prior: +3.0%

8:30 US Housing Starts July Exp: 960K Prior: 1066K

8:30 US Building Permits July Exp: 970K Prior: 1138K

10:00 US Fed's Fisher Speaks in Aspen on U.S. Economy

10:30 CA BOC to Sell C$9.5B in Treasury Bills

11:15 US Tsy's Paulson Speaks on Foreign Affairs

13:00 US Treasury to Sell $30B 4-Week Bills

17:00 US ABC Consumer Confidence W/E August 17 Exp: -50 Prior: -50

By Erik Kevin Franco and Steve Stecyk and edited by Nancy Girgis