Thursday's Events: UI Claims, Philly Fed Mfg

At 8:30 a.m. EDT, Statistics Canada will release wholesale sales for April, which economists expect to advance by 0.8% month-over-month following a 0.6% increase in March.

At 8:30 a.m. EDT, the U.S. Department of Labor will release initial and continuing jobless claims for the weeks ending June 14 and 7 respectively. The consensus is looking for initial jobless claims to move up by 375k following a 384k rise in the previous week. Continuing claims are expected to decline to 3135k compared to the 3139k reported the week earlier.

At 10 a.m. EDT, the Philadelphia Fed will release its manufacturing index for June. Economists expect the headline index to rise to a reading of -10.0 compared to May's score of -15.6. Markets will also be paying attention to the prices paid, new orders and employment indexes, which scored 53.8, -3.7 and -1.0 respectively in May.

Also at 10 a.m. EDT, the U.S. Conference Board will release its leading economic index for May. The consensus is expecting a flat reading compared to the previous month when the index rose 0.1% month-over-month.

At 10:35 a.m. EDT, the U.S. Energy Information Administration will release natural gas storage for the week ending June 13. The consensus is looking for a build of 59 Bcf compared to the previous week's 80 Bcf rise.

At 11:30 a.m. EDT, Assistant Secretary for International Affairs Clay Lowery will deliver remarks on the global financial turmoil and implications for Asia at the Federal Reserve Bank of San Francisco's conference on Asia.

At 12:45 a.m. EDT, U.S. Treasury Secretary Henry Paulson will deliver an update on markets and the economy at the Women in Housing & Finance's annual meeting in Washington, D.C.

At 2:30 p.m. EDT, Fed Vice-Chairman Donald Kohn (voter) will testify on risk management and systemic risk before the Senate banking subcommittee.

At 3 p.m. EDT, Bank of England Deputy Governor Sir John Gieve will address the North East Chamber of Commerce in Durham, England.

At 4:30 p.m. EDT, the Fed will release weekly M1 and M2 money supply figures for the week ending June 9. In the previous week, M1 moved up by $19 billion and M2 fell by $10.8 billion.

At 11:05 p.m. EDT, Bank of Canada Governor Mark Carney will deliver 'Capitalizing on the Commodity Boom: The Role of Monetary Policy' at the Haskayne School of Business of the University of Calgary.

7:00 CA Consumer Price Index (M/M) May Exp: +0.6% Prior: +0.8%

7:00 CA Consumer Price Index Y/Y May Exp: +1.9% Prior: +1.7%

7:00 CA Bank Canada CPI Core (M/M) May Exp: +0.3% Prior: +0.3%

7:00 CA Bank Canada CPI Core Y/Y May Exp: +1.5% Prior: +1.5%

8:30 CA Wholesale Sales (M/M) April Exp.: +0.8% Prior: +0.6%

8:30 US Initial Jobless Claims 14-June Exp: +375K Prior: +384K

8:30 US Continuing Claims 7-June Exp.: 3135K Prior: 3139K

10:00 US Philadelphia Fed June Exp: -10.0 Prior: -15.6

10:00 US Leading Indicators May Exp: 0.0% Prior: +0.1%

10:30 US EIA Natural Gas Storage Change Exp.: +59 Bcf, Prior: +80 Bcf

11:30 US Tsy's Lowrey Speaks on Financial Turmoil

12:45 US Tsy Sec Paulson Speaks on Markets & Econ

14:30 US Fed's Kohn testifies on Risk Management at Senate Committee

16:30 US M1 & M2 Money Supply

23:05 CA BOC's Carney speaks in Calgary

By Erik Kevin Franco and edited by Cristina Markham