Week Ahead: Greek Philosophy

A Greek philosopher once said, rising commodity and component costs would drive producer prices higher, which would finally embed into consumer prices. But now that the commodity bubble is busting, the oracle's forecast may surprise you.

Last week's reporting of the Consumer Price Index for the month of July consummated the prophecy of "The Greek." Before the eyes of the world's economists, long-rising commodity and component costs found their way through producer prices, and are now eating into consumer wallets, no matter what they're buying. We've written so many articles on the topic, we weren't sure which best to link to, so we hit up a few here: "Inflation on My Mind;" "Secular Nature of Rising Food and Energy Prices" (we improved the title here to best fit the content); "Economic Fishtail."

Quoting The Greek, "Here's the big problem. Even though producer prices take some time to work there way through to the consumer level, and in the past have often never found their way there at all, we see too much anecdotal evidence to the contrary this time around. From Kimberly-Clark (NYSE: KMB) to Dow Chemical (NYSE: DOW), from United Airlines (Nasdaq: UAUA) to J.M. Smucker (NYSE: SJM), companies far and wide are raising prices. So, expect future CPI price measurement to show inflation is out of Bernanke's control."

Global Market Decoupling Myth Busted

Now that it's becoming clear that emerging markets remain dependent upon the U.S., Europe and Japan, most economists are calling for inflation to obey Ben Bernanke and fall in line. We agree that prices should see some favorable impact from lessening demand, but we note that secular drivers behind food and energy rise and the specific fundamentals within those markets, versus drivers behind demand for metals for instance, should delay that result long enough for inflation to become quite distressing to the ECB and Fed. This might prove true for food prices more so than energy, however, because demand for petrol byproducts like chemical resins used to make plastics would decrease, as would fuel to power plant operation.

"So inflation, therefore, is a bit sticky these days."

Also, we note that companies typically cut costs with more reluctance than when they raise them, that is, once they raise them in competitive environments. We've passed the point where competitive marketplaces had decided it was necessary to raise prices. At this point, we expect they will be less swift to lower prices without time proven confirmation of component cost decline. So inflation, therefore, is a bit sticky these days. Our current Fed chief could go down in history as brilliant nonetheless, if inflation obeys his command. He would have been proven the successful navigator out of perhaps the most troubled waters seen since The Great Depression. Even so, factors remain in place that could undermine the whole effort, and our own Steven Ferguson is currently working on an article discussing one such significant factor.

The Week Ahead

As we enter the height of vacation season in the United States, trading volume drops, and the economic schedule accommodates. There is a somewhat light schedule in store for the week ahead, with the important PPI report due, but its impact has been softened by the CPI data already noted last week. We're also looking forward to the important Leading Indicators data later in the week.

Monday

Not too far removed from its second quarter GDP report, which showed the nation slipped into economic contraction after a strong first quarter, the Bank of Japan kicks off its two-day monetary policy meeting.

At 1:00 PM Eastern Time, the Housing Market Index will be reported by Wells Fargo and the National Association of Home Builders. This take on builders' sentiment bottomed for the year at a measure of 16 last month. Housing data has been more positive lately, but not from the home builders, so we should measure somewhere close to last month's figure (perhaps slightly improved).

The day's earnings schedule headlines home improvement retailer Lowe's (NYSE: LOW), BHP Billiton (NYSE: BHP) and Trina Solar (NYSE: TSL).

Earnings Announcements for Monday, August 18 Company Symbol Time Ansell Ltd ANN.AX Time Not Supplied Atna Resources Ltd. ATN.TO Time Not Supplied Baldwin Technology BLD Before Market Open BHP Billiton PLC BHP Time Not Supplied BLUESCOPE STEEL LTD BSL.AX Time Not Supplied BORAL LTD NEW BLD.AX 10:30 pm ET Brooke Capital Corporation BCP After Market Close BROOKE CORP BXXX After Market Close Cell Therapeutics CTIC Before Market Open CHANGJIANG & JINGGONG STEEL STRUCT 600496.SS Time Not Supplied CHINA MERCHANTS BANK CO LTD 600036.SS Time Not Supplied China Southern Airlines ZNH Time Not Supplied China TechFaith Wireless Com Tech CNTF After Market Close Crimson Exploration, Inc. CXPO.OB Time Not Supplied FNX Mining Company Inc. FNXMF.PK Time Not Supplied Hastings Entertainment HAST Before Market Open Hiscox PLC HSX.L 02:00 am ET HUMAN CARE H C AB HUMA.ST Time Not Supplied IINET LTD IIN.AX Time Not Supplied Innogenetics NV INNX.BR After Market Close INTERCELL AG INRLF.PK Time Not Supplied Irvine Sensors IRSN Time Not Supplied ISCO International, Inc. ISO Time Not Supplied K-FED BANCORP KFED Time Not Supplied KUALA LUMPUR KEPONG BERHAD KLKBF.PK Time Not Supplied LABS2 GROUP AB LABS.ST Time Not Supplied Lan & Spar Bank A/S LASP.CO Time Not Supplied LIHIR GOLD LIMITED LIHR 6:30 pm ET Liquidmetal Technologies LQMT.OB After Market Close Lowe's Companies LOW Before Market Open Mega Bloks Inc. M3H.BE Time Not Supplied Mega Brands Inc. MB.TO Time Not Supplied Merrimac Industries MRM Time Not Supplied Michael Page International plc MPI.L Before Market Open Perfect World PWRD Before Market Open Perrigo PRGO Time Not Supplied PGG WRIGHTSON LTD PGWFF.PK 7:30 pm ET PING AN INS GROUP CO CHINA LTD PIAIF.PK Time Not Supplied Schawk SGK After Market Close SCHOUW & CO SUWCF.PK Time Not Supplied SHANGHAI LUJIAZUI FINANCE LTD SLJIF.PK After Market Close Sherritt International Corporation S.TO Time Not Supplied SINO GOLD LIMITED SGX.AX Time Not Supplied TOM GROUP LIMITED 2383.HK Time Not Supplied Trina Solar Limited TSL Time Not Supplied WORLDWATER & SOLAR TECHS CORP WWAT.OB Before Market Open

Tuesday

Keeping with the housing theme, Housing Starts are set for release at 8:30 AM on Tuesday. Bloomberg's consensus of economists anticipates starts ran at an annual pace of 950,000 in July, down from 1.066 million in June. The low for the year was thus far achieved in March, at 947K, so you can see housing is not much improved though perhaps bottomed.

Last week's Consumer Price Index showed CPI rose 0.8%, and 0.3% before food and energy price increase; the 5.6% 12-month increase marked the greatest such rise in 17 years. This week, Producer Prices (PPI) are due, and Bloomberg's consensus forecasts a 0.5% headline price rise and 0.2% increase before food and energy price change. Because of the earlier CPI release, the impact of PPI, which takes measurement deeper in the vertical chain, should be somewhat muted.

The ICSC-UBS Weekly Same Store Sales Report should begin to lose the benefit of economic stimulus distribution. We've been looking for the year-to-year measure to soften, and have noted week-to-week softening already beginning. However, over the weeks ahead, as we now enter "back to school" season's midnight hour, week-to-week sales should show temporary growth, while year-to-year results should soften. Last week, same-store sales rose 2.6% year-over-year and fell 1.1% week-to-week.

At 10:00 AM, the State Street Investor Confidence Index is due for August. Though a little choppy, the index has defiantly trended upward through the year. State Street (NYSE: SST) measures confidence by looking at actual levels of risk in investment portfolios.

Two regional Fed presidents are scheduled to speak on Tuesday, including Dallas Fed Boss Richard Fisher on "monetary policy in a tech driven world" and Atlanta Fed President Dennis Lockhart on "American competitiveness." The Bank of Japan is due to issue its monetary policy decision, and in light of recent economic contraction a cut is more likely than anything else.

The day's earnings schedule is headlined by Target (NYSE: TGT), Home Depot (NYSE: HD), Saks (NYSE: SKS) and Hewlett-Packard (NYSE: HPQ).

Earnings Announcements for Tuesday, August 19 Company Symbol Time Accuray Incorporated ARAY After Market Close ALDATA SOLUTIONS OYJ ADTAF.PK 02:00 am ET ALE Property Group LEP.AX Time Not Supplied Analog Devices Inc. ADI After Market Close Asgaard Development A/S ASGGRO.CO Time Not Supplied Astro-Med, Inc. ALOT After Market Close Bavarian Nordic A/S BAVA.CO Time Not Supplied Brixton plc BXTN.L Before Market Open CAPRAL ALUMINIUM LIMITED CAA.AX Time Not Supplied CFS Retail Property Trust CFX.AX Time Not Supplied China Distance Education Holdings Limited DL Time Not Supplied CHINA SHIPPING HAISHENG CO. LTD. 600896.SS After Market Close CHINA STATE CONSTRUCTION INTL. HLDGS LTD 3311.HK Time Not Supplied CHONGQING SANXIA PAINTS CO. LTD. 000565.SZ After Market Close Coca-Cola Amatil Ltd. CCL.AX 8:00 pm ET COMMONWEALTH PROPERTY OFFIC FD CPA.AX Time Not Supplied Concurrent Computer Corporation CCUR Before Market Open DNO DET NORSKE OLJESELSKAP ASA DTNOF.PK Before Market Open GEO VISION INC GVSNF.PK Time Not Supplied Gold Reserve GRZ Time Not Supplied Hewlett-Packard HPQ After Market Close Home Depot Inc HD Time Not Supplied HUTCHISON TELECOMMUNICATIONS I HTX Time Not Supplied HUTCHISON TELECOMS (AUSTRALIA) LTD HTA.AX Time Not Supplied INDUSTRIAL BANK CO LTD INBLF.PK Time Not Supplied INFOMEDIA IFM.AX Time Not Supplied IRESS MARKET TECHNOLOGY LIMITED IRE.AX Time Not Supplied Jack Henry & Associates JKHY After Market Close JB HI FI LIMITED JBH.AX Time Not Supplied JIANGXI GANYUE EXPRESSWAY CO 600269.SS Time Not Supplied Key Tronic Corp. KTCC After Market Close KUNGSLEDEN KGSDF.PK After Market Close La-Z-Boy Inc. LZB After Market Close LARGAN PRECISION CO 3008.TW Time Not Supplied Mad Catz Interactive, Inc. MCZ Time Not Supplied Medtronic Inc. MDT Before Market Open Mesa Air Group MESA Before Market Open MIND CTI Ltd. MNDO After Market Close MODUL 1 DATA MOD1.ST Before Market Open MONADELPHOUS GROUP MND.AX Time Not Supplied Myriad Genetics MYGN Before Market Open NEWCREST MNG LTD NCM.AX Time Not Supplied Novatel Wireless NVTL After Market Close OIL SEARCH OISHF.PK Time Not Supplied ONESTEEL LTD OST.AX Time Not Supplied Open Text OTEX Time Not Supplied Raven Industries Incorporated RAVN Before Market Open ReneSola Ltd. SOL Time Not Supplied ROSETTA GENOMICS LTD ROSG Before Market Open Russ Berrie RUS Before Market Open Saks Incorporated SKS Before Market Open SBM Offshore N.V. SBFFF.PK 12:00 pm ET SHIN KONG FINANCIAL 2888.TW Time Not Supplied STEALTHGAS INC GASS Before Market Open TAMAYA RESOURCES LTD TMAYF.PK Time Not Supplied Target Corporation TGT Before Market Open The Singing Machine Co. SMD Time Not Supplied TIX CORP TIXC Before Market Open TOURISM HLDGS THL.NZ 5:00 pm ET UR ENERGY INC URE.TO Time Not Supplied Wienerberger AG WBRBF.PK Time Not Supplied XFMedia XFML Time Not Supplied

Wednesday

Considering recent Russian and Venezuelan government actions, the German vote on Wednesday, on a measure to block foreign takeovers of German companies, could have significant future repercussions. Also on the international scene, the Bank of England is due to release the minutes of is August meeting.

The Mortgage Bankers Association will report its weekly mortgage activity report, and the EIA, its weekly Petroleum Status Report. The EIA noted a 400 thousand barrel draw from crude inventory last week. The day's earnings schedule highlights BJ's Wholesale Club (NYSE: BJ), Limited Brands (NYSE: LTD), Salesforce.com (NYSE: CRM) and Eaton Vance (NYSE: EV).

Earnings Announcements for Wednesday, August 20 Company Symbol Time A/S Dampskibsselskabet Torm TRMD Time Not Supplied ACORN INTERNATIONAL INC ATV Time Not Supplied AFC Enterprises, Inc. AFCE After Market Close AGL ENERGY AGK.AX Time Not Supplied American Woodmark Corporation AMWD Time Not Supplied AUCKLAND INTERNATIONAL AIRPORT AIA.NZ 5:00 pm ET AUSENCO LIMITED AAX.AX Time Not Supplied Bally Technologies Inc. BYI Before Market Open BJ's Wholesale Club BJ Time Not Supplied Brambles Limited BXB.AX Time Not Supplied Candela Corp. CLZR After Market Close CENTENNIAL COAL CO CCOAF.PK Time Not Supplied CHINA RAILWAY ERJU CRWYF.PK After Market Close CHIPMOS TECH BERMUDA LTD IMOS After Market Close Citi Trends, Inc. CTRN After Market Close CONTEXTVISION AB COV.OL Time Not Supplied D/S NORDEN DNORD.CO Time Not Supplied E-House (China) Holdings Limited EJ Before Market Open Eaton Vance Corp. EV 09:00 am ET Eltek ASA ELT.OL Time Not Supplied FLEETWOOD CORPORATION LTD FWD.AX Time Not Supplied GC RIEBER SHIPPING ASA RISH.OL Time Not Supplied GOLDEN OCEAN GROUP LTD GDOCF.PK Before Market Open Gymboree GYMB Time Not Supplied Hot Topic HOTT Time Not Supplied ILUKA RESOURCES LIMITED ILU.AX 6:00 pm ET James Hardie Industries N.V. JHX.AX Time Not Supplied JDSU JDSU After Market Close Jeudan A/S JEUDF.PK Time Not Supplied KAGARA ZINC LIMITED KZL.AX Time Not Supplied KONINKLIJKE TEN CATE NV KNKCF.PK 02:00 am ET Limited Brands LTD After Market Close Longs Drug Stores LDG Time Not Supplied MACMAHON HOLDINGS LTD MAH.AX Time Not Supplied Macquarie Airports MAP.AX Time Not Supplied MACQUARIE INFRASTRUCTURE GROUP MIG.AX 7:00 pm ET Mecom Group plc MEC.L Before Market Open Mentor Graphics MENT Before Market Open MORTGAGE CHOICE MOC.AX Time Not Supplied PACIFIC BRANDS LTD PBG.AX Time Not Supplied Perpetual Limited PPT.AX Time Not Supplied Phillips-Van Heusen PVH After Market Close QSC AG QSC.F Time Not Supplied Regis Corporation RGS Before Market Open Retalix Ltd. RTLX Time Not Supplied Ross Stores, Inc. ROST Before Market Open SAG SOLARSTROM AG SAG.F Time Not Supplied Salesforce.com, Inc. CRM After Market Close Semtech SMTC After Market Close SEVAN MARINE AS SVMRF.PK 02:00 am ET SHANGHAI FORTE LAND CO LIMITED 2337.HK Time Not Supplied SINTERCAST AB SINT.ST Time Not Supplied SKILLED GROUP LIMITED SKE.AX Time Not Supplied SKY NETWORK TELEVISION LIMITED SKT.NZ Time Not Supplied SOLVANG ASA SOLV.OL Time Not Supplied SPARKASSEN IMMOBILIEN SRKNF.PK Time Not Supplied SUNLAND GROUP LIMITED SDG.AX Time Not Supplied Suntech Power Holdings Co., Ltd. STP Before Market Open Symmetricom SYMM Time Not Supplied Synopsys SNPS After Market Close TCL COMMUNICATION TECHNOLOGY HLG LT 2618.HK Time Not Supplied TCL MULTIMEDIA TECHNOLOGY HLDG 1070.HK Time Not Supplied Telekom Austria AG TKAGY.PK Time Not Supplied THE REJECT SHOP LIMITED TRS.AX Time Not Supplied Tower Semiconductor TSEM Before Market Open Trintech TTPA Before Market Open WATTYL LIMITED WYL.AX Time Not Supplied Xaar PLC XAR.L Before Market Open

Thursday

Thursday clearly keys the weekly schedule this time around. Two very important reports are due, including one regular and one monthly. Off the bat, the early morning buzz should be generated by the Weekly Initial Jobless Claims data due out at 8:30. Bloomberg's consensus is looking for 448K new claims, which would put it at just about the same level as last week's 450K. The four-week moving average has been on a disturbing uptrend indicative of economic trouble.

Leading Indicators, to be reported at 10:00 AM, is expected by economists to show a 0.2% decline in July, the first month of the third quarter. With concerns for economic contraction spreading among prognosticators, this report is important in setting expectations for Q3. The Philly Fed Survey is also due on Thursday, with the regional metric anticipated to show a decline of 15, versus July's 16.3 drop. So, you can expect market focus to turn toward economic sluggishness.

The EIA Natural Gas Report will compare against the prior week's increase in inventory of 50 Bcf. Barnes & Noble (NYSE: BKS), Aeropostale (NYSE: ARO), The Children's Place (Nasdaq: PLCE) and several other retailers, as well as HJ Heinz (NYSE: HNZ) and Burger King (NYSE: BKC) headline the earnings schedule for Thursday, with the remaining names listed below.

Earnings Announcements for Thursday, August 21 Company Symbol Time A COM AB ACOM.ST Before Market Open ADELAIDE BRIGHTON ABC.AX Time Not Supplied Aeropostale, Inc. ARO Time Not Supplied AIR INDS GROUP INC AIRI.OB Before Market Open Amlin plc AML.L Before Market Open ARQUES Industries AG AQU.F Time Not Supplied Avanex Corporation AVNXD After Market Close Barnes and Noble BKS Before Market Open Bebe Stores BEBE After Market Close BELSHIPS CO LTD BESHF.PK Time Not Supplied Biopure Corporation BPUR Time Not Supplied Blue Coat Systems BCSI After Market Close Bon-Ton Stores BONT Time Not Supplied Burger King BKC Before Market Open bwin Int. Entert. AG BWIN.VI 02:00 am ET CALLWAVE INC CALL After Market Close CALTEX AUSTRALIA LTD CTX.AX 8:00 pm ET Casual Male Retail Group, Inc. CMRG Before Market Open CHALLENGER INFRASTRUCTURE FUND CHARF.PK Time Not Supplied CHONGQING ROAD & BRIDGE 600106.SS After Market Close Ciba Specialty Chemicals Holding CSBHY.PK Time Not Supplied CINEWORLD GROUP CINE.L Before Market Open CLOUGH LTD CLO.AX Time Not Supplied CODAN LTD CDA.AX Time Not Supplied Cost Plus CPWM Time Not Supplied Cyberonics CYBX Before Market Open Danionics A/S DANIO.CO Time Not Supplied Dick's Sporting Goods, Inc. DKS Time Not Supplied DIGITAL CHINA HLDGS DCHIF.PK Time Not Supplied Ditech Networks DITC Time Not Supplied DOWNER EDI LTD DOW.AX Time Not Supplied DRDGOLD Limited DROOY Before Market Open Edap TMS EDAP Before Market Open ELECTROMAGNETIC GEOSERVICES AS ELRMF.PK Time Not Supplied ERIKS GROUP NV ERIKG.AS Time Not Supplied FAIRFAX MEDIA LIMITED FXJ.AX Time Not Supplied FANTASTIC HOLDINGS LTD FAN.AX Time Not Supplied Farstad Shipping ASA FAR.OL Time Not Supplied Foot Locker, Inc. FL After Market Close Frontline Ltd. FRO Time Not Supplied FUNTASTIC LTD FUN.AX Time Not Supplied Gamestop Corp. GME Before Market Open Gap Inc. GPS After Market Close GEMALTO N.V. GTO.PA Time Not Supplied GLOBAL GEO SERVICES ASA GGS.OL Time Not Supplied H.J. Heinz Company HNZ Before Market Open HANNSTAR BOARD CORP 5469.TW Time Not Supplied HEALTHSCOPE LIMITED HSP.AX Time Not Supplied Hibbett Sports Inc. HIBB After Market Close Hochschild Mining plc HOC.L Time Not Supplied Holcim Ltd. HOLN.VX Time Not Supplied Hormel Foods Corporation HRL Time Not Supplied INMETA ASA INM.OL Time Not Supplied Intuit INTU After Market Close INVOCARE LTD IVC.AX Time Not Supplied Jamba Juice JMBA After Market Close JM AB JM.ST Time Not Supplied John Menzies plc MNZS.L Before Market Open Kensey Nash Corporation KNSY Before Market Open Lancaster Colony Corporation LANC Before Market Open Lend Lease Corporation LLC.AX Time Not Supplied LSI Industries Inc. LYTS Before Market Open Luzerner Kantonalbank LZKBF.PK Time Not Supplied Maconomy A/S MACO.CO Time Not Supplied MACQUARIE OFFICE TRUST MOF.AX Time Not Supplied MAXITRANS INDUSTRIES MXI.AX Time Not Supplied Medicult MEC.OL Time Not Supplied Met-Pro MPR Time Not Supplied Mols-Linien A/S MOLS.CO Time Not Supplied Noah Education Holding Limited NED After Market Close Nordicom A/S NRDC.CO Time Not Supplied Nordson NDSN After Market Close NOVESTRA NOVE.ST Time Not Supplied OLAV THON EIENDOMSSELSKAP OLT.OL Time Not Supplied OPCON AB OPCO.ST Time Not Supplied ORBITAL CORPORATION LTD OBTLY.OB Time Not Supplied ORIOLA KD CORPORATION ORIJF.PK 01:30 am ET Oxiana Limited OZL.AX Time Not Supplied Pacific Sunwear of California, Inc. PSUN After Market Close PAPERLINX LTD PPX.AX Time Not Supplied Patterson Dental PDCO Time Not Supplied Peoples Educational Holdings, Inc. PEDH After Market Close Persimmon plc PSN.L Before Market Open QAD QADI After Market Close QANTAS AIRWAYS LIMITED QAN.AX Time Not Supplied QBE INSURANCE GROUP LIMITED QBE.AX Time Not Supplied Royal Boskalis Westminster nv KKWFF.PK Before Market Open SANTOS LIMITED STOSY Time Not Supplied ScanSource Inc. SCSC After Market Close Schoeller Bleckmann Oilfield Equipment AG SBO.VI Time Not Supplied School Specialty SCHS Before Market Open SCORPION OFFSHORE LTD SCORE.OL After Market Close SHAMIR OPTICAL INDUSTRY LTD SHMR Time Not Supplied SHIP FINANCE INTERNATIONAL LTD SFL Before Market Open Shoe Carnival SCVL Before Market Open ShoreTel, Inc. SHOR After Market Close SIG plc SHI.L Before Market Open SimCorp A/S SIM.CO Time Not Supplied SONIC HEALTHCARE LIMITED SHL.AX Time Not Supplied SOUTH PORT NEW ZEALAND SPN.NZ Time Not Supplied Stage Stores SSI Time Not Supplied Stein Mart, Inc. SMRT Before Market Open Tag Tegernsee AG TEG.F Time Not Supplied Tech Data Corporation TECD Before Market Open THAKRAL HOLDINGS GROUP THG.AX Time Not Supplied The Buckle BKE Time Not Supplied The Cato Corporation CTR Time Not Supplied The Children's Place Retail Stores, Inc. PLCE Before Market Open The Wet Seal, Inc. WTSLA After Market Close Topsil Semiconductor Materials A/S TPSL.CO Time Not Supplied Toro TTC Before Market Open Umicore UMI.BR Time Not Supplied Verigy, Ltd. VRGY After Market Close WESFARMERS LIMITED WES.AX Time Not Supplied Zumiez, Inc. ZUMZ After Market Close

Friday

With no economic reports due on this late summer Friday, expect light volume trading and an early end to the day for most Wall Streeters. However, at a big event that always grabs media attention, Federal Reserve Chief Bernanke is scheduled to discuss "financial stability" in Jackson Hole. Look for Perry Ellis (Nasdaq: PERY) and AnnTaylor Stores (NYSE: ANN) to report on Friday.

Earnings Announcements for Friday, August 22 Company Symbol Time Advanced Photonics Tech AG AP8.F Time Not Supplied AF GRUPPEN ASA AFG.OL Time Not Supplied AnnTaylor Stores ANN Before Market Open ARENDALS FOSSEKAMPANI AFK.OL Time Not Supplied Arriva plc ARI.L Before Market Open AUSTRALIAN WORLDWIDE EXPL LTD AWE.AX Time Not Supplied BANK LINTH VORM BK LINTHGEBIET BLVBF.PK Time Not Supplied BIOPHAUSIA AB BIOP.ST Time Not Supplied Challenger Kenedix Japan Trust CKT.AX Time Not Supplied CHINA INTL MARINE CONTAINERS(GROUP) 200039.SZ After Market Close CHINA SUNERGY CO LTD CSUN Time Not Supplied CHINASCHOLARS GROUP CO. LTD. 000547.SZ After Market Close DIGITAL VISION AB DV.ST Time Not Supplied DPA FLEX GROUP NV DPAFX.AS Time Not Supplied ERG LTD ERG.AX Time Not Supplied Goodman International Limited (Goodman Group) GMG.AX Time Not Supplied Harris Interactive HPOL Before Market Open HASTINGS DIVERSIFIED UTIL FND HDF.AX Time Not Supplied INSURANCE AUSTRALIA GROUP IAG.AX Time Not Supplied Intelecom Group ASA ITC.OL 02:00 am ET Perry Ellis International PERY Before Market Open Rohwedder AG RWD.F Time Not Supplied SALMAT LIMITED SLM.AX Time Not Supplied SHANGHAI JIN JIANG INTL IND INVEST 900914.SS After Market Close SHANGHAI ORIENTAL PEARL CO LTD SIRPF.PK After Market Close Spectris plc SXS.L Before Market Open THULE DRILLING THDRF.PK Time Not Supplied VELAN INC VLN.TO After Market Close WPP Group PLC WPPGY Time Not Supplied

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