Next Week At A Glance

This story features INCITEC PIVOT LIMITED. For more info SHARE ANALYSIS: IPL

  By Greg Peel

First let me say good luck to anyone attending a Christmas party tonight in the Sydney CBD. The snap bus strike should make cabs really easy to find on this, arguably the busiest night of the year in town. And it’s raining. But hey, Merry Christmas!

As one might expect, next week does not bring a wealth of data in Australia. Indeed, once we get past November vehicle sales and the Conference Board leading economic indicators index on Monday that’s it for the year. And only Incitec Pivot ((IPL)) spoils a clean sheet of individual company events by holding its AGM on Wednesday afternoon. The “Christmas period” in Australia is always a long one.

Not so for Americans, for whom it’s basically one day off and then business as usual. Hence next week will see releases of existing and new home sales, third quarter corporate profits, monthly personal consumption and expenditure, durable goods orders, and the final Michigan Uni confidence measure for the year.

Importantly however, next Tuesday sees the final revision of US third quarter GDP. The first estimate came in at 3.5%, but then the first revision dragged it right down to 2.8%. What number will come up on the chocolate wheel this time? Usually the first revision is of the greatest magnitude nevertheless, and the second revision is closer to the first.

The UK will also provide a final revision of its third quarter GDP on Tuesday, while on Wednesday New Zealand will release its one and only equivalent figure.

For Japan, this week is also like any other, albeit Japan has a holiday on Wednesday. But economic releases next week include the monthly trade balance and minutes of the BoJ meeting (the BoJ makes a rate decision today) and then CPI, housing starts and unemployment, all on Christmas Day.

Friday is Christmas Day, and all major markets are closed except for those of Japan. Note that the ASX will close at 2.10pm AEDST on Thursday, and on Thursday night the NYSE will close at 1pm local time.

This will be the last “Next Week at a Glance” for the year as the FNArena news service goes into a two-week hiatus after Christmas. However, there will be a special “The Next Three Weeks at a Glance” published next Thursday.

Merry Christmas from everyone here at NWAAG.

For a more comprehensive preview of next week’s events, please refer to “The Week Ahead”, published each Monday morning. For all economic data release dates, AGM dates and times and other relevant information, please refer to the FNArena Calendar.

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