Next Week At A Glance

This story features WESFARMERS LIMITED. For more info SHARE ANALYSIS: WES

For a more comprehensive preview of next week's events, please refer to "The Monday Report", published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the FNArena Calendar.

By Greg Peel

Specific tension over Spain, and by association Italy, has eased for the moment but euro-fear is the gift that just keeps on giving and no doubt the generosity will continue for a long while yet. Fears of a Chinese hard landing also seem to have abated, but again – they haven't gone away.

Assuming no new shocks on either of those fronts the world will be focused next week on the ongoing US reporting season and on US economic data flow. So far earnings have been solid but not surprisingly good enough to push Wall Street higher while recently weakening data have prompted fears that economic recovery expectations have become just a bit too rosy. But whatever is or is not mentioned in Fed rhetoric, the feeling is that QE3 will always be there if needed. Thus Wall Street is also struggling so far to this quarter to fall much.

On that note, the Fed will hold a regular policy meeting next week and provide both a statement and a press conference on Wednesday. While no one expects any dramatic policy changes, next week's meeting is the last before June and the central bank's Operation Twist is due to end in June. Will Bernanke fill markets in on his thinking about this pending expiry?

There's also plenty of fresh US data to consume next week including two house price indices, new home sales, pending home sales, consumer confidence, durable goods, the Richmond Fed index and Chicago Fed index. Then on Friday, the first estimate of March quarter GDP will be released.

Ahead of all of that the EU finance ministers and central bankers will meet in Washington beginning tonight so there is scope for some fresh euro-news over the weekend.

Anzac Day falls downunder next week, lest we forget, splitting the week in two on the Wednesday. Note that FNArena will be marking the occasion with a respectful lack of news service on the day.

Monday sees the release of the March quarter PPI ahead of the all-important release on Tuesday of the CPI – the one which will determine whether we get a rate cut. Nobody expects inflation to have risen.

Next week also sees a resource sector production bonanza, with too many quarterly reports due to list here. Perhaps Newcrest ((NCM)) will be the highlight. 

We'll also see quarterly sales result from the Wesfarmers ((WES)) stable, including Coles, and Macquarie Group's ((MQG)) full year result is due on Friday. 

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