Next Week At A Glance

This story features NATIONAL AUSTRALIA BANK LIMITED. For more info SHARE ANALYSIS: NAB

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

The US jobs number is always a potential market mover and tonight's expectation of 168,000 new non-farm payrolls comes in the wake of a weak ADP private sector number earlier in the week. But if the number is bad, Wall Street will start talking QE3 so it's all a bit academic.

One wonders if the same can be said for the potential changes of government ahead in Europe after this Sunday's elections. If it all goes awry, will the ECB pump up the volume? And is the US now sufficiently “decoupled” from Europe, as some are suggesting (heard that one before, lots of casualties), or does it not matter given QE3 can be all encompassing?

Interesting times.

It will be quieter next week on the US economic front, with trade data the only real highlight other than Friday's PPI. Attention will swing back to China, however, given the release of the monthly trade balance on Thursday followed by inflation, industrial production and retail sales on Friday.

In Europe we'll see the French and Greek elections on Sunday and presumably results at some point during the week, while Germany's industrial production will be closely watched on Tuesday. UK markets are closed on Monday (no base metals) and the Bank of England will make a rate decision on Thursday.

It's budget week in Australia, with the Treasurer's “bringing down” to be the usual riveting stuff on tele on Tuesday night. Budgets tend not to have too much of an impact on stock markets these days given anything of material importance is always “leaked” beforehand. There could well be some sector-specific influences around the periphery nevertheless.

Ahead of the budget Australia will see job ads, business confidence, retail sales, building approvals and the trade balance, which will all be “pre-RBA” data. Thursday brings the unemployment numbers.

Orica ((ORI)) will release its interim earnings result on Monday followed by National Bank ((NAB)) on Thursday.
 

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