Weekly Reports | Oct 05 2012
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
Daylight Savings begins in Australia's relevant states on the weekend, so as of Tuesday the NYSE will close at 7am Sydney time instead of 6am. In another month the US goes off summer time, which will move the NYSE close to 8am.
Ahead of the spring forward we have US jobs numbers tonight, which are always a bit of a lottery and usually revised substantially a month later. With QE3 now in place it should be a simple case of good is good and bad is bad now, except that Wall Street wants a Romney victory. Hence bad might be good, because it will reflect poorly on Obama.
God bless America.
On Monday night Alcoa will report its September quarter earnings, and with the first Dow stock result in the bag the US earnings season will be officially off and running. Later in the week the big banks will be in the frame. There is much nervousness on Wall Street with regard to this particular season, with recent profit warnings providing a potential harbinger. Analyst forecasts have nevertheless been slashed, so it will be simply a matter of whether they've been slashed enough.
Monday is also Columbus Day in the US, which sees banks and bond markets closed but not stock and commodity markets. Either way it will likely be a slow day. Thereafter it's a quiet week for economic releases, with trade data and the PPI the highlights.
In Australia the bank economists will be busy, with the ANZ job ads series, NAB business confidence and Westpac consumer confidence surveys all due. Thursday sees our own unemployment numbers.
In Europe the week will be topped and tailed by Germany's industrial production and trade balance numbers, and the eurozone's net industrial production. We await word out of Madrid, but we won't hold our breath.
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