Next Week At A Glance

This story features BEACH ENERGY LIMITED, and other companies. For more info SHARE ANALYSIS: BPT

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

Onward ever upward. That seems to be the current theme, based not on solid global earnings growth but on multiple expansion on the expectation of such, someday down the track, with a safety net of global QE. The adage remains one of “where else do you put your money?”

The US earnings season continues next week and so far Wall Street has taken heart that “beats” are outnumbering “misses” and the fear of fourth quarter guidance downgrades, prompted by the government shutdown, seems to be perhaps overblown. Then we have to get through the January-February US budget/ceiling farce once more.

It’s jobs week in the US next week, with the October numbers coming hot on the heels of this week’s delayed September data. But suddenly US non-farm payroll releases have lost their element of suspense, because a good number is simply not going to push the Fed into early tapering. A bad number just means more QE, and this month’s numbers will no doubt suffer distortion from the shutdown itself.

Next week the US sees pending home sales, the Case-Shiller house price index, consumer confidence, personal income and spending, construction spending and vehicle sales, and perhaps some more of the delayed data. Wednesday it’s the ADP private sector jobs number and Friday non-farm payrolls.

But Wednesday also brings a Fed policy meeting, and Wall Street will be once again looking for clues on taper-timing. This time not how soon but how far away. The first estimate of US September quarter GDP will also be released.

Friday is the first of the month, hence PMI day. Manufacturing numbers will be released in Australia, China (official and HSBC), the UK and US.

There are some important numbers out from Japan next week, including retail sales, unemployment, industrial production and manufacturing and on Thursday the Bank of Japan will hold a policy meeting.

Australia will see building approval and private sector credit data on Thursday ahead of Friday’s PMI.

The local AGM season will trundle along, with another few hundred cups of tea and bikkies at the ready, while quarterly production reports are due from AlacerGold ((AQG)), Beach Energy ((BPT)), Perseus Mining ((PRU)), AWE ((AWE)), OceanaGold ((OGC)) and Whitehaven Coal ((WHC)).

ANZ Bank ((ANZ)) will report its full-year results on Tuesday and National Bank ((NAB)) will follow on Thursday. We’ll also see a full-year result from BT Investment Management ((BTT)) and a quarterly from Henderson Group ((HGG)), while on Friday Macquarie Group ((MQG)) will post its interim.
 

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