Weekly Reports | Sep 26 2014
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
Wednesday night’s rally on Wall Street seemed a bit at odds with the prevailing trend given growing Fed rate rise anticipation, weaker commodity prices and growth issues in Europe and China. Last night’s fall included an escalation in geopolitical fears but seems more consistent with current feeling.
Most commentators are expecting an initial drop in US stocks once the timetable for the Fed’s first rate rise becomes clear, before the bull market is re-established from a lower base. As to how much lower will be dependent what level of cash on the sidelines is injected into the market and at what point new investment decides to enter.
The Fed is now supposedly data-focused rather than calendar focused and next week will provide plenty of grist for the data mill, notwithstanding tonight’s third revision of US June quarter GDP and fortnightly consumer sentiment.
Next week sees personal income and spending, pending home sales, the Case-Shiller house price index, monthly consumer confidence, the Chicago PMI, construction spending, factory orders and the trade balance. Wednesday will see the September manufacturing PMI and private sector jobs growth while Friday brings the services PMI and the all-important monthly jobs numbers.
Wednesday is the first of the month so all of Australia, Japan, China, the eurozone and UK will deliver manufacturing PMIs, while Friday sees the equivalent round of services PMIs.
Japan will see a data dump of industrial production, retails sales and jobs data on Tuesday while in the eurozone, the flash estimate of September CPI is due ahead of a monthly ECB policy meeting. The Bank of England will also meet.
Aside from the PMIs, Australia will see retail sales, building approvals and the trade balance.
Sundance Resources ((SDL)) will deliver its full-year result.
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