Next Week At A Glance

This story features TECHNOLOGY ONE LIMITED, and other companies. For more info SHARE ANALYSIS: TNE

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 market has come to the belief the Fed is no longer “data dependent”, even if it claims to be, at least in terms of incremental monthly numbers. Maybe if the November US jobs report shocks to the downside, and/or includes a big downward revision to the October result, would doubts creep in. Otherwise, only a major exogenous shock will prevent the Fed raising next month, it appears.

There is nevertheless plenty of US data out next week for the Fed to ponder, all crammed into the first three days. It’s Thanksgiving week in the US, which means a full day’s trading on Monday and Tuesday, half a day on Wednesday, closed on Thursday and half a day on Friday – “Black Friday”, that is, the day America does its Christmas shopping and the P&Ls of Christmas-weighted retailers swing into the black for the first time in the year.  

Or so the story goes.

So Wall Street will be keeping a close eye on existing and new home sales, house prices, consumer confidence, durable goods, personal income & spending, the Chicago and Richmond Fed activity indices, and a revision of the first estimate of September quarter GDP, all in three days. By Wednesday afternoon the tumbleweeds will be rolling through the NYSE and only the skeletons will come out to play.

Monday is flash day next week, but now that Caixin has decided to no longer provide a flash estimate of its China PMIs, the excitement has waned somewhat. Japan, the eurozone and US will still flash, although Japan is closed on Monday.

Locally attention turns again to September quarter data ahead of our own GDP result the following week. We’ll see construction work done and private sector capex – the latter being particularly important to RBA policy considerations.

And the AGM season rolls on, although thankfully numbers begin to thin next week. There are a handful of stragglers booked in December.

Technology One ((TNE)) and Fisher & Paykal Healthcare ((FPH)) will provide earnings reports.
 

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