FYI | Dec 04 2006
By Greg Peel
Strap yourself in. This week is likely to be the last real economic rollercoaster of the year before we all starting winding down in earnest. And what a start to the week. By the time you read this, polls suggest there will be a new leader of the federal Opposition. But it will be a close run thing.
Locally today we will learn about September quarter corporate profits and inventories, October building approvals, and the ANZ job ad and TD Securities/Melbourne Institute inflation measures for November.
The RBA meets tomorrow, shakes hands, and goes to lunch. Meanwhile we find out about the balance of payments, current account and net export figures for the September quarter. We also hold our breath for the latest ABARE crop report. Wednesday morning will be a non-event when 6.25% flashes back up on the screen, before the September quarter GDP numbers are revealed.
The week wraps up with November unemployment on Thursday and October housing finance on Friday.
The US is still reeling from the first ISM manufacturing index number below 50 since the opening whistle in the Iraq War (which we’re not allowed to call Civil). A number below 50 implies the manufacturing industry is contracting, and 49.5 was scored. That gave the Dow the wobblies.
Tonight sees PMI (purchasing managers’ index) construction, tomorrow night factory orders and the ISM non-manufacturing index. Tuesday also brings unit labour cost and non-farm productivity. That’s about it before Friday, when the important figures of non-farm payrolls, unemployment, and average earnings are released.
Not much to report on the local corporate front as the results and AGMs slow to a trickle. Ten Network’s (TEN) AGM on Wednesday could be interesting. I will, however, take this opportunity to flag some index reshuffles that will become effective as at December 18:
ASX50 – Zinifex (ZFX) in, James Hardie (JHX) out.
ASX100 – Paladin (PDN) in, AWB (AWB) out.
ASX200 – Tap Oil (TAP) out, and nothing in. Dunno how that works.
Moving once again to more important matters, I think a draw is the inevitable result, don’t you? All hail the Punter.