Next Week At A Glance

This story features WESFARMERS LIMITED. For more info SHARE ANALYSIS: WES

By Greg Peel

The subject of QE3 is being raised once more in trading floor chatter. The Fed has not dismissed the possibility but spent the last FMOC meeting dedicating much time to discussing how best to get out of QE, not go again. But while euro-debt still dominates market fears, last night's GDP disappointment in the US brought the slowing domestic economy sharply into focus.

Tonight will bring the US monthly personal income and expenditure data along with fortnightly consumer sentiment. This week's housing data have been mixed and tonight the pending home sales number is released.

It's then a long weekend in the US for Memorial Day so markets are closed on Monday, ahead of a big week of US data which includes the Case-Shiller house price index, the Chicago PMI, the Conference Board consumer confidence survey, construction spending, factory orders and chain store sales. It's also unemployment week, meaning the ADP private sector number for May is released on the Wednesday and the official non-farm payrolls number on the Friday.

And being the first week of the new month, the global PMI data will flow. Wednesday sees manufacturing PMI results from China, Australia, the UK, eurozone and US. Friday is the day for the equivalent services PMIs.

It's a big week for Australia, given Wednesday sees the release of the March quarter GDP result. Economists are expecting a weather-impacted contraction of 1.0%.

Ahead of that result we'll see quarterly numbers for corporate inventories, profits and sales, net exports, and the current account. Alongside the quarterly data releases during the week we'll see monthly numbers for building approvals, private sector credit, retail sales, the trade balance, and the aforementioned PMIs.

It's the last big week in Australia for AGMs before the flood turns into a trickle. Once again it is small caps names which dominate. Wesfarmers ((WES)) will hold an investor day on the Thursday. 

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.

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