Weekly Reports | Jul 08 2011
By Greg Peel
Tonight in the US sees the official non-farm payrolls number and following on from a surprisingly positive ADP number last night, Wall Street's anticipation is running high. Two nights ago consensus had around 80-90k jobs being added in June but now forecasts range all the way up to 175k. Overenthusiastic? We'll soon know.
Next week will be a cracker in financial market land, beginning with Alcoa waving the Stars & Stripes on Monday night for the start of the US June quarter earnings season and culminating with the Red & Yellow being hoisted over China's June quarter GDP result on Friday. Every other major world economy will take three months to calculate final GDP results.
The big US banks are the highlight of the first week of the season before we settle in to a long month which quietly trails off through August. Wall Street has a lot riding on positive results. Next week also sees the US trade balance and Treasury budget, retail sales, PPI, CPI, industrial production, consumer sentiment and the Empire State manufacturing index.
The Treasury will also auction three and ten-year notes and thirty-year bonds and the Fed will release the minutes of its last policy meeting on Wednesday which, coincidentally, is a date set for a speech from Chairman Bernanke.
Australia has to wait until August for the local earnings season but in the meantime we're due resource sector quarterly production reports. They begin this week and the market will be looking out for signs of the pace of weather bounce-back.
On the economic front, Australia's highlight next week are lending finance and the NAB business and Westpac consumer surveys.
On Friday, along with GDP, China will deliver its monthly “data dump” of inflation, retail sales and industrial production numbers.
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.
