Next Week At A Glance

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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

As I write, Republican majority leader John Boehner and President Obama are meeting at the White House to discuss the you know what. If the public sniping between Boehner and Democrat senate leader Harry Reid is anything to go by, a deal is far from in sight. However media reports have suggested public politicking is masking actual progress behind closed doors. It is assumed both parties would like to reach a resolution of some sort before Christmas to avoid the need to return to Washington in the last week of the year. Can they do it? Who knows?

Presumably tonight's action on Wall Street will reflect whatever comes of the White House tete a tete.

We will also see the HSBC flash estimate of China's December manufacturing PMI out today, and the eurozone and US will provide similar numbers tonight.

Moving into next week, we can presume Cliff will continue to overhang proceedings unless there is a shock announcement in the interim. The US housing market will be in the frame with data due on housing sentiment, starts, sales and prices. The Empire State and Philadelphia manufacturing indices are both due and another revision of the US third quarter GDP will be presented on Thursday.

It will be a week which may seem some late volatility for the isolated reason that Thursday in Australia and Friday in the US see the the respective expiries of stock and index futures and options.

It's a quiet economic week in Australia, although the minutes of the last RBA meeting due on Tuesday will provide more colour on why the central bank decided to cut again.

On the local stock front, ANZ Bank's ((ANZ)) annual general meeting will provide a highlight on Wednesday.

New Zealand will see the release of its September quarter GDP on Thursday.

As the last week of trading before Christmas, next week will likely see a mix of last minute action before holidays and empty desks as Christmas functions are attended.
 

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