Weekly Reports | May 29 2015
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 first revision of US March quarter GDP is due tonight. Economists are forecasting a slight improvement on the first estimate of 0.2%, but given that 0.2% was well short of what economists had initially forecast, the market will not be surprised if the revision turns out to be a negative result.
It’s GDP week next week in Australia. Given this week’s disappointing construction and capex component releases, a disappointing GDP would not be a shock here either. Before we get to Wednesday’s ultimate release we’ll see March quarter company profits and inventories and the current account numbers, which include the terms of trade.
And on Tuesday, the RBA will meet. After this week’s data, the Aussie is now pricing in a rate cut and bond yields have fallen, but perhaps it’s too soon to turn so bearish given this month’s slightly more upbeat statement from the central bank.
Next week in Australia also sees monthly building approval, retail sales and trade numbers, as well as the manufacturing, services and construction PMIs.
As Monday is the first of the month it’s manufacturing PMI day across the globe, including China, and same again for services on Wednesday.
Both the ECB and Bank of England will hold policy meetings next week.
The US will see construction spending, personal income & spending, factory orders, vehicle sales, chain store sales, trade and consumer credit numbers, as well as PMIs. The Fed Beige Book will also be released and being the first week of the month, both the private sector and official jobs numbers for May are due.
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