Weekly Reports | Jun 26 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 fate of Greece will be decided at a meeting tomorrow night, we’re led to believe, although that fate may yet be an extension to negotiations. The IMF nevertheless seems pretty intent that Greece will be in arrears if it does make good on its repayment on Tuesday. Arrears is not default, just a step towards it.
Meanwhile it appears the Australian market is crashing in anticipation, although I doubt Greece has much to do with such end of financial year volatility.
It’s a busy week around the globe next week, Greece notwithstanding, and includes a short week in the US given the Fourth of July long weekend. Being the first week of the month we will, as usual, see global PMIs and US jobs numbers.
Wednesday sees manufacturing PMIs from Australia, Japan, China (HSBC), the eurozone, UK and US, and the official Chinese manufacturing and service sector PMIs from Beijing. On Friday everyone repeats with their own service sector numbers except the US, where markets will be closed.
Economic releases in the US next week include pending home sales, Case-Shiller house prices, the Chicago PMI, consumer confidence, vehicle sales, construction spending and factory orders. The ADP private sector jobs report is out on the Wednesday as usual but the non-farm payrolls numbers will be brought forward to Thursday due to the holiday.
With Greece in the balance, the eurozone will see a flash estimate of June CPI next week.
The RBA governor will speak on Tuesday ahead of the usual first of the month PMI, house price index and TD Securities monthly inflation gauge, along with building approvals. The services PMI on Friday wraps up Australia’s economic week.
Tuesday is end of financial year, and as we can probably gauge from today’s activity on the ASX, we may yet see more volatility.
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