Weekly Reports | Jul 24 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 Greek drama may finally be behind us, for now. It will never actually go away altogether of course. But it seems global markets can now relax and return their focus to economic data and corporate earnings.
In the former case, US data remain ever relevant ahead of the first Fed rate rise, now expected by most in September. Wall Street has stopped panicking about a rate rise, it would seem, given data vagaries are not creating the same level of volatility they did earlier in the year. This suggests investors have now “baked in” the rate rise and would really rather just get it over with.
Next week sees the first estimate of the US June quarter GDP result. Other data releases during the week include durable goods, house prices, pending home sales, consumer confidence and the Richmond Fed index. The Fed will hold a policy meeting on Wednesday – its last before the September meeting and quarterly update.
In the latter case, US June quarter earnings reports have to date proven net negative, with respect to forecasts, thus sending the Dow back down through 18,000 for the umpteenth time this year. There are plenty more reports to come, but it appears the strong US dollar is weighing on results.
Australia’s economic highlight next week include the June quarter PPI and monthly building approvals and private sector credit.
On the local stock front, next week will be a reminder that our own, six-monthly, earnings season is almost upon us. A handful of companies will report results next week before the season ramps up fully during August.
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