Next Week At A Glance

This story features RIO TINTO LIMITED, and other companies. For more info SHARE ANALYSIS: RIO

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 far as anyone can tell, Saudi Arabia is not prepared to enter into a coordinated production freeze agreement with OPEC and some non-OPEC members if Iran is not prepared to join the freeze. It is clearly understood Iran is not prepared to join the freeze.

It is for this reason a meeting planned for Moscow last month was abandoned. Why, then, is Sunday’s meeting in Doha proceeding? The fact it is proceeding means oil traders are hanging on to a hope that maybe, just maybe, something positive will come out of Doha, while not really expecting anything other than a no-go outcome.

What is not entirely clear at this stage is whether or not a Doha premium is still built into current oil prices. We’ll know on Monday night.

US economic data have taken a back seat this month now that the Fed has ensured a slow approach to policy normalisation and attention has turned to quarterly corporate earnings reports. But there is still a raft of US data releases due tonight and over the next week, including industrial production, consumer sentiment, the Empire State, Philly Fed and Chicago Fed activity indices, housing sentiment, housing starts, prices and existing home sales, and a flash reading on the April manufacturing PMI.

With Wall Street poised at the top end of its longstanding trading range, the flood of earnings reports due next week will go a long way to determining whether a breakout is possible or not.

The ECB will hold a policy meeting next week.

In a largely data-free week in Australia, the minutes of the RBA’s April meeting will be released on Tuesday and Glenn Stevens will speak.

On the local stock front, the quarterly report action hots up next week with resource sector production reports now flowing freely. Among next week’s reporters are Rio Tinto ((RIO)), BHP Billiton ((BHP)), Newcrest Mining ((NCM)), Oil Search ((OSH)) and Santos ((STO)).

Non-resource quarterlies are due from the likes of Transurban ((TCL)), Brambles ((BXB)), Challenger ((CGF)) and Wesfarmers ((WES)).
 

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