Weekly Reports | Jun 30 2017
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
We can likely write off this week on the local market as not providing any clear direction as to how next week, being next year, will proceed. We do know that July is historically a positive month.
The economic data feed ramps up next week in Australia as the PMIs, building approvals, job ads, retail sales and trade numbers are released. The RBA will meet on Tuesday and likely phone it in.
PMIs are due across the globe for manufacturing and services.
All week US commentators have been referring to the “long weekend” coming up. It’s not strictly a long weekend, given the Independence Day holiday falls on Tuesday and the NYSE is open on Monday. But if market participants didn’t already have enough incentive to skip the Monday for a four-day weekend, Monday is only a half day on Wall Street.
That means tonight will be a “half day” too, given everyone will bail at lunchtime.
It’s then back to business with factory orders, vehicle sales and trade numbers due in the latter half of the week. Wednesday it’s private sector jobs and on Friday non-farm payrolls.
The minutes of the last Fed meeting will be closely scrutinised on Wednesday and perhaps even more closely scrutinised will be the minutes of the ECB meeting, due on Thursday, given the recent guidance drama.
In the local stock market we will enter the blackout period between books close and August result season, although the month will feature the usual quarterly production and sales reports from the resource sectors. We could yet see further “confession session” profit warnings although these are usually made before EOFY.
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