Next Week At A Glance – 8-12 Nov 2021

This story features NATIONAL AUSTRALIA BANK LIMITED, and other companies. For more info SHARE ANALYSIS: NAB

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

Wall Street’s response to tonight’s US jobs number will be interesting, particularly now Fed tapering speculation is off the table.

A miss on forecasts implies both ongoing slower economic growth but likely increased wage cost inflation, suggesting the Fed might need to hike sooner rather than later. Which should imply for once, bad is bad. In earlier times a miss was good, as it implied ongoing monetary support.

A beat by default should thus be good, except that the S&P500 is back to making new highs every day, so how much more short term upside can there be?

Then next week, US October inflation numbers are rolled out (CPI and PPI).

Our own October jobs numbers are due on Thursday, but again these will be lockdown-impacted and thus not an effective indicator. The lifting of lockdowns should nevertheless show up in next week’s NAB business and Westpac consumer confidence surveys, particularly given re-openings have been driven by high vaccination rates.

China will also report October CPI and PPI numbers next week.

On the local market it’s a big week for out-of-cycle earnings reports and ever more AGMs, with quite a concentration on Remembrance Day. Presumably tea service will halt for a minute at 11am.

National Bank ((NAB)), James Hardie ((JHX)), AusNet Services ((AST)), Orica ((ORI)), GrainCorp ((GNC)) and Xero ((XRO)) all report next week.

The long list of AGMs includes those of BHP Group ((BHP)), Fortescue Metals ((FMG)), Coles ((COL)) and Lendlease Group ((LLC)).

Note Westpac ((WBC)) goes ex-dividend today, and ANZ Bank ((ANZ)) and Macquarie Group ((MQG)) together on Monday.

Also note the US goes off summer time on Sunday, so from next Tuesday, the NYSE and the SPI Overnight will close at 8am Sydney time.

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