Weekly Reports | Jul 08 2022
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
Next week will see two critical events in the US – the June CPI result on the Wednesday (and PPI on the Thursday) and earnings reports from JPMorgan and Morgan Stanley on the Thursday, which unofficially herald the start of the June quarter earnings season.
Citigroup and Wells Fargo report on the Friday and Bank of America and Goldman Sachs on the following Monday to wrap up the US Big Bank numbers. While they represent but one (large) segment of the S&P500, bank results are seen as reflective of the economy as a whole.
As for the CPI, well, May’s result highlighted that it might be anyone’s guess, but at least it should be lower based on oil and other price retreats. It would nevertheless need to be meaningfully lower to spark up Wall Street.
The US will also see numbers for retail sales, industrial production and consumer sentiment next week.
On Friday, China will report its June quarter GDP, along with monthly retail sales, industrial production and fixed asset investment numbers. This result is not as critical, as no one expects much in the way of growth given the period of lockdowns.
China will also report its trade balance on Wednesday.
The trigger-happy RBNZ holds a policy meeting next week.
Locally, we’ll see the NAB business and Westpac consumer confidence surveys, and on Thursday, the June jobs numbers.
In the stock market, we’ll see the beginnings of the June quarter update season, which will become a flood in subsequent weeks.
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