Next Week At A Glance – 3-7 June 2024

This story features SELECT HARVESTS LIMITED. For more info SHARE ANALYSIS: SHV

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 Danielle Ecuyer

As we move into the last month of financial year 2024, markets remain fixated on data points around the strength of the domestic economy and stubbornly high inflation.

Next week is a little quieter on the corporate calendar but another big macro economic week.

Will the ECB be the first major central bank to cut interest rates?

Monday kicks off with house prices for May at home, as well as May job ads, both of which will fuel the debate around Australia's housing crisis and un-affordability, and whether business appetite for hiring is starting to weaken.

China also reports its Caixin PMI and global PMIs are released Monday evening our time.

Tuesday sees the domestic current account and overnight US Factory Orders and the JOLTS job openings which have become more of a point of interest to markets.

The release of Australian 1Q GDP numbers is scheduled for Wednesday, alongside the Judo Bank PMI composite reading.

The US employment data rolls on with the ADP private sector jobs ads for May, as well as the Global Services PMIs.

Thursday sees the April Australian Trade Balance, with ECB Policy meeting and all eyes focused on a possible -25bps interest rate cut.

Friday, the RBA Deputy Reserve Governor Hauser sits down for a fireside chat, no doubt focusing the minds of economists on what move is next for the central bank at the upcoming June 17- 18 RBA meeting.

Friday US time, the all important US unemployment rate for May and the average hourly earnings will be released.

New Zealand's share market is closed on Monday.

Select Harvests ((SHV)) released financial results this morning, revealing negative earnings per share and no dividend for shareholders, but management believes the almond producer is well-placed for the coming cyclical upturn.

In a quick response, Wilsons highlighted the reported -$2.1m loss was better than expectations once it was adjusted for a -$2.1m impairment from the FY23 crop inventory.

The broker points to an improvement in the FY24 net debt guidance which shows better cash flows and conversion from the FY24 crop, which the analyst believes is a pleasant surprise for shareholders.

Next week's calendar has no further financial releases queuing, but the past two weeks suggest confession season is starting to build in Australia.

For a calendar of earnings result releases and a summary of earnings results to date, refer to FNArena's Corporate Results Monitor (https://www.fnarena.com/index.php/reporting_season/)

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