Michael Every, Senior Asia-Pacific Strategist at Rabobank lists down the key economic releases from across the globe which are going to have impact on investors’ appetite.
Key Quotes
“Today’s Tankan release was healthy, with the large manufacturers index rising to 17 from 12, higher than expected and services up to 23 from 20; for smaller firms the gains were from 5 to 7 and 4 to 7, respectively. Lastly today it’s the US ISM manufacturing survey (seen 55.2) and construction spending.”
“Tomorrow we get Aussie retail sales and then the RBA, “No change, please, no change,” being the message for sure. In Canada --150 years old now, aah!—we also have the Markit PMI. The US celebrates being a bit older with some actual fireworks.”
“On Wednesday it’s the new deadline for Saudi-Qatar and China’s Caixin services PMI, along with final May US durable goods orders.”
“Thursday has Aussie trade data, German factory orders, and the Fed’s Williams (still Down Under!), as well as the ECB’s Print Praet speaking. The US releases include ADP employment and trade data, as well as the ISM services PMI. The ECB’s Weidmann and Nowotny will also “Discuss the Future of the Euro”: will they just hum the theme to ‘Diamonds are Forever’?”
“Friday then shifts to the Fed’s Fischer, Japanese real cash earnings, German industrial production, UK industrial production and trade, and then --drum roll-- US payrolls data. The expectation this month is a pick-up to 177K and an unchanged unemployment rate of 4.3% - not that it seems to really matter with no Phillips’ Curve, but then not that that seems to matter to central banks. Tellingly, average hourly earnings are expected up just a tick to 2.6%.”
“After that, besides the Will Scarlett to the US’s payrolls Robin Hood that is Canadian employment data (see up 11.3K), we also have the Fed’s 2017 Monetary Policy Report for Congress. Any fireworks there, perhaps?”
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