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Markets focus turns to the Federal Reserve monetary policy meeting

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Wall Street indexes had relatively calm week without drastic changes, but ended their 6-day winning series.

The new week looks busy with central bank meetings and publications of important macro data, including attitudes to the German economy, inflation in the Eurozone, building permits in the US and others.

On the corporate front will have important earnings reports, mostly in the technology sector.

Upcoming economic data

On Monday, June 17, will be published the Eurozone data of wages for the first quarter. Later during the day, the German Central Bank Bundesbank will publish its monthly report.

On Tuesday, June 18, the markets will focus on the minutes of the last meeting of Reserve Bank of Australia. In Germany will be published the data on the producer price index in May, as well as for the indicator measuring the economic attitudes in Germany at the ZEW Institute. During the day will be published data on Russian industrial output and GDP. In the Eurozone will be released inflation data in May, trade balance in April, as well as economic attitudes. In the United States, the glances will be focused on building permits in May, as well as data on residential buildings under construction.

On Wednesday, June 19, the day will start with Japan’s trade balance and the British inflation for May. Later will be published the inflation data in Canada. The markets will focus on the Federal Reserve meeting as well as the press conference that will be given by US Central Bank Governor Jerome Powell. In the United States, will be released the data on crude oil inventories.

On Thursday, June 20, New Zealand will release the GDP data for the first quarter with consensus forecast to maintain the growth rate of 6.5% on an annual basis. The markets will turn their focus to the monetary policy meeting of the Bank of Japan and the messages from the governor Haruhiko Kuroda. Later in Europe, the European Central Bank will publish its economic newsletter. In Britain will be released the data on retail sales in May with expectations for a decline of 0.5%. The Central Bank of England will meet on the country’s monetary policy. In Russia will be published the data on retail sales, unemployment, and GDP.

On Friday, June 21, inflation data will be announced in Japan. Preliminary data for the PMI in Industry and Services will be released in June for France, Germany, the Eurozone and the United States. In Canada, they will publish retail sales data in April. Expectations are a slight slowing of the growth rate to 1% on a monthly basis.

Upcoming earnings reports

On Monday, June 17, will be published the financial statement of the solar energy company Real Goods Solar Inc.

On Tuesday, June 18, will be released the earnings statements of the global apparel and footwear company Cherokee Inc and the technology-focused defense and security company Parsons Corporation. The focus of investors will be on the financial statement of the computer software company Adobe Inc.

On Wednesday, June 19, will be published the earnings reports of manufacturing company Winnebago Industries and the software company American Software. The focus of investors will be turned to Oracle Corporation.

On Thursday, June 20, the focus will be turned to Red Hat Inc.