Wall Street indexes ended their weekly winning streak, but remain strong amid the bullish sentiment of investors.
The first week of March is expected to be extremely interesting not only because of the ECB meeting but also because of the series of important macro data worldwide. These include retail sales in the Eurozone, US employment, Japanese GDP, and etc. The Australian and Canadian Central Banks will also have meetings on their monetary policy.
Upcomming macroeconomic data
On Monday, March 4, will be released a series of macro data in Australia, including building permits in January and business stocks during the quarter. Later will be published the data on Spanish unemployment. In the UK, the focus will be on the Purchasing Managers’ Index (PMI) in the construction sector.
On Tuesday, March 5, will be released the Chinese PMI in services for February. The Australian Central Bank (Reserve Bank of Australia) is expected to come up with a decision to maintain interest rates in the country at 1.5%. Later, will be published the Purchasing Managers’ Index (PMI) for February for Russia, Spain, Italy, France, Germany, the United Kingdom, the Eurozone and the United States. For the Eurozone, the data on retail sales for January is also expected. The analysts’ consensus forecast is for 1% growth, compared to a decline of 1.6% a month earlier. In the United States, the markets will focus on the sales data on new homes in December.
On Wednesday, March 6, will be released Australia’s GDP data for the fourth quarter of last year. The consensus forecast is for a slight acceleration on a quarterly basis from 0.3% to 0.4%. In the US will be published the data on employment, trade balance and crude oil stocks. The Canadian Central Bank is expected to keep the interest rates unchanged at 1.75%.
On Thursday, March 7, the markets will focus on the data on retail sales and trade balance in Australia, followed by the Eurozone GDP and employment data for the fourth quarter. The day will continue with European Central Bank’s monetary policy session with investors watching for signals that will be given by Governor Mario Draghi. In the US there will be up-to-date information on the number of unemployment claims.
On Friday, March 8, will be posted the Japanese GDP data for the fourth quarter, expecting a contraction of the economy by 1.9% yoy and by 0.5% compared to the third quarter of 2018. In Asian trading session, the markets will expect China’s trade balance data for February. In Europe, the investors’ glances are focused on factory orders in January. The forecasts are for growth of 0.4% on a monthly basis, with a decline of 1.6% in the previous month. At the end of the day, the investors will focus on the data on the US labor market as well as building permits.
Upcomming corporate earnings reports
On Monday, March 4, the markets will focus on the financial report of the US cloud-based software company Salesforce.com. Also during the day will be published the financial statement of Canadian housing company Chartwell Retirement Residences.
On Tuesday, March 5, will be posted earnings reports of the US telecommunications networking equipment supplier Ciena Corporation, German industrial corporation Evonik Industries, Russian oil producer PJSC Lukoil ADR as well as the US company Goodrich Petroleum. The focus will be on earnings reports of the department store retail chain Kohl’s Corporation, retail company Target Corporation, and the technology company Microvision.
On Wednesday, March 6, will be posted the financial report of BlackRock Capital Investment.
On Thursday, March 7, the markets will focus on earnings statements of the American retailing company Kroger Co, German pharmaceutical giant Merck KGaA and the US retailer Costco Wholesale Corporation.