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Weekly Market Intro – in anticipation of the job vacancies and inflation in the US

Weekly Market Intro

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Wall Street indexes are close to their historically high levels, despite the Friday’s retreat amid the stronger-than-expected US job data that have cooled the hopes of mitigating the Federal Reserve’s monetary policy.

The main indexes registered stable weekly growth. Dow Jones and S&P 500 added more than 1% this week, and Nasdaq advanced by nearly 2%. The indexes reached record highs on Wednesday.

The new week will not be busy from macro data, but the most important ones that will emerge are job vacancies and inflation in the United States, as well as the GDP and industrial output in the UK.

Upcoming economic data

On Monday, July 8, Japan will release its current account data in May, while in Germany will be published the data on the trade balance and industrial output for May.

On Tuesday, July 9, will be published the data on Australia’s business confidence for June. Later, will be released the unemployment figures in Switzerland in June, with expectations for the value of 2.4%. In Canada will be released the data on construction permits in May and on new buildings will be available in June. In the US will be published the updated job vacancy information for May.

On Wednesday, July 10, the markets will focus on China’s inflation data for June with analysts’ consensus forecasts to keep inflation at 2.7% YoY, but slow to -0.1% MoM (at an inflation rate of 0.1%, measured a month earlier). In Europe will have a series of important macro data in Britain – GDP, industrial output for May, trade balance. The Canadian Central Bank will hold a monetary policy meeting, expecting the key interest rate to remain at 1.75%. In the US, the investors will track the record of the last Federal Reserve meeting and data on crude oil stocks.

On Thursday, July 11, Australia will report home loans in May. The Central Bank of England and the European Central Bank will publish their latest meeting minutes. Later, the OPEC will come out with its monthly report. The day will end with the US inflation data in June.

On Friday, July 12, in China will be published the latest trade balance data, while in Japan will be released the data on industrial production in May. The International Energy Agency will publish its monthly report. During the European trading session, the markets will focus on the Eurozone industrial output with a consensus forecast for growth by 0.2% on a monthly basis in May, down by 0.5% a month earlier. The working week will end with the Fed report on monetary policy as well as data on the producer price index in June.

Upcoming corporate earnings

On Monday, July 8, will be published the earnings statement of the steel manufacturer AZZ Inc, as well as the chemical company Chase Corporation.

On Tuesday, July 9, the markets will focus on the financial report of the consumer goods manufacturer Pepsico. During the day will be published earnings of Lindsay Corporation, Aspen Group, WD-40 Company, and Levi Strauss & Co.

On Wednesday, July 10, will be released the financial report of MSC Industrial Direct and PriceSmart Inc. The key event during the day will be the earnings reports of Costco Wholesale.

On Thursday, July 11, the markets will focus on the earnings of Delta Air Lines, L Brands, and the industrial supplies company Fastenal. During the day will be published financial statements of the Ocean Power Technologies