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Weekly Market Intro – markets turn their focus to G20 summit in Osaka

weekly market intro

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The main stocks indexes on the New York Stock Exchange are in a strong positive trend with the S&P 500 is at 2,950.46 points after reaching a historic peak of 2,964.15 points in the middle of the Friday trading. The blue-chip Dow Jones Industrial Average ended last week trading at 26,719.13 points, while the technology Nasdaq Composite was at a level of 8,031.71 points.

Despite volatile trading on Friday, Wall Street indexes posted weekly growth, as investors were excited about the possibility the Federal Reserve to lower interest rates in July. The Dow and S&P 500 achieved an increase of over 2% for the week, while Nasdaq Composite jumped by 3%. With the growth of this week, the S&P 500 is up by 17.7% since the beginning of the year and is about to mark its best first half-year since 1997.

The new week features with important economics and business data, including manufacturing and services PMI, speeches of the Federal Open market Committee members, as well as Redbook Index.

Upcoming economic data

On Monday, June 24, the markets will focus on German IFO business climate and expectations survey for June, as well as the ECB’s Lautenschlager speech. Later during the day will be published Chicago Fed National Activity Index for May and Dallas Fed Manufacturing Business Index for June.

On Tuesday, June 25, will be published the Japanese Corporate Service Price Index for March, as well as New Zealand’s trade balance for May. During European trading session will be released business climate in France for June and British CBI Distributive Trades Survey for June. In the US will be published the Fed’s Redbook Index, followed by the speech of the president and chief executive officer of the Federal Reserve’s bank in New York John Williams. During the day will be released S&P/Case-Shiller home price index and house price index, both for April. The day will end with new home sales for May and speed of the Federal Reserve Governor Jerome Powell.

On Wednesday, June 26, the markets’ focus will be turned to the Royal Bank of New Zealand statement on interest rates. During European trading session will be published consumer confidence data for Germany and France in June, while the ECB will hold a non-monetary policy meeting. In the US will be published goods trade balance and durable goods orders, both for May. The day will end with the EIA oil stockpiles.

On Thursday, June 27, will be published the data on Japan’s retail sales for May and industrial profits year-to-date in China. In Spain will be released the consumer price index (PMI) for June and inflation. In Italy will have a series of economic data, including consumer and business confidence for June, as well as the non-EU trade balance. For the Eurozone will be released data about industrial, business and consumer confidence, as well as economic and business sentiment. In the US will be published jobless claims and GDP data and personal consumption expenditures prices index.

On Friday, June 28, will be published retail sales in South Korea, core CPI and the unemployment rate in Japan, and the price sector credit in Australia. During the day will be released the import prices in Germany, the inflation rate in the UK, retail sales in Spain, as well as trade balance in Turkey. In the Eurozone and Italy will be published data on inflation and CPI. During the US trading session will be published the war material price in Canada, the core PCE index and personal income in the US. The markets’ focus will be turned to the starting 2019 G20 Osaka summit.

Upcoming corporate earnings

On Monday, June 24, will be published the financial statement of the Canadian precious metal custody Goldmoney Inc.

On Tuesday, June 25, the markets will watch the earnings reports of FactSet Research Systems, Lennar Corporation, and AeroVironment Inc. The focus of investors will be turned to the statements of the courier delivery services FedEx Corporation and the semiconductor manufacturer Micron Technology.

On Wednesday, June 26, will be published the financial reports of the industrial company Actuant Corporation, the Canadian software company BlackBerry Limited, payroll services company Paychex, and the homebuilding company KB Home.

On Thursday, June 27, the markets will focus on the earnings statement of the sports equipment producer NIKE Inc. During the day will be published the reports of Apogee Enterprises, GMS Inc, McCormick & Company Inc, Patterson Companies Inc and etc.

On Friday, June 28, will be published the earnings statement of the winery company Constellation Brands.