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Weekly Market Intro – Retailer Earnings on focus

Retailer Earnings

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The trade tensions and weak global economic growth continue to keep the main indexes under pressure.

Last week, Dow Jones recorded its longest series of weekly declines since May 2016. The main indexes suffered mass sell-offs, which were followed by three consecutive days of growth, but that was not enough to prevent weekly drops. Dow fell by 0.7% last week, while the S&P 500 and Nasdaq Composite wiped out 0.8% and 1.3% respectively.

Among the more important data that will determine market movements in the new week are the data on Japan’s GDP, sales of existing homes in the US, the UK inflation and the business climate in Germany.

Upcoming economics data

On Monday, May 20, Japan will release preliminary GDP data for the first quarter with analysts’ consensus forecast for a slow down in growth to 0.4% compared to 0.5% in the last three months of last year. The country will also publish data on industrial production in March. Later during the day, the German Central Bank will publish its monthly report.

On Tuesday, May 21, the Reserve Bank of Australia will publish the minutes of its last meeting. In the UK will be released the latest data on inflation. For the Eurozone, will be posted the preliminary consumer confidence data in May. Later, in the US will be published the sales data of existing homes for April.

On Wednesday, May 22, the day will start with New Zealand data for retail sales in the first quarter. Japan will release its trade balance data in April. In the UK will be published the preliminary data on inflation with expectations for accelerations to 2.1% YoY in April. Canada will announce its retail sales in March. The focus of investors is the record of the last Federal Reserve meeting and data on crude oil stocks.

On Thursday, May 23, there will be a series of macro data for Germany – GDP in the first quarter, a PMI in the industry and services industry, the Ifo Institute Business Score Index, and others. The European Central Bank will publish the minutes of its last meeting as well as a report on the financial stability of the region. For the Eurozone, there will also be data for the Purchasing Managers’ Index in the industry and services sector. In the UK will be released the retail sales for April. Later, in the United States will be published the sales data for new homes in April, as well as service and industry service industry indexes.

On Friday, May 24, will be posted the data on New Zealand’s trade balance in April. In Russia, will be published the data for Russia, including the retail, unemployment, and GDP.

Upcoming corporate earnings

On Monday, May 20, the markets will expect the financial statements of slot machines manufacturer International Game Technology, Indian carmaker Tata Motors and the industrial company Nordson Corporation.

On Tuesday, May 21, the focus on investors will be on the earnings report of the liquefied natural gas shipping company Golar LNG, airport operator Corporacion America Airports, and the ship operator Sea Limited. However, the key events for the markets will be the financial statements of the retailer The Home Depot, the department store companies J. C. Penney and Kohl’s Corporation.

On Wednesday, May 22, will be published the earnings reports of the retailers Lowe’s and Target Corporation, as well as the fashion designer L Brands. During the day will be released the statements of tobacco company Universal Corporation and the shipowner Star Bulk Carriers.

On Thursday, May 23, the markets will turn their focus to technology earnings with the reports of Autodesk and HP Inc. During the day will be released the financial statements of the consumer electronics retailer Best Buy and the shipowner Teekay Shipping Corporation.

On Friday, May 24, will be released the earnings reports of the sportswear company Foot Locker and offshore supplier KNOT Offshore Partners.