- Heading towards year-end
- Rate decisions from Australia and Canada
- More US inflation data
Monday 05 December
Overnight we have Australia’s MI Inflation Gauge, ANZ Job Advertisements, and Company Operating Profits. Then we have China’s Caixin Services PMI, with a speech from European Central Bank (ECB) President Christine Lagarde in Cambodia. Later, there are updates on Services PMI from Spain, Italy, France, Germany, the Eurozone, the UK, and the US. We also have the Eurozone’s Sentix Investor Confidence survey, Retail Sales, and Eurogroup Meetings. From the US we have Factory Orders. Earnings come from DHL, GitLab, and Centogene.
Tuesday 06 December
We start the day with the British Retail Consortium’s Retail Sales Monitor and the Australian Current Account. Then we have a rate decision from the Reserve Bank of Australia (RBA). Last month the RBA raised rates by 25 basis points, as expected. This took the key Cash Rate up to 2.85%, its highest level since April 2013. Interestingly, last week Australia saw a sharp deceleration in inflation when the Headline Consumer Price Index (CPI) unexpectedly dropped to +6.9% year-on-year, from 7.6% previously. Could this signal a pause from the RBA, or will they proceed with another hike, and if so, will they repeat last month’s 25 basis point increase? Later, we have German Factory Orders, the UK’s Construction PMI, and the Trade Balance from both Canada and the US. Today’s earnings include AutoZone, Signet Jewellers, Barnes & Noble Education, Toll Brothers, and Smith & Wesson.
Wednesday 07 December
First off, we have the latest update on Australian GDP. This has proved to be quite erratic of late, dropping from +3.4% year-on-year in March to +0.8% just three months later. In September it came in at +0.9%, as expected. Then we have Leading Indicators from Japan, followed by Swiss Unemployment. From the across the Eurozone we have Revised GDP, the Employment Change, along with German Industrial Production, the French Trade Balance, and Italian Retail Sales. From the US there’s Nonfarm Productivity, Unit Labour Costs, and weekly Crude Oil Inventories. There’s also a rate decision from the Bank of Canada (BOC). Like the US Federal Reserve, the BOC began to tighten monetary policy when it raised rates by 25 basis points this March. It has continued to hike ever since, taking its key Overnight Rate to 3.75%, slightly below the Fed’s current level which has an upper ceiling of 4.00%. Main earnings reports include Campbell Soup, and GameStop.
Thursday 08 December
Overnight we have the UK’s Royal Institute of Chartered Surveyors’ House Price Balance, along with the Reserve Bank of Australia’s latest Bulletin. There’s a Bank Holiday across Italy, and European Central Bank President Christine Lagarde will deliver a pre-recorded welcome address at the annual conference of the European Systemic Risk Board – riveting. Then we have US weekly Unemployment Claims, and a speech from the Swiss National Bank’s governing board member Andrea Maechler. Earnings include Ciena Corporation, Vail Resorts, Broadcom, Chewy, Lululemon, and Costco.
- Traders expect the markets to be choppy having hit record levels
- Fund manager forecasts 0.5% cut in UK base rates before end of March
- What are Australia’s top five growth stocks for 2024?
Friday 09 December
Overnight we have updates on Chinese inflation in the form of the Consumer Price Index (CPI) and Producer Price Index (PPI). Then there’s Consumer Inflation Expectations from the UK, meetings between Eurozone finance ministers, and Canada’s Capacity Utilisation Rate. Rounding off the week we have US PPI, Consumer Sentiment, Inflation Expectations, and Wholesale Inventories. Today’s earnings include Johnson Outdoors, and Good Times Restaurants.
David Morrison is an Analyst with Trade Nation. Trade Nation was set up with the specific remit to help customers realise their trading goals by changing the way they engage with the financial markets. As well as providing full transparency and making sure all customers get a fair deal, Trade Nation is fully regulated. This means customers can be confident they’re getting the trading experience they deserve.
