CMC Markets Weekly Report
Weaker PMI readings in China, US non-farm payrolls for May and continuing doubts over European banks and government meant markets slashed the prices of shares and risk commodities last week and bought US dollars and gold.
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Weaker PMI readings in China, US non-farm payrolls for May and continuing doubts over European banks and government meant markets slashed the prices of shares and risk commodities last week and bought US dollars and gold.
The Dow Jones Industrial Average dropped 274.88 points on Friday night, or 2.22%, to close at 12,118.57. The broader S&P500 fell 32.29 points, or 2.46%, to 1,278.04, while the Nasdaq lost 79.86 points, or 2.82%, to 2,747.48.
No sectors were spared on Friday night, but Financial and consumer discretionary stocks fared worst as confidence in credit markets and consumer activity plunged.
This week all the action is in predictions for what the Reserve Bank might decide on Tuesday.
On Monday, We'll have inventories and company profits, plus there's ANZ Job Ads at the same time. Tuesday it's "global services PMI day" plus the Reserve Bank meeting in Australia. Australian data releases on Tuesday include exports and the current account.
On Wednesday we will be watching the ECB, while the Fed will release its Beige Book. In Australia, we will see the release of Q1 GDP growth estimate, while Europe will also reveal its own Q1 GDP number plus German industrial production for April.
On Thursday we will look at the official labour market data, while this time the Bank of England will have something to say about QE, inflation and interest rates. The US will see an update on consumer credit.
On Friday we have housing finance and trade balance for April in Australia and Q1 GDP in Japan. On Saturday we will see inflation, retail sales industrial production and trade balance data out of China.
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