A quiet, though crucial week ahead for local investors with all eyes on the consumer price index for the June quarter and what repercussions any change in the nation’s inflation could have on the probability of an August rate cut.
On the corporate front, the second week of production reports from mining companies delivers big names including Fortescue Metals, Newcrest Mining and Oil Search.
Offshore, a slew of property related data will be the focus out of the United States, while non-manufacturing PMI will be the highlight from China.
A panel in Queensland featuring deputy premier Jeff Seeney and Echo Entertainment chairman John Redmond will also draw attention as speculation a ‘casino war’ between Echo and Crown could spread into Queensland territory intensifies.
RBA
No scheduled news ahead for the central bank ahead of next week’s all important August board meeting and a key address from Governor Glenn Stevens.
Local data
The focus for the week domestically will be the latest read on inflation through the June consumer price index, though DEWR skilled vacancy report will also be of interest.
On Monday, CommSec will release its latest ‘State of the States’ report, a quarterly assessment of state and territory economies.
Wednesday delivers the June read on the consumer price index, the nation’s key gauge of inflation. Economists expect the CPI to have risen by 0.4 per cent in the June quarter.
In the minutes of the Reserve Bank of Australia’s July board meeting, members noted the impact of the falling Australian dollar on the inflation outlook. As a result, investors will be closely watching this inflation read for any signs that the central bank may reduce the official cash rate further in August.
Elsewhere, the Department of Education, Employment and Workplace Relations Skilled Vacancy report for June will be released.
Corporate
The second week of production reports brings some big names including Fortescue and Newcrest, while Macquarie Group’s AGM will also warrant attention.
Tuesday will deliver the June quarter production reports for both Fortescue Metals and Oil Search.
Elsewhere, Hutchison Telecoms will unveil its financial results to June 30.
Wednesday delivers with it the latest earnings report from Australand.
On Thursday, Macquarie Group will convene its annual general meeting in Melbourne.
Elsewhere, Newcrest Mining’s full-year production report will be unveiled.
Offshore
Tuesday will see the June read on existing home sales released in the United States, with Bloomberg tipping a 1.2 per cent increase.
On Wednesday, China’s HSBC flash manufacturing PMI will be released.
In the US, the House Price Index for May is due out, with Bloomberg expecting a 0.8 per cent lift, while in Japan the lid will be lifted on the nation’s second-quarter June trade balance.
Thursday will deliver June’s new home sales in the US, with Bloomberg expecting a lift of 1.7 per cent. The Markit preliminary PMI for the US is also due out.
In the United Kingdom, the second quarter trade balance will be revealed.
Friday brings with it the June consumer price index in Japan, while in the US, the latest read on durable goods orders will be unveiled. Bloomberg expects a 1 per cent lift.
Wrapping up
On Wednesday, Echo Entertainment chief executive officer John Redmond, Queensland deputy premier Jeff Seeney and managing director of Tourism Australia Andrew McEvoy will address a CEDA panel in Brisbane on Queensland’s economic development. Mr Redmond’s comments will be of particular interest as speculation builds another casino war is brewing between Echo and rival Crown, this time over developments in Brisbane.
In Canberra, prominent economist and former leader of the federal Liberal Party John Hewson will address the National Press Club. Dr Hewson is slated to deliver a speech entitled ‘The desperate need to re-think and re-calibrate economic policy’.
In Western Australia, executive chairman of Atlas Iron David Flanagan will take part in an Australian Institute of Company Directors’ leader’s edge luncheon in Geraldton.
Thursday will see chief executive officer of the Australian Institute of Company Directors John Colvin address a CEDA breakfast in Melbourne on the topic of CEO succession planning.
In Sydney, managing director of the Australian Broadcasting Corporation Mark Scott will address an American Chamber of Commerce in Australia business briefing.
On Friday, chairman and chief executive officer of Goldman, Sachs & Co Lloyd Blankfein will address an AICD exclusive directors breakfast in Sydney.
In Melbourne, president and chief executive officer of GE Australia and New Zealand Steve Sergeant will address an American Chamber of Commerce in Australia briefing.
