The Week Ahead
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The first week of summer brings a barrage of indicators about the health of the Australian and American economies, with gross domestic product figures from both countries and United States jobs data and manufacturing reads.
At home, the Reserve Bank of Australia’s next call on interest rates will be closely watched.
Corporate news flow is set to be light as annual general meeting season comes to a close, while in politics, Shadow Treasurer Chris Bowen will speak at the National Press Club.
RBA
All eyes will be on the Reserve Bank of Australia interest rates decision this month, as rates have been on hold since August.
On Monday, the Reserve Bank will release its index of commodity prices.
On Tuesday, the bank will unveil its interest rate decision for December. The official cash rate has been on hold at 2.5 per cent since the bank last cut rates in August. Economists are tipping the central bank will hold steady.
On Friday, the central bank will release its official Reserve assets.
Local news
Australian Industry Group figures on the manufacturing and construction sectors will be of interest, while investors will also be watching the GDP and trade balance prints.
On Monday, the Australian Bureau of Statistics will release October building approvals data and its September Business Indicators figures.
AiG will release its November Performance of Manufacturing index, the RP Data-Rismark House Price Index for November is due and the TD Securities inflation gauge for the same month is also expected.
On Tuesday, the ABS will release October retail sales figures and the September current account balance.
On Wednesday, the ABS will release September quarter gross domestic product figures, with economists tipping 0.6 per cent growth in the quarter and 2.4 per cent growth for the year.
The AiG performance of services index for November will be unveiled.
On Thursday, the ABS will release October trade balance data.
On Friday, AiG's November Performance of Construction Index is due.
Corporate
It’s set to be a quieter week in company news, with annual general meeting season winding down.
On Monday, Metcash will release its interim results.
On Wednesday, Beacon Hill Resources will hold its annual general meeting.
On Friday, Cadence Capital will hold an extraordinary general meeting, while BT Investment Management will hold its annual general meeting.
Overseas
Investors will be watching United States employment data and GDP figures for clues about the health of the economy, among a barrage of data releases.
On Monday, China’s HSBC/Markit Manufacturing PMI data for November will be released, with Bloomberg tipping a read of 50.5, showing modest expansion.
On Tuesday, China’s November non-manufacturing PMI data will be unveiled.
In the US, Markit PMI for November is due, while ISM manufacturing data is also out, with economists tipping a modest lift from 56.4 to 56.5.
October construction spending will also be released, with Bloomberg tipping a 0.5 per cent lift.
On Wednesday, HSBC/Markit Services PMI for China in November is out.
In the United States, November total vehicle sales will be announced, with Bloomberg expecting a read of 15.7 million.
On Thursday, in the US, the November ADP employment change is due, with economists expecting a read of 168,000.
The US trade balance for October will also be released, with Bloomberg forecasting a result of negative $US40.3 billion.
The Federal Reserve will release its Beige Book summarising economic conditions, while October new home sales will also print, with Bloomberg expecting a read of 430,000.
On Friday in the US, October factory orders are due, with Bloomberg tipping a 0.7 per cent fall. Third-quarter annualised GDP is also tipped to come in at 2.8 per cent growth.
The Bloomberg consumer comfort survey is also out.
Late Friday, change in nonfarm payrolls data for November will be unveiled, with economists expecting a solid lift of 190,000 jobs, while the unemployment rate is expected to fall slightly to 7.2 per cent.
Personal income and spending figures for October will be released, with Bloomberg expecting lifts of 0.3 per cent and 0.2 per cent respectively, while October consumer credit is expected to lift slightly to $14.5 billion.
Wrapping up
Speeches from Shadow Treasurer Chris Bowen and Woolworths chairman Ralph Waters will be of interest this week.
On Tuesday, in Brisbane, Queensland Premier Campbell Newman will address a Committee for Economic Development of Australia lunch.
In Adelaide, editor and businesswoman Ita Buttrose will speak at a CEDA lunch.
In Sydney, Woolworths chairman Ralph Waters will speak at a Trans-Tasman Business Circle lunch.
On Wednesday, Shadow Treasurer Chris Bowen will speak at the National Press Club in Canberra.
In Sydney, Boral chief executive officer Mike Kane will address an American Chamber of commerce lunch.
On Thursday, in Melbourne, Victorian Gas Market Review Chair Peter Reith will address a CEDA lunch.
Late Friday, Philadelphia United States Federal Reserve Bank President Charles Plosser will give a speech to the Philadelphia Fed policy forum.
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