The Week Ahead
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Several annual general meetings will take place this week, with Westfield Group and Westfield Retail Trust the focal points. Westfield Group has announced plans to merge its Australian and New Zealand assets, with assets held by Westfield Retail Trust to create a new entity, and investors will be looking for any comments on the restructure plans.
As the fallout from the federal budget continues, the Westpac leading index will offer a timely insight into the likely future health of the economy. Health Minister Peter Dutton is also set to address the National Press Club, following widespread public discussion of plans for a revenue-raising GP co-payment.
Offshore, in the latest insight into the health of the US economy, the second estimate of US first-quarter GDP is due.
Reserve Bank
This week will be relatively quiet for the Reserve Bank.
On Friday, the RBA will release May financial aggregates data.
Local news
The Westpac leading index, a private survey on the likely future health of the economy, will be closely watched this week, given the recent sharp drop in consumer sentiment over federal budget worries.
On Wednesday, the Australian Bureau of Statistics will publish March numbers on construction work done.
The Commonwealth Bank-Housing Industry Association housing affordability index and the April Westpac leading index will be released.
The Bureau of Resources and Energy Economics will divulge its six-monthly estimates of the projects underway in the mining and energy sectors.
On Thursday, the ABS will release private new capital expenditure for March.
The HIA will publish new home sales figures for April.
Corporate
Annual general meetings from Westfield Group and Westfield Retail Trust will be of interest this week as the two groups plan a restructure.
On Tuesday, OZ Minerals and Roc Oil will hold annual general meetings.
On Wednesday, Iluka Resources will hold its annual general meeting.
Aristocrat Leisure will report its half-year results.
On Thursday, Westfield Group and Westfield Retail Trust will hold their annual general meetings.
Suncorp Group will hold its investor day.
On Friday, PanAust and Sundance Energy will hold annual general meetings.
Overseas
The highlight of this week’s offshore data will be the second estimate of first-quarter GDP numbers in the United States.
On Wednesday, in the United States, April durable goods orders are tipped to fall 0.2 per cent.
The S&P/Case-Shiller home price index for March is due, Markit will release its flash services purchasing manufacturers’ index for May and the May consumer confidence index is also expected.
In China, April industrial profits will print.
On Thursday, in the US, weekly mortgage applications data will print.
On Friday, the second estimate of first-quarter gross domestic product is expected to show a fall of 0.6 per cent.
April pending home sales, weekly jobless claims data and the Bloomberg consumer comfort survey are also scheduled.
In Japan, April CPI data is due.
Late Friday, in the US, personal income and spending data will be released.
Wrapping up
Health Minister Peter Dutton’s address this week is likely to be of interest, given the federal budget’s changes to the health portfolio.
On Tuesday, in Canberra, Opposition Immigration Spokesman Richard Marles will address the National Press Club.
On Wednesday, in Canberra, Health Minister Peter Dutton will speak at the National Press Club.
On Thursday, ExxonMobil Australia chairman Richard Owen will speak at a lunch hosted by the Australian Institute of Company Directors.
On Friday, in Sydney, businessman and Palmer United Party leader Clive Palmer will speak at a lunch hosted by the American Chamber of Commerce in Australia.
Also in Sydney, St George Banking Group chief executive George Frazis will speak at a Trans-Tasman Business Circle lunch.
In Brisbane, Wotif Group managing director Scott Blume and Bank of Queensland chief information officer Julie Bale will speak at an American Chamber of Commerce in Australia lunch.
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