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THE WEEK AHEAD

The US faces its fiscal cliff deadline on while AIG's services PMI is due.
By · 21 Dec 2012
By ·
21 Dec 2012
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There's not a lot on this week. Or next week either. The fortnight over the holiday period sees a dearth of economic indicators with doors shut across the globe.

In local news, everything is closed. Local markets are shut for the Christmas Day and Boxing Day holidays next week and New Year's Day the following week. Early closes are scheduled for this coming Monday and for December 31.

It's a little busier overseas, with consumer confidence and jobless claims data set for release in the United States. Wall Street will also be closed for Christmas and New Year's Days.

Also, if the government doesn't get it sorted out before then, the US will tip over the fiscal cliff, where a series of Bush-era tax cuts will expire, activating several severe austerity moves.

In company news, Ardent Leisure holds its annual general meeting.

Local news

The upcoming period in local news sees little action, with nothing at all from either the Reserve Bank of Australia and the Australian Bureau of Statistics.

On Monday, the Australian Securities Exchange will close early, at 1410 AEDT, for the beginning of the Christmas holiday period.

Elsewhere, private sector credit data for November will be released.

The ASX will remain closed on Wednesday before opening again on Thursday morning.

The market will close early again the following Monday December 31, ahead of the News Year's Day holiday.

It will remain closed on Tuesday January 1, before opening again on Wednesday January 2.

Also that Wednesday, the Australian Industry Group will release its latest manufacturing PMI.

On Thursday, January 3, AIG will release its most recent PMI for services.

Corporate

An exceedingly quiet week in corporate news brings only a couple of events worth watching.

On Monday, Duet Group will trade ex-dividend.

Thursday sees Ardent Leisure hold its annual general meeting

Overseas

In offshore news, markets are closed in the United States for the Christmas, Boxing Day and New Year holidays.

On Monday, US housing price data for December is awaited.

On Wednesday, the Standard & Poor's Case-Shiller home price index for October will be released.

The Richmond Federal Reserve manufacturing index for December is also due, along with weekly Mortgage Bankers Association mortgage applications data.

Thursday sees the release of November consumer confidence and jobless claims data in the US.

October new home sales figures and the weekly Energy Information Association's petroleum status report are also due.

In the UK, mortgage approvals figures for the month of November are on tap.

On Friday, the Chicago PMI for December and the November pending home sales index are awaited in the US.

Then the following week sees the deadline for the United States to sort out its fiscal cliff issues, on Monday, December 31.

In China on Tuesday January 1 the December manufacturing PMI from HSBC will be released.

In the US, the Dallas Federal Reserve's December manufacturing business index will be released.

On Wednesday, January 2 in the US, ISM manufacturing and prices paid data for December is on tap.

Construction spending numbers and weekly Mortgage Bankers Association mortgage applications data is also due.

Elsewhere, the latest eurozone manufacturing PMI will be made available to the public.

Thursday January 3 brings the minutes of the US Federal Reserve's December policy meeting.

Weekly jobless claims data and total car sales numbers for December are also due.

In Europe, December money supply data for the EU is set for release.

On Friday January 4, the latest US employment situation, including non-farm payrolls data and the official unemployment rate, is due to be released.

Factory orders figures are also due, along with the ISM non-manufacturing index.

The weekly Energy Information Association's petroleum status report is also awaited.

In China, HSBC will release its services PMI for December.

Wrapping up

Rounding off next week, Tuesday sees the Bank of Japan publish the minutes of its November monetary policy meeting.

On Friday, Philadelphia Federal Reserve Bank President Charles Plosser will sit on a discussion panel at an American Economic Association conference.

Federal Reserve vice chairman Janet Yellen and St Louis Federal Reserve president James Bullard will speak at the same conference.

In the following week Ms Yellen moderate a panel at the ongoing AEA conference on Saturday January 5. Mr Plosser will speak on the panel.
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Shane White
Shane White
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