A busy week for data

The first week of the new financial year brings about a heavy load of data to digest, analyse and consider. With Houses and Holes still recovering, the folks at MacroBusiness will endeavour to cover this barrage of local and international data as much as we can. Here’s the tentative list for this week:

From the Australian Bureau of Statistics (ABS):

Monday: retail trade (supposed to be up 0.6%….right….) and building approvals
Tuesday: government finance statistics (should be very interesting to see the cashflow on QLD and WA for property taxes…) and May trade balance
Wednesday: overseas arrivals and departures, engineering construction activity
Thursday: labour force (employment figures – up 15000 apparently…hmmm)
Friday: spotlight on national accounts – not data release per se, but will be interesting to read about how the data/method is collated

From the Reserve Bank of Australia (RBA):

Tuesday: Board Meeting to set interest rates – pundits are still calling a hold at 4.75% for now

Other Local Data:

Monday: ANZ Job ads

Overseas/International:

Monday: Independence Day in the USA (Oh say can you see a day off in the markets)
Tuesday: EU retail sales data
Wednesday: EU GDP data, US factory orders, Germany factory orders
Thursday: US jobless claims and UK BOE interest rate decision
Friday: US June employment data, JPY current account, UK PPI

Traders are watching the lead from the US and EU on their employment and GDP numbers respectively. With the end of QE2 (was it money printing or asset swap – the empirical observation is it boosted asset markets the world over (alongside Chinese stimulus), so its not a stretch to suggest markets will remain weak until further “milky wilkies” come along…)

Australian market futures are currently up over 40 points prior to the open this morning, but will have weak leads tomorrow due to the day off in the USA. It portends a busy, choppy weak on equity and risk markets all round.

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Comments

  1. Thanks for that link. Always raises the question of the way ABS compiles the employment data…still, a 0.1% increase in unemployment for May is not too bad – with all the negative sentiment around you would expect a somewhat higher figure. But that is all it is, sentiment, not strongly reflected in figures tp date.

    Also, I think ANZ job ads are out and showing some stabilisation taking place (as the 0.1% increase would indicate).

    Also – the report is headlined “Number of Employed Highest Ever in June”. And on that positive note, adieu.