{"id":10124,"date":"2024-05-26T19:40:04","date_gmt":"2024-05-26T19:40:04","guid":{"rendered":"https:\/\/economicherald.net\/?p=10124"},"modified":"2024-05-26T19:40:04","modified_gmt":"2024-05-26T19:40:04","slug":"traders-diary-everything-you-need-to-get-ready-for-the-week-ahead-14","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10124","title":{"rendered":"Traders\u2019 Diary: Everything you need to get ready for the week ahead"},"content":{"rendered":"
<\/div>\n

What grabbed the headlines last week?<\/p>\n

Not a ball-tinglingly terrific week for investors, let\u2019s be honest.<\/p>\n

Pretty much everyone was hoping to see a fat\u2019n happy near-term rate cut by the US Fed at least \u2013 if not the EBC, RBA, BoE et al.<\/p>\n

Alas, such expectations were nudged\u00a0 further out to sea, thanks to an array of hawkish Fedspeak out of Florida last week.<\/p>\n

Then came the FOMC minutes on Wednesday and on Thursday in the States some quite better-than-expected PMIs suggesting some virile American business activity (and prices) during May.<\/p>\n

On Wall Street, the S&P500 managed to close slightly higher, clinching a sliver-then fifth straight week of gains, the US benchmark\u2019s longest winning run since just after \u2018Straya Day.<\/p>\n

That was mainly thanks to Nvidia\u2019s (NVDA) 7% after hours surge on Wednesday, where the chipmaker busted through the $1,000 level for the first time on the back of stunning quarterly results and even better guidance.<\/p>\n

Yet, truth be told, after clocking its latest fresh record high on Tuesday in New York, US stocks have largely sat back on their haunches sucking in the big ones as that growing cloud of interest cut mystery continues to gather round Mount Federal Reserve.<\/p>\n

T\u2019were those FOMC minutes, the hawky-talky coupled with the unwelcome good economic data, which dented US sentiment.<\/p>\n

Of course, the Nasdaq Comp got a revivifying shot in the arm when NVDA smashed them haughty Wall Street expectations.<\/p>\n

Adding sugar to the icing, the Napolean of AI \u2013 after more than doubling its quarterly dividend \u2013 also revealed cunning plans for an ambitious 10-1 stock split.<\/p>\n

CEO Jensen Huang was appropriately stentorious on the day:<\/p>\n

\u201cThe next industrial revolution has begun. Companies and countries are partnering with Nvidia to shift the trillion-dollar traditional data centers to accelerated computing to produce a new commodity: Artificial Intelligence.\u201d<\/p>\n

The S&P (SP500) added +0.03% for the week, while the Nasdaq (COMP:IND) climbed +1.4%. Conversely, the blue-chip Dow (DJI) fell -2.3%.<\/p>\n

\u00a0<\/p>\n

The ASX200 done bad, down 1.11% over the last week, after crossing below its 50-day moving average on Friday.<\/p>\n

The weak US lead, the hawkish RBA chat, a pullback in oil and metal prices saw the Materials and Energy sectors fall as did the Comms sector, while the rate sensitive ASS Retail and Property stocks also suffered.<\/p>\n

There\u2019s a possibility that OPEC+ will push for steeper production cuts when it meets at the beginning of June amid the less optimistic demand outlook, but it\u2019s hard to see an agreement beyond a cobbled together extension of the existing quotas.<\/p>\n

\u00a0<\/p>\n

Via ASX<\/em><\/p>\n

But.<\/p>\n

The iron ore price rose.<\/p>\n

Aussie bond yields reversed some of their recent decline on renewed uncertainty about rate cuts.<\/p>\n

The benchmark is currently 2.31% below its 52-week high and has looked more convincing.<\/p>\n

Via Google<\/em><\/p>\n

\u00a0<\/p>\n

Last week\u2019s diminishing expectations for US rate cuts have also been a right drag on gold prices too.<\/p>\n

Gold\u2019s slide, meanwhile, has likely been exacerbated by profit taking and the fulsome outlook for the greenback, although a further rebound in US Treasury yields could turn into a bigger headache.<\/p>\n

Here\u2019s the cost of some gold over the last 40 years. That bottoming out moment in 2000 is when a mate of mine told me to go buy a lot.<\/p>\n

Of course, I was a stage actor back then, so I didn\u2019t understand. And I had no money.<\/p>\n

Via AMP<\/em><\/p>\n

\u00a0<\/p>\n

US Earnings<\/h2>\n

Nvidia. Lowe\u2019s did good too, but that made people think how strong the US consumer is and so\u2026<\/p>\n

\u00a0<\/p>\n

The Week Ahead<\/h2>\n

At home the bureau of numbers will drop the Aussie monthly CPI rates on Wednesday.<\/p>\n

Last week Aussies thought Aussie inflation was easing, as per Westpac and the Melbourne Institute\u2019s thingy:<\/p>\n

\u00a0<\/p>\n

Via AMP<\/p>\n

\u00a0<\/p>\n

At the May meeting, the Reserve Bankers of Aussie pretty much held onto their dull, neutral stance, disappointing everyone banking on either a dovish tilt or a hawkish shift due to a wobbling economy and still-sticky local inflation.<\/p>\n

Chinese business conditions PMIs for May (Friday) are expected to be little changed. The Aussie dollar, not at its best already, could be hit by befuddled Chinese PMIs as well.<\/p>\n

Japanese data for jobs, industrial production and retail sales will be released Friday.<\/p>\n

The April PMIs showed that growth in both the manufacturing and services sectors slowed, but China\u2019s exports and imports improved, pointing to a potential return of the Chinese consumer.<\/p>\n

In the US, the focus will be on inflation again with core private final consumption inflation for April due Friday.<\/p>\n\n

\u00a0<\/p>\n

Meanwhile, home price growth (Tuesday) is expected to have slowed in March and consumer confidence (also Tuesday) is likely to have fallen slightly.<\/p>\n

In the EU there\u2019s inflation data for May (Friday) and unemployment for April (Thursday).<\/p>\n

\u00a0<\/p>\n

US Futures overnight:<\/h2>\n

Via Fox<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

The Economic Calendar<\/h2>\n

Monday May 27 \u2013 Friday May 31<\/strong><\/h2>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

MONDAY
\nBOJ Gov Ueda Speech
\nCN Industrial Profits (YTD)
\nJP BOJ Uchida Speech
\nJP Coincident Index Final MAR
\nJP Leading Economic Index Final MAR
\nDE Ifo Business Conditions MAY
\nEU 20-Year, 3-Year Bond Auction
\nECB Lane Speech<\/p>\n

TUESDAY
\nAU Retail Sales MoM Prel APR
\nECB Schnabel Speech
\nUS Fed Mester Speech
\nGermany Wholesale Prices YoY
\nGermany 10-Year Bund\/g Auction<\/p>\n

WEDNESDAY
\nUS Money Supply APR
\nUS Fed Cook Speech
\n12:00 PM
\nAU Westpac Leading Index
\nAU Construction Work Done
\nAU Monthly CPI Indicator APR
\nJP BOJ Adachi Speech
\nJP Consumer Confidence MAY
\nGer GfK Consumer Confidence JUN
\nInflation Rate YoY Prel MAY
\nFR Consumer Confidence MAY \u00a0
\nFR Retail Sales MoM APR -0.5% 1.0%
\nEU Loans APR
\nEU M3 Money Supply YoY APR
\nUS MBA 30-Year Mortgage Rate MAY
\nUS Mortgage Market Index MAY
\nIN M3 Money Supply YoY MAY\/17 11.1% 10.9%
\nUS Redbook YoY MAY
\nTHURSDAY<\/strong>
\nUS Richmond Fed Manufacturing Index MAY
\nUS Dallas Fed Services Index MAY
\nUS 2-Year FRN Auction
\nRU Industrial Production YoY APR
\nUS Fed Williams Speech
\nUS Fed Beige Book
\nUS API Crude Oil Stock Change MAY
\nAU RBA Hunter Speech
\nUS Fed Bostic Speech
\nGB Car Production
\nJP Foreign Bond\/ Stock Investment by Foreigners MAY
\nAU Building Permits MoM Prel APR
\nAU Building Capital Expenditure
\nAU Plant Machinery Capital Expenditure
\nAU Private Capital Expenditure
\nAU Private House Approvals MoM Prel APR
\nJP 2-Year JGB Auction
\nUnemployment Rate APR 7.2% 7.3% 7.3%
\n08:00 PM
\nEU Economic Sentiment MAY
\nUnemployment Rate APR
\nConsumer Confidence Final MAY
\nConsumer Inflation Expectations MAY
\nIndustrial Sentiment MAYSelling Price Expectations MAY
\nMex Unemployment Rate APR
\nUS GDP Growth Rate
\nUS Corporate Profit
\nUS Goods Trade Balance Adv APR $-91.83B $-91.8B $-93.0B
\n11:30 PM
\nUS Initial Jobless Claims MAY
\nUS Retail Inventories Ex Autos
\nUS Wholesale Inventories MoM
\nUS Continuing Jobless Claims MAY
\nUS Core PCE Prices
\nUS GDP Sales <\/p>\n

FRIDAY
\nUS Pending Home Sales
\nUS EIA Crude Oil Stocks Change
\nUS Fed Williams Speech
\nUS Fed Logan Speech
\nKOR Industrial Production
\nKOR Retail Sales MoM APR
\nJP Unemployment Rate
\nJP Tokyo Core CPI
\nAU Housing Credit
\nAU Private Sector Credit
\nCN NBS Manufacturing PMI MAY
\nCN NBS Non Manufacturing PMI MAY
\nCN NBS General PMI MAY
\nJP Housing Starts YoY APR
\nJP Construction Orders
\nFR Non Farm Payrolls
\nAU Commodity Prices YoY MAY
\nFR Inflation Rate YoY Prel MA
\nFR GDP Growth Rate QoQ Final
\nFR PPI MoM APR
\nGB BoE Consumer Credit
\nEU Inflation Rate
\nUS Core PCE Price Index
\nUS Core PCE Price Index YoY APR 2.8% 2.7%<\/p>\n

<\/span><\/p>\n

The post Traders\u2019 Diary: Everything you need to get ready for the week ahead<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

What grabbed the headlines last week? Not a ball-tinglingly terrific week for investors, let\u2019s be honest. 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