{"id":9815,"date":"2024-05-19T19:20:24","date_gmt":"2024-05-19T19:20:24","guid":{"rendered":"https:\/\/economicherald.net\/?p=9815"},"modified":"2024-05-19T19:20:24","modified_gmt":"2024-05-19T19:20:24","slug":"traders-diary-everything-you-need-to-get-ready-for-the-week-ahead-13","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=9815","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

Last week\u2019s various indicative droppings on what kind of landing to expect provided global markets with some reassuringly softly-softly comfort, since most of the big ones are\u00a0 as far from the bottom as they\u2019ve been, in many cases ever.<\/p>\n

That\u2019s not why they\u2019ve become anxiously sensitive to the usual stuff like jobless reports and inflation prints, but in the absence of central bank forward guidance, all one need know is there\u2019s a long ways to fall.<\/p>\n

The Dow Jones added 135 points, to close at a fresh record high above the mercurial 40,00o mark.<\/p>\n

The S&P 500 edged higher by 0.1%, while the Tech-Heavy Nasdaq finished a little lower.<\/p>\n

Also: meme stocks.<\/p>\n

The ASX200 done good, climbing circa 0.8% last week after retesting its all-time high on Thursday.<\/p>\n

Seven of the 11 ASX sectors were higher over the last week.<\/p>\n

Materials jumped 2.5%. Consumer fun stocks added 3.2%.<\/p>\n

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

After setting a new 20-day high, the index benchmark climbed 0.84% last week and is currently 1.21% off of its 52-week high.<\/p>\n

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

\u00a0<\/p>\n

Doves flew all over last week, the data here and in the US screamed economic slowdown and potentially less inflation over April.<\/p>\n

The US CPI month-on-month came in at 0.3%, below the estimated 0.4%, delivering the first slowdown of 2024.<\/p>\n

Happily \u2013 unless you\u2019re out of work \u2013 Aussie unemployment rose last month, the jobless rate hitting 4.1% in April from 3.9% in March.<\/p>\n

And in Toronto, the stocks are rising, pronto.<\/p>\n

The ASX200\u2019s doppleganger S&P\/TSX Composite clocked a new record high, with wins for the resources stocks eclipsing losses for IT.<\/p>\n

The London exchange ended lower, European stocks have ended the week slowly sliding but only after thwacking into the windshield of multi-decade highs at an impressive velocity on Wednesday.<\/p>\n

Very exciting end of the week also for anyone keen on China coming to the<\/em> or even a<\/em> party in 2024. Iron ore fans will have noted the measures by our governing mates in Chinese, who appeared to have had a genuine crack at actually sorting the unending nightmare of the country\u2019s bloated property market.<\/p>\n

The deets remain skinny, but Beijing\u2019s reported plans to get local govs to snap up all the unsold homes and rescue the Party\u2019s property crisis, is by far the brassiest stimmy scheme yet.<\/p>\n

Either way, the Pilbara coloured 62% iron ore which Chinese steel makers like to buy ended last week not too far from the US$120 it went for to start the month \u2013 an eight-week high.<\/p>\n

The PBoC also lifted China\u2019s minimum mortgage interest rate and lowered downpayment rates \u2013 along with deploying some 1 trillion yuan in long-dated bonds, the central bank\u2019s measures actually might make people spending money in Chinese property feel less screwed \u2013 and should Chinese state bodies go buy up some unsold property inventory at reasonable prices\u2026 well, that would be a game changer for the world\u2019s crappest, most rigged game.<\/p>\n

Silver climbed past $30 per ounce, its highest level since January 2013 and up more than 25% year-to-date, fuelled by both investment and industrial demand. ETFs featuring the precious metal haven\u2019t really budged, but actual silver\u2019s gone nuts.<\/p>\n

Aluminium futures hit US2,600 per tonne in May, the highest since the near-two-year peak of $2,670 on April 22nd, tracking broad-based gains for main base metals.<\/p>\n

\u00a0<\/p>\n

US Earnings<\/h2>\n

The season is just about done, because the next one is almost here.<\/p>\n

A few notables dribbling in over the next few days:<\/p>\n

Nvidia, Palo Alto Networks, Nvidia, Lowe\u2019s, Nvidia, PDD Holdings, Nvidia, TJX Companies, Nvidia, Analog Devices, Synopsys, Nvidia, Target, and Intuit.<\/p>\n

\u00a0<\/p>\n\n

According to AMP, 92% of S&P 500 companies have reported with 79% beating, against a norm of 76% and earnings growth expectations now at 10%y-o-y, up from 4.1% on four weeks ago.<\/p>\n

\u00a0<\/p>\n

The Week Ahead<\/h2>\n

We\u2019re watching the Chinese central bank, as the PBoC makes a call on its key lending tool, the (LPR) loan prime rates later Monday.<\/p>\n

The betting is for a hold as the need for yuan support weighed against Beijing\u2019s target for higher loan demand.<\/p>\n

Meanwhile, the shock and yawn of when the US Fed will lower rates will somehow ramp even further up that ramped-up ramp this week with the imminent release of the FOMC minutes and appearances by various Fed speakers.<\/p>\n

After that, the Michigan Consumer read is about as hot as data plans to get in the United States.<\/p>\n

An early peek at the economic conditions for May start rolling out all over the place this week, via a slew of S&P Global Flash PMIs, while inflation data drops in London and Tokyo.<\/p>\n

Speaking of, there\u2019s some big central bank meets in our neck of the woods, South Korea, Indonesia and further afield \u2013 most exciting, in Turkey.<\/p>\n

And we\u2019re flashing wildly on PMIs which will provide a handy glimpse into regional business conditions from Delhi, to Tokyo and Canberra.<\/p>\n

April data showed India\u2019s economy continuing to grow at one of the strongest rates seen over the past 14 years.<\/p>\n

S&P reckons Aussie business expansion is running close to two-year highs.<\/p>\n

Also happening here \u2013 May\u2019s Westpac consumer sentiment index and PMI prints, while (almost forgot) the RBA drops its minutes from the last rates meeting on Toosday.<\/p>\n

\u00a0<\/p>\n

US Futures overnight:<\/h2>\n

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

\u00a0<\/p>\n

The Economic Calendar<\/h2>\n

Monday May 20 \u2013 Friday May 24<\/strong><\/h2>\n

\u00a0<\/p>\n

MONDAY
\nCanada, Norway, Switzerland, India Market Holiday
\nChina (Mainland) Loan Prime Rate (May)
\nMalaysia Trade (Apr)
\nGermany PPI (Apr)
\nTaiwan Export Orders (Apr)<\/p>\n

TUESDAY
\nAustralia Westpac Consumer Confidence (May)
\nAustralia RBA Meeting Minutes<\/strong>
\nEurozone Balance of Trade (Mar)
\nCanada Inflation (Apr)<\/em><\/p>\n

WEDNESDAY
\nSingapore, Thailand, Malaysia Market Holiday
\nJapan Balance of Trade (Apr)
\nJapan Machinery Orders (Mar)
\nNew Zealand RBNZ Interest Rate Decision
\nUnited Kingdom Inflation (Apr)
\nIndonesia BI Interest Rate Decision
\nSouth Africa Inflation (Apr)
\nUnited States Existing Home Sales (Apr)
\nUnited States FOMC Meeting Minutes (May)<\/p>\n

THURSDAY
\nIndonesia Market Holiday
\nAustralia Judo Bank Flash PMIs<\/strong><\/em>
\nJapan au Jibun Bank Flash PMIs
\nIndia HSBC Flash PMIs
\nUK S&P Global Flash PMIs
\nGermany HCOB Flash PMIs
\nFrance HCOB Flash PMIs
\nEurozone HCOB Flash PMIs
\nUS S&P Global Flash PMIs
\nSouth Korea BoK Interest Rates
\nSingapore Inflation (Apr)
\nTaiwan Industrial Production (Apr)
\nHong Kong SAR Inflation (Apr)
\nTurkey TCMB Interest Rate Decision
\nMexico GDP (Q1, final)
\nEurozone Consumer Confidence (May)
\nUnited States New Home Sales (Apr)<\/p>\n

FRIDAY
\nIndonesia Market Holiday
\nNew Zealand Trade (Apr)
\nJapan Inflation (Apr)
\nSingapore GDP (Q1, final)
\nMalaysia Inflation (Apr)
\nSingapore Industrial Production (Apr)
\nUnited Kingdom Retail Sales (Apr)
\nFrance Business Confidence (May)
\nCanada Retail Sales (Mar)
\nUnited States Durable Goods Orders (Apr)
\nUnited States UoM Sentiment (May, final)<\/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":"

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