Look ahead: Fed; Japan consumer confidence; China PMIs; GSK; Boeing
Global traders likely to tread cautiously ahead of the Federal Reserve’s decision and growth-related data from Japan and China. GSK is expected to report a rise in revenues a day after Pfizer’s results.
Boeing’s ongoing crisis swings into focus as the Boeing reports earnings.
(AI Video Summary)
Various new worldwide data released
In today's "Look ahead" video, Angeline Ong talks about what to expect in the global markets. She starts off by saying that she will be focusing on how tech companies performed overnight. She also mentions some important data releases, such as Japan's industrial production, retail sales, and consumer confidence numbers. These numbers will be watched closely because they can give us a sense of how well the economy is doing in Japan.
Next, Ong talks about the Reserve Bank of Australia and how they are expected to lower the mean CPI for the fourth quarter. This is important because it can affect inflation and interest rates in the country.
In China, the focus will be on Evergrande, a big real estate company, as well as manufacturing and services PMI. These numbers are expected to show that the Chinese economy is still contracting for the fourth straight month.
Moving on to Europe, Ong mentions that we should pay attention to inflation, retail sales, and unemployment rates in Germany. These numbers can give us an idea of how the economy is doing in Europe's largest economy.
In the US, the attention will be on the ADP employment report, which is a precursor to the important jobs report that will be released on Friday. The Chicago PMI and the crude oil inventory report will also be released, along with the Federal Reserve's interest rate decision. Although no change in interest rates is expected, there is speculation that there might be a rate cut in March.
More imporatant earnings reports
Ong also talks about some important earnings reports, like GlaxoSmithKline, H&M, Novartis, and Santander in Europe, and Qualcomm and Boeing in the US. For example, GlaxoSmithKline is expected to see an 8.6% increase in revenues.
In terms of technical analysis, Ong focuses on GlaxoSmithKline and Boeing. Glaxo's chart suggests that the stock is breaking out from a consolidation pattern and the next level to watch is 1581. On the other hand, Boeing has been dealing with a crisis related to its planes, which has affected its stock price.
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