Week Ahead starting 3/7/23: NFP; FOMC minutes; RBA; Sainsbury’s trading and AO World earnings
Plenty of market-moving action including the key US jobs report, FOMC minutes, and could there be another rate hike from Australia? Plus, look out for inflation signals from Sainsbury’s, AO World, and Topps Tiles.
Consumption, NFP and FOMC minutes
The focus remains on the consumer in a week when we have a raft of consumption-related earnings and data, and the key US jobs report and FOMC minutes.
Monday
On Monday, watch out for the Tankan survey from Japan and the latest Caixin reading out of China. Investors had been hoping the post-COVID reopening in the world’s most populous country would boost the global economy, but it has not quite happened. US manufacturing PMIs out on Monday will also be watched in a time when the latest US GDP reading showed the world’s biggest economy was stronger than thought in Q1.
Tuesday and Wednesday
The key data points mid-week include an interest rate decision from Australia, where another rate hike could be on the cards, but it is expected to be a close call. Germany releases trade figures and we have the services part of the Caixin out of China. In addition to the economic mood music, we also get the FOMC minutes.
Thursday
The Australia theme continues on Thursday with trade figures released. The latest JOLTS report out of the US will be pounced upon, especially since it comes a day before the all-important US jobs report on Friday.
Friday
NFP data is the main risk event. Other than that, we also have German industrial production figures amid a smattering of recent data suggesting Europe’s economic powerhouse is losing momentum.
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