Next Week At A Glance
Today’s trading notwithstanding, we enter next week with an ASX200 apparently not about to crash through 6100 but as yet reluctant to breach the post-GFC high of 6135. Allowing a bit of licence on the downside, the index has now been stuck in that range since May 3 with no apparent drivers on the horizon, others than those unforeseen.
At the individual stock level there’s still quite a bit going on, although corporate events now begin to dwindle as we approach the typical “blackout” period leading in and out of EOFY. What we will see from here – and there’s already been one or two – are unscheduled updates bringing profit warnings as we enter the traditional “confession session”.
Rarely do companies “confess” to a pending earnings result that will beat expectations, although it does happen (see CSL ((CSL)) today).
The only major local economic release next week is March quarter construction work done, which feeds into the ultimate GDP release in June.
US economic releases next week include the Richmond Fed index and Chicago Fed national index, new and existing home sales and house prices, durable goods, consumer sentiment and a flash estimate of the May manufacturing PMI.
Japan and the eurozone will also flash.
The minutes of the last Fed meeting are due on Wednesday.
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