The week ahead sees unemployment in the US, retail sales in Australia, sentiment surveys for manufacturing here, in China and the US and the main quarterly business confidence survey for Japan.
In Australia, August retail sales and building approvals may re-ignite expectations for an October rate rise, especially retail sales if they record a decent rebound after two weak months.
There were suggestions in the Reserve Bank’s September board meeting minutes that retail sales might be a bit stronger than expected.
Figures for building approvals will also be released and should show a rise in activity because of the already reported surge in new home sales in August as first home buyers moved to local in deals before the grants fall from October 1.
As well, we will also get private credit figures for August for the Reserve Bank which will again confirm that housing finance is the only active area of lending in the economy.
Local corporate results and doings include profits from Nufarm, which is supposed to be in discussions with a Chinese group.
The Myer float prospectus will be released today.
Tuesday or Wednesday the Federal Government is due to release its mid-term economic forecast update.
Macquarie Airports securityholders meet Wednesday to discuss the proposed internalisation of management that has seen a major row erupt over the proposed $345 million payment to Macquarie Group.
A court hearing continues in Sydney this afternoon in relation to a bid from another group of investors who want to manage MAP (for money).
Fairfax will be in the news again with the board discussing succession with major shareholders, especially chairman Ron Walker and deputy Roger Corbett.
As well the Productivity Commission will release a preliminary report on executive pay this week.
Next Friday night, our time, the US Labor Department is expected to report that the economy lost another 175,000 jobs in September, following a loss of 215,000 positions in August.
The unemployment rate is expected to rise of 9.8%.
Data for house prices, consumer confidence, consumer spending, construction activity and pending home sales will also be released.
Ahead of the jobs report, the market will focus on the Case-Shiller home price index for July, and consumer confidence data for September on Tuesday.
Wednesday will bring the ADP private-sector employment report for September, a second-quarter GDP revision and a survey of manufacturing in the Chicago region in September.
On Thursday will be weekly jobless claims, August personal income and consumer spending data and the national manufacturing survey from the ISM.
Tuesday is also the one-year anniversary of the Dow’s biggest one-day point loss ever, when the average plunged 777.68 points and the broad market knocked out $US1.2 trillion in market value after the House of Representatives rejected the government’s then $US700 billion bank bailout plan as a number of banks around the globe teetered on the brink of collapse.
Elsewhere the Japanese Tankan business survey and a Chinese manufacturing survey (or PMI) will also be watched for further signs of recovery, with the Tankan in particular likely to record another strong rise.
The Tankan, to come from the Bank of Japan, will be particularly examined for the way big business is looking at future investment plans. The Tankans so far this year have seen falls in investment plans.
Investors also will watch Federal Reserve Chairman Ben Bernanke, who is scheduled to speak on financial regulatory reform before Congress on Thursday.
In Europe there will be reports on consumer confidence, manufacturing activity in some countries and several corporate earnings reports.
These will include UK retailer Marks & Spencer, building products group Wolseley Plc and media group the Daily Mail and General Trust Plc.
European confidence in the economic outlook will be tested by tomorrow’s release from the European Commission.
And the shape and make up of the new German Government will become known after Chancellor Angela Merkel retained office in national polls on Sunday.
Her favourite coalition partner, the Free Democrats, lifted their vote; the late swing to the Social Democrats failed to be maintained and they lost votes and probably their place in the new government.
