This week the local earnings season became rather busy. Next week it’s a case of OH MY GOD. Readers might like to take a few hours out of their day to have a look at the FNArena Calendar. There’s no point in me suggesting highlights.
To date the beat/miss ratio is running at 50/50 but downgrades are outnumbering upgrades by two to one. By volume of companies we are only about 20% of the way through the season.
Conversely, it’s a quiet week on the local and global economic fronts next week.
Locally we’ll see the minutes of the August RBA meeting on Tuesday and June quarter construction work done on Thursday.
The round of flash manufacturing PMI estimates on Thursday from Japan/Europe/US will provide further evidence of how the global economy is faring.
The US will see data for existing and new home sales, house prices and durable goods orders. The minutes of the last Fed meeting are out on Wednesday night.
On Friday, the annual central bank symposium at Jackson Hole, hosted by the Fed, begins. While there is no obligation for central bankers to use the symposium to drop any bombshells, it has happened in the past (eg Ben Bernanke flagging his QE programs).
On Thursday the Chinese trade delegation sits down for a chat in Washington, on the day tariffs on the next US$200bn tranche of Chinese imports are set to take effect.