From last week’s Next Week At A Glance:
“As the US earnings season tails off, Wall Street will be hanging on every word with regard a US-China trade deal next week. If the risk has not always been a binary one, it certainty is now. To date this is looking more promising, but we’ve been here before.”
I can now repeat the above with regards next week, with the one difference being things have begun to look a lot less promising and again headed towards a stalemate.
As a result, Wall Street has trod water all this week, having rallied to a new high the week before. This suggests cautious optimism. The question is as to whether it proves to be misguided optimism.
It’s a relatively quiet week for global data next week, up until flash estimates of November manufacturing PMI are released on Friday by the US, eurozone and Japan.
The US will otherwise see numbers for housing sentiment and starts and existing home sales, along with consumer sentiment. The minutes of the October Fed meeting are out Wednesday night.
The RBA governor will speak on Tuesday in a week otherwise devoid of major data releases downunder.
There’ll be plenty of micro action in the stock market nevertheless.
There is also another long list of AGMs next week, which I will highlight on a daily basis.