Following the snap-back rally, markets now appear to be entering a consolidation phase as they await further news on the health and economic front. Given some shocking economic data releases to date have failed to prompt a renewal of fear, as no one has been surprised, the focus is on re-openings of economies across the globe.
Even last night’s apparently disappointing news regarding Gilead’s hopeful virus treatment failed to create anything more than caution.
The Fed holds a meeting next week, but given monetary policy has now become a day to day proposition, such formal meetings are somewhat redundant at this time. The Bank of Japan and the ECB also meet next week.
Australia’s March quarter CPI numbers are out next week, but the RBA is in the same boat, and the data will likely mean little.
A first estimate of US March quarter GDP will be informative, but not enlightening. The US will also see numbers for consumer confidence and PCE inflation.
China reports its April PMIs on Thursday and the rest of the world follows with manufacturing PMIs on Friday.
New Zealand is closed on Monday for the holiday in lieu of Anzac Day we no longer get.
Quarterly reporting season continues a-pace in the local market next week. Highlights include reports from Coles ((COL)), Woolworths ((WOW)), Fortescue Metals ((FMG)) and Qantas ((QAN)) and an earnings report from ResMed ((RMD))
Woodside ((WPL)) and Oil Search ((OSH)) hold AGMs.
ANZ Bank ((ANZ)) kicks off bank earnings season on Thursday with its interim report.
