Stock markets here and in the US haven’t lost their volatility but they have now lost direction. Wall Street appears to have recovered to a point investors feel is probably enough ahead of actual economic data confirmation, and ahead of the June quarter earnings season beginning in July, while knowing the Fed has its back.
The story is not much different in Australia, other than we haven’t recovered as much (no Big Tech) while still following Wall Street around like a lost puppy.
One fear would be Wall Street finally caving to an out of control case-count in the US, and us dutifully following despite not having the same problem.
Next week the US will see May numbers for home sales, durable goods orders, consumer sentiment and personal income & spending, along with a flash estimate of the June manufacturing PMI.
Similar estimates will be released across the globe.
The RBNZ holds a policy meeting next week, and the N-word has been touted (negative).
The RBA governor speaks on Monday but otherwise the Australian economic highlight next week will be a preliminary estimate of May trade numbers.
Metcash ((MTS)) will publish full-year earnings, Transurban ((TCL)) will provide a quarterly update and CSR ((CSR)) holds its AGM.
