Next Week At A Glance

Pelosi and Mnuchin have again failed to reach a deal on a second round of US stimulus, having held a meeting on Wednesday and two on Thursday. But fear not, talks will continue.

The stumbling block is not simply the headline number, which at last count was US$2.2trn versus US$1.6trn, but also how any agreed amount will be allocated among not just unemployment benefits but state and local aid, liability protection for businesses, airline support and more.

Considering any deal still requires Senate approval, the chance of a deal being approved before the election is slim at best. Meanwhile, the US will tonight learn September’s jobs numbers, bearing in mind the first support package has of September 30 expired and the race is on for businesses to lay off employees.

The minutes of the last Fed meeting are out next week.

Swinging attention to the home front, next week brings an RBA policy meeting on Tuesday followed by the federal budget release on Tuesday evening. While it is widely expected the RBA will cut again, the assumption is the board will wait to see what the budget brings before making its move.

Australia will also see housing finance numbers next week.

China will be closed until Friday.

Monday brings services PMIs from across the globe.

The local AGM season begins to build next week as the daily ex-dividend count begins to wane.

About Greg Peel

Greg Peel joined Macquarie Bank in 1986 and acquired trading experience in equities, currency, fixed income and commodities derivatives, ultimately being appointed director of equity derivatives trading. He later published In With The Smart Money (a plain English guide to the mysterious world of financial markets and derivatives) and acted as a consultant to boutique investment funds. In 2004 Greg joined FNArena as a contributing writer. He is now a director and principal of the company. Greg compliments the journalistic background of the FNArena team with lengthy experience as a financial markets proprietary trader.

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