Australia, New Zealand and China
Key events in Australia, New Zealand and China/India. What to Watch, week commencing 23 June
- Australia: Light calendar with Weekly Consumer Confidence, Skilled Vacancies, and Job Vacancies
- NZ: Net migration, Credit card spending, trade
- China: HSBC Flash June Manufacturing PMI the main watch point. Consumer sentiment and Industrial profits also due
- US: Existing, new home sales, S&P Case-Shiller & FHFA house prices, Consumer Confidence, Durable goods orders, Q1 GDP revision, Jobless claims and personal spending/ PCE deflators; Fed speakers too
- Europe: Preliminary PMIs, Confidence surveys; German Ifo Survey and June CPI
- UK: Q1 GDP revision, Current account, BoE Credit Conditions Survey, Nationwide house prices, Consumer Confidence
An extremely light data calendar for the week ahead with the weekly ANZ-Roy Morgan Consumer Confidence reading for the week ended 22 June on Tuesday morning. That’s followed Wednesday and Thursday respectively by the Federal Government’s Skilled Vacancies index for May and then the ABS quarterly Job Vacancies index for the May quarter. These don’t get much market airplay but are good measures of labour demand and definitely worth a look. The ANZ Job Ads series took a turn for the worse in May and it’ll be interesting to see whether Job Vacancies series has faltered in the June quarter with vacancies (labour demand) already at low levels.
On Wednesday, Phil Lowe, Deputy RBA Governor is a panel moderator at a Lowy Institute conference event in Melbourne on “G20: Meeting the Global Challenges? – Strengthening the G20’s Accountability and Effectiveness”. While it’s hardly a market moving event, there’s always the possibility of economy-related Q&A.
It’s also a quiet calendar ahead across the Tasman with only Net Migration for May along with Credit Card Spending data also for May and also on Monday. Then there’s a hiatus until Friday’s May trade data; in April, the monthly surplus was $534m.
The major focus this coming week will be Monday’s HSBC Flash Manufacturing PMI for June. It’s tipped to increase further from 49.4 to 49.8. There are also some second tier releases due, Consumer Sentiment and Industrial Profits.