A Look Ahead: Next Week's Market Moving Events

By Oliver Pursche Dec 14, 2012 4:37 pm

Both GDP and jobless claims will be released next Thursday.

MINYANVILLE ORIGINAL Better than expected economic news in the form of strong Chinese Manufacturing data, lower-than-forecast US jobless claims, and declining consumer prices helped markets offset fiscal cliff-related anxieties that are likely to plague markets through the rest of the year.

Next week's market-moving events:

Monday: Before markets open, at 8:30 a.m, investors will get the Empire State Manufacturing data.

Tuesday: At 10:00 a.m. the Housing Market Index figures are released.

Wednesday: Housing starts are released at 8:30 a.m., followed by the EIA Petroleum Status at 10:00 a.m. Expect political news relating to the fiscal cliff to dominate sentiment, as today marks the last “official” day before Congress adjourns for the holiday season.

Thursday: GDP and jobless claims are released at 8:30 a.m., followed by Existing Home Sales and the Philly Fed Data at 10:00 a.m. Unless figures are significantly off expectations, don’t expect much of a reaction.

Friday: The consumer sentiment figures at 9:55 a.m. are the only meaningful news of the day. Traders and market participants are getting set to leave for the Christmas holiday, so expect light volume.

The Trade: Based on increasingly positive Chinese and US data, expect a market rally upon the resolution of fiscal cliff-related worries, which have continued to outweigh better-than-expected economic data. Expect manufacturing, industrial, and consumer goods shares to lead the rally.

Follow Oliver Pursche on Twitter: @opursche.