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Trading Radar: Eurozone GDP, US Industrial Activity Will Be Highlights Next Week
By
Michael Sedacca
Nov 08, 2013 5:18 pm
Today's financial recap and tomorrow's financial outlook.
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Friday's market caught many off guard. Following a bearish engulfing candle in the S&P 500 (INDEXSP:.INX) that swallowed up the nine prior days of gains, the market rallied back to retrace the entirety of yesterday's losses and then some. This type of activity is highly unusual because Thursday's losses would typically signify a change in trend. US Treasuries recorded its second straight week of losses, though it has become oversold enough to warrant a potential trade back in the other direction early next week.
The calendar is relatively light in the coming week due to Veteran's Day. The only economic data points to note are the October manufacturing production on Friday, and September's trade balance on Thursday. Because the government shut down in October and business surveys largely reflected a concern over future demand, the lingering question remains whether or not companies pulled back orders during the month. Thus far, from preliminary ISM manufacturing surveys, it appears that the concerns are unfounded. The manufacturing production data will be the first hard data point to determine whether or not demand slacked because of the shutdown.
Activity may be light in the US, but the calendar is robust for the rest of the world. The advance estimate of eurozone GDP is due out on Thursday, new loan data from China will be released over the weekend, and employment data from the UK is slated to be released.
The Q3 earnings season is winding down. Notable reports for the coming week include Wal-Mart (NYSE:WMT), Cisco (NASDAQ:CSCO), Dean Foods (NYSE:DF), News Corp (NASDAQ:NWSA), and GSV Capital (NASDAQ:GSVC). GSV is notable because it is a sizable owner of Twitter (NYSE:TWTR), which went public this Thursday.
Monday, November 11
US Economics (Time Zone: EDT)
No major reports
US bond markets closed for holiday
Global Economics (Time Zone: GMT)
JPY Trade Balance
CNY Aggregate Renmibi Financing
00:30 AUD Home Loans
04:30 JPY Bankruptcies
Earnings
After:
Sotheby's (BID)
Rackspace (RAX)
GSV Capital (GSVC)
News Corp (NWSA)
Tuesday, November 12
US Economics (Time Zone: EDT)
07:30 NFIB Small Business Optimism – consensus 93.8, prior 93.9
08:30 Chicago Fed Nat – prior 0.14
11:00 Fed to purchase $1.25b-$1.75b bonds in 23 to 30-year range
11:30 Treasury selling $33b 3-month bills, $29b 6-month bills
1:00 Treasury selling $30b 3-year notes
Fedspeak
1:00pm Kocherlakota speaks on monetary policy in Minnesota
1:50pm Lockhart speaks on economy in Alabama
7:00pm Fisher speaks on monetary policy in Australia
Global Economics (Time Zone: GMT)
00:30 AUD NAB Business Confidence
05:00 JPY Consumer Confidence
07:00 EUR German CPI
09:30 GBP PPI
09:30 GBP CPI
23:50 JPY Machine Orders
Earnings
Before:
Dr Horton (DHI)
Dean Foods (DF)
After:
Medivation (MDVN)
DISH Network (DISH)
Dendreon (DNDN)
Wednesday, November 13
US Economics (Time Zone: EDT)
07:00 MBA Mortgage Applications
02:00 Treasury Monthly Budget Statement – consensus -$104.2B, prior -$120B
11:00 Fed purchasing $1b-$1.5b notes in 5 to 30-year range
11:30 Treasury selling $25b 52-week bills, 4-week bills
01:00 Treasury selling $24b 10-year notes
Fedspeak
8:45am Pianalto speaks in Philly
7:00pm Bernanke speaks to town hall meeting with educators in Washington
Global Economics (Time Zone: GMT)
09:30 GBP Employment Change
10:00 EUR Eurozone Industrial Production
10:30 GBP BoE Inflation Report
21:45 NZD Retail Sales
Earnings
Before:
Macy's (M)
After:
Cisco (CSCO)
NetApp (NTAP)
Sea World (SEAS)
Thursday, November 14
US Economics (Time Zone: EDT)
08:30 Initial Jobless Claims - consensus 335k, prior 340k
08:30 Continuing Claims – consensus 2879K, prior 2881K
08:30 Nonfarm Productivity – consensus 1.3%, prior 2.3%
08:30 Unit Labor Costs – consensus 0.9%, prior 0.0%
08:30 Trade Balance – consensus -$39B, prior -$38.8B
11:00 Fed to purchase $2.75b-$3.5b bonds in 7 to 10-year range
01:00 Treasury selling $16b 30-year bonds
Fedspeak
09:00am Plosser speaks on monetary policy in Washington
Global Economics (Time Zone: GMT)
Japan Investors Purchases of Foreign Bonds/Stocks
JPY GDP
CNY Foreign Direct Investment
04:30 JPY Industrial Production
06:30 EUR French GDP
07:00 EUR German GDP
09:30 GBP Retail Sales
10:00 EUR Eurozone 3Q GDP (advance estimate)
13:30 CAD New Home Prices
Earnings
After:
Agilent (A)
Nordstrom (JWN)
Applied Materials (AMAT)
Kohl's (KSS)
Wal-Mart (WMT)
Viacom (VIAB)
Friday, November 15
US Economics (Time Zone: EDT)
08:30 Import Price Index MoM – consensus -0.6%, prior 0.2%
08:30 Empire Manufacturing – consensus 5.00, prior 1.52
09:15 Industrial Production – consensus 0.2%, prior 0.6%
09:15 Manufacturing Production – consensus 0.2%, prior 0.6%
09:15 Capacity Utilization – consensus 78.3%, prior 78.3%
10:00 Wholesale Inventories – consensus 0.4%, prior 0.5%
11:00 Fed purchasing $0.75b-$1b notes in 11 to 19-year range
Global Economics (Time Zone: GMT)
10:00 EUR Eurozone CPI
Earnings
No major reports scheduled.
Twitter: @MichaelSedacca
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The calendar is relatively light in the coming week due to Veteran's Day. The only economic data points to note are the October manufacturing production on Friday, and September's trade balance on Thursday. Because the government shut down in October and business surveys largely reflected a concern over future demand, the lingering question remains whether or not companies pulled back orders during the month. Thus far, from preliminary ISM manufacturing surveys, it appears that the concerns are unfounded. The manufacturing production data will be the first hard data point to determine whether or not demand slacked because of the shutdown.
Activity may be light in the US, but the calendar is robust for the rest of the world. The advance estimate of eurozone GDP is due out on Thursday, new loan data from China will be released over the weekend, and employment data from the UK is slated to be released.
The Q3 earnings season is winding down. Notable reports for the coming week include Wal-Mart (NYSE:WMT), Cisco (NASDAQ:CSCO), Dean Foods (NYSE:DF), News Corp (NASDAQ:NWSA), and GSV Capital (NASDAQ:GSVC). GSV is notable because it is a sizable owner of Twitter (NYSE:TWTR), which went public this Thursday.
Monday, November 11
US Economics (Time Zone: EDT)
No major reports
US bond markets closed for holiday
Global Economics (Time Zone: GMT)
JPY Trade Balance
CNY Aggregate Renmibi Financing
00:30 AUD Home Loans
04:30 JPY Bankruptcies
Earnings
After:
Sotheby's (BID)
Rackspace (RAX)
GSV Capital (GSVC)
News Corp (NWSA)
Tuesday, November 12
US Economics (Time Zone: EDT)
07:30 NFIB Small Business Optimism – consensus 93.8, prior 93.9
08:30 Chicago Fed Nat – prior 0.14
11:00 Fed to purchase $1.25b-$1.75b bonds in 23 to 30-year range
11:30 Treasury selling $33b 3-month bills, $29b 6-month bills
1:00 Treasury selling $30b 3-year notes
Fedspeak
1:00pm Kocherlakota speaks on monetary policy in Minnesota
1:50pm Lockhart speaks on economy in Alabama
7:00pm Fisher speaks on monetary policy in Australia
Global Economics (Time Zone: GMT)
00:30 AUD NAB Business Confidence
05:00 JPY Consumer Confidence
07:00 EUR German CPI
09:30 GBP PPI
09:30 GBP CPI
23:50 JPY Machine Orders
Earnings
Before:
Dr Horton (DHI)
Dean Foods (DF)
After:
Medivation (MDVN)
DISH Network (DISH)
Dendreon (DNDN)
Wednesday, November 13
US Economics (Time Zone: EDT)
07:00 MBA Mortgage Applications
02:00 Treasury Monthly Budget Statement – consensus -$104.2B, prior -$120B
11:00 Fed purchasing $1b-$1.5b notes in 5 to 30-year range
11:30 Treasury selling $25b 52-week bills, 4-week bills
01:00 Treasury selling $24b 10-year notes
Fedspeak
8:45am Pianalto speaks in Philly
7:00pm Bernanke speaks to town hall meeting with educators in Washington
Global Economics (Time Zone: GMT)
09:30 GBP Employment Change
10:00 EUR Eurozone Industrial Production
10:30 GBP BoE Inflation Report
21:45 NZD Retail Sales
Earnings
Before:
Macy's (M)
After:
Cisco (CSCO)
NetApp (NTAP)
Sea World (SEAS)
Thursday, November 14
US Economics (Time Zone: EDT)
08:30 Initial Jobless Claims - consensus 335k, prior 340k
08:30 Continuing Claims – consensus 2879K, prior 2881K
08:30 Nonfarm Productivity – consensus 1.3%, prior 2.3%
08:30 Unit Labor Costs – consensus 0.9%, prior 0.0%
08:30 Trade Balance – consensus -$39B, prior -$38.8B
11:00 Fed to purchase $2.75b-$3.5b bonds in 7 to 10-year range
01:00 Treasury selling $16b 30-year bonds
Fedspeak
09:00am Plosser speaks on monetary policy in Washington
Global Economics (Time Zone: GMT)
Japan Investors Purchases of Foreign Bonds/Stocks
JPY GDP
CNY Foreign Direct Investment
04:30 JPY Industrial Production
06:30 EUR French GDP
07:00 EUR German GDP
09:30 GBP Retail Sales
10:00 EUR Eurozone 3Q GDP (advance estimate)
13:30 CAD New Home Prices
Earnings
After:
Agilent (A)
Nordstrom (JWN)
Applied Materials (AMAT)
Kohl's (KSS)
Wal-Mart (WMT)
Viacom (VIAB)
Friday, November 15
US Economics (Time Zone: EDT)
08:30 Import Price Index MoM – consensus -0.6%, prior 0.2%
08:30 Empire Manufacturing – consensus 5.00, prior 1.52
09:15 Industrial Production – consensus 0.2%, prior 0.6%
09:15 Manufacturing Production – consensus 0.2%, prior 0.6%
09:15 Capacity Utilization – consensus 78.3%, prior 78.3%
10:00 Wholesale Inventories – consensus 0.4%, prior 0.5%
11:00 Fed purchasing $0.75b-$1b notes in 11 to 19-year range
Global Economics (Time Zone: GMT)
10:00 EUR Eurozone CPI
Earnings
No major reports scheduled.
Twitter: @MichaelSedacca
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
No positions in stocks mentioned.
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