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Trading Radar: Little Economic Data in the Week Ahead, but Apple Earnings on Wednesday

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Economics, earnings reports, and market events for the week ahead.

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This past week, the Russell 2000 (INDEXRUSSELL:RUT) reached a new record high and the S&P 500 (INDEXSP:.INX) made new multi-year highs as housing and employment data was better. US financial earnings were led by investment banks Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) beating EPS estimates by a wide margin on the back of reduced headcount and compensation.

Next Monday, US markets will be closed for Martin Luther King, Jr. Day. However, global markets will be open. For the rest of the week, earnings data will have a bigger effect on the market's direction than economic data. There will be some additional data in the form of new home sales and existing home sales, which will have a smaller effect than the prior week's housing starts. Manufacturing data from the Richmond and Kansas City regional Fed banks may continue to show a business slowdown as the country recovers from disruptions during Hurricane Sandy.

Globally, the big story of the week will be the Bank of Japan's rate decision. It has been reported by the Nikkei newswire that the central bank will raise its asset purchase plan by 10 trillion yen and explicitly target 2% inflation, up from its current target of 1% after the new government has pushed for expanded growth from both fiscal and monetary sources.

The big earnings report of the week will be from Apple (NASDAQ:AAPL). The technology giant is expected to report quarterly earnings-per-share of $13.49 and revenues of $54.81 billion on Wednesday after the market close. Other earnings reports will include IBM (NYSE:IBM), Google (NASDAQ:GOOG), Delta Air Lines (NYSE:DAL), Lockheed Martin (NYSE:LMT), McDonald's (NYSE:MCD), Microsoft (NASDAQ:MSFT), and AT&T (NYSE:T).


Monday, January 21

US Economics (Time Zone: EDT)

US markets closed for Martin Luther King Day

Global Economics (Time Zone: GMT)

00:30 AUD PPI
06:00 JPY Machine Tool Orders
07:00 EUR German PPI
08:00 CHF Real Estate Index

Earnings

No earnings


Tuesday, January 22

US Economics (Time Zone: EDT)

08:30 Chicago Fed National Activity Index – prior 0.10
10:00 Richmond Fed – consensus 4, prior 5
10:00 Existing Home Sales SAAR – consensus 5.10M, prior 5.04M
11:00 Fed to buy $1b-$1.5b TIPS in 4 to 29-year range
11:30 Treasury to sell $32b 3-month, $28b 6-month bills

Global Economics (Time Zone: GMT)

JPY BoJ Rate Decision
05:00 JPY Leading Index
09:30 GBP Public Credit
10:00 EUR Eurozone ZEW Economic Sentiment Survey
13:30 CAD Retail Sales
10:30 UK selling 10-year notes
11:30 Germany selling EU1b in 10-year inflation linked notes

Earnings

Before:
DuPont (DD)
Traveler's (TRV)
Region's Financial (RF)
Verizon (VZ)
TD Ameritrade (AMTD)
Delta Air Lines (DAL)
Johnson & Johnson (JNJ)
Freeport McMoran (FCX)

After:
Texas Instruments (TXI)
Cree (CREE)
CSX (CSX)
IBM (IBM)
AMD (AMD)
CA (CA)
Norfolk Southern (NSC)
Google (GOOG)


Wednesday, January 23

US Economics (Time Zone: EDT)

07:00 MBA Mortgage Index
09:00 Home Price Index – consensus 0.7%, prior 0.5%
11:00 Fed to buy $1.25b-$1.75b bonds in 25 to 30-year range
11:30 Treasury selling 4-week bills

Global Economics (Time Zone: GMT)

00:30 AUD CPI
05:00 JPY BoJ Monthly Economic Report
09:30 GBP BoE Minutes
09:30 GBP Employment Change
10:00 CHF ZEW Survey
15:00 Bank of Canada Rate Decision
15:00 EUR Eurozone Consumer Confidence

Earnings

Before:
Abbott Labs (ABT)
Baker Hughes (BHI)
General Dynamics (GD)
McDonald's (MCD)
AbbVie (ABBV)
Coach (COH)

After:
Stryker (SYK)
F5 Networks (FFIV)
Netflix (NFLX)
Invensense (INVN)
Altera (ALTR)
Apple (AAPL)
Western Digital (WDC)
SanDisk (SNDK)
Symantec (SYMC)


Thursday, January 24

US Economics (Time Zone: EDT)

08:30 Initial Claims – consensus 370K, prior 371K
08:30 Continuing Claims – consensus 3220K, prior 3109K
08:58 Markit US PMI, Preliminary – consensus 53.0
10:00 Leading Indicators – consensus 0.4%, prior -0.2%
11:00 Kansas City Fed – prior -2
11:00 Fed to buy $2.75b-$3.5b notes in 7 to 9-year range
1:00 Treasury selling $15b 10-year TIPS

Global Economics (Time Zone: GMT)

01:45 CNY HSBC Manufacturing PMI
02:00 NZD Credit Card Spending
09:00 EUR Eurozone PMI
09:30 GBP BBA Loans for Home Purchase
23:30 JPY CPI

Earnings

Before:
Brunswick (BC)
Stanley Black & Decker (SWK)
Union Pacific (UNP)
Lockheed Martin (LMT)
Knight Capital (KCG)
Xerox (XRX)
Raytheon (RTN)
Southwest Airlines (LUV)
Bristol-Myers Squibb (BMY)
WW Grainger (GWW)

After:
Cypress Semi (CY)
AT&T (T)
Microsoft (MSFT)
Starbucks (SBUX)
Cirrus Logic (CRUS)
Etrade (ETFC)
Juniper (JNPR)
Tempur-Pedic (TPX)

3M (MMM)


Friday, January 25

US Economics (Time Zone: EDT)

10:00 New Home Sales – consensus 385K, prior 377K
11:00 Fed to buy $3b-$3.75b bonds in 5 to 6.5-year range

Global Economics (Time Zone: GMT)

09:00 EUR German IFO – Business Climate, Current Assessment
09:30 GBP GDP
13:30 CAD CPI

Earnings

Before:
Honeywell (HON)
Kimberly Clark (KMB)
Procter & Gamble (PG)
Haliburton (HAL)

Twitter: @MichaelSedacca

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