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Trading Radar: All Eyes on the ECB

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

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MINYANVILLE ORIGINAL US markets will be closed on Monday for the Labor Day holiday, and there isn't much on the schedule in Europe.

After Ben Bernanke provided some dovish commentary in his Jackson Hole speech (but didn't specify how), the European Central Bank will discuss potential bond-buying proposals at next Thursday's meeting. While the ECB will likely not begin any new purchase programs with the German Constitutional Court's decision on the European Stability Mechanism (ESM) on the horizon, investors are expecting some details from the ECB on how it intends to ease financial conditions in the eurozone. The Royal Bank of Australia (or RBA) will also hold its monthly policy meeting, with speculation that the bank may look to ease conditions for the second time in the past four months.

In the US, the monthly nonfarm payrolls number will be released on Friday. Economists are expecting no change in the unemployment rate, but a slight decline in monthly payrolls. For a preview before the Friday release, the ADP will release its monthly private payrolls report on Thursday.

Key earnings reports include Finisar (FNSR) and Kroger (KR).

Monday, September 3

US Economics (Time Zone: EDT)

US Markets are closed for Labor Day holidays

Global Economics (Time Zone: GMT)

05:00 JPY Vehicle Sales
08:00 EUR PMI

Earnings

No earnings

Tuesday, September 4

US Economics (Time Zone: EDT)

08:58 Markit US PMI Final – consensus 51.9
10:00 ISM Manufacturing – consensus 50.0, prior 49.8
10:00 ISM Prices Paid – consensus 46.0, prior 39.5
10:00 Construction Spending – consensus 0.4%, prior 0.4%
5:00 Total Vehicle Sales – consensus 14.20M, prior 14.05M
5:00 Domestic Vehicle Sales – consensus 11.03M, prior 11.00M
11:00 Fed purchasing $1.5b-2b bonds in 25 to 30-year range
11:30 Treasury to sell $32b 3-month, $28b 6-month bills
2:00 Fed to purchase $4.25b-$5b 6 to 8-year range

Global Economics (Time Zone: GMT)

01:30 AUD Current Account Balance
04:30 AUD Royal Bank of Australia Cash Target
07:00 EUR Spanish Unemployment
09:00 EUR Eurozone PPI
10:00 Greece to sell bills
11:00 EFSF to sell EU2b in 91-day bills

Earnings

Before:
Campbell Soup (CPB) EPS 38c
Smithfield Foods (SFD) EPS 45c
After:
Bloomin Brands (BLMN)
Finisar (FNSR) EPS 14c


Wednesday, September 5

US Economics (Time Zone: EDT)

07:00 MBA Mortgage Purchase Index
08:30 Nonfarm Productivity – consensus 1.8%, prior 1.6%
08:30 Unit Labor Costs – consensus 1.5%, prior 1.7%
09:45 ISM New York – consensus 55.2
11:00 Fed purchasing $4.5b-$5.5b in 8 to 10-year range
11:30 U.S. to sell 4-week bills

Global Economics (Time Zone: GMT)

01:30 AUD GDP
02:30 CNY HSBC Services PMI
08:00 EUR PMI Composite, Services
08:30 GBP UK PMI Services
09:00 EUR Eurozone Retail Sales
9:30 U.K. to sell GBP 1.75b 30-year bonds
10:30 Germany to sell EU5b 10-year notes

Earnings

After:
Verifone (PAY) EPS 70c
Dollar General (DG) EPS 64c


Thursday, September 6

US Economics (Time Zone: EDT)

07:30 Challenger Job Cuts YoY – prior -44.5%
08:15 ADP Employment Change – consensus 140K, prior 163K
08:30 Initial Jobless Claims – consensus 370K, prior 374K
08:30 Continuing Claims – consensus 3315K, prior 3316K
10:00 ISM Non-Manufacturing Composite – consensus 52.5, prior 52.6
11:00 Fed buying $1.5b-$2b Treasuries in 25 to 30-year range

Global Economics (Time Zone: GMT)

01:30 AUD Unemployment Change
09:00 EUR Eurozone GDP
10:00 EUR German Factory Orders
11:00 GBP Bank of England Rate Decision
11:45 EUR ECB Rate Decision
8:30 Spain to sell bonds
9:30 France to sell bonds

Earnings

Before:
No reports
After:
Smith & Wesson (SWHC) EPS 18c
Ulta Salon (ULTA) EPS 51c
Hovnanian (HOV) EPS -11c


Friday, September 7

US Economics (Time Zone: EDT)

08:30 Nonfarm Payrolls – consensus 125K, prior 163K
08:30 Private Payrolls – consensus 139K, prior 172K
08:30 Manufacturing Payrolls – consensus 10K, prior 25K
08:30 Unemployment Rate – consensus 8.3%, prior 8.3%
08:30 Average Weekly Hours – consensus 34.5, prior 34.5
08:30 Underemployment Rate – prior 15.0%
11:00 Fed to sell $7b-$8b notes in 1 to 2-year range

Global Economics (Time Zone: GMT)

06:00 EUR German Trade Balance
06:00 EUR German Current Account Balance
07:00 EUR Spanish Industrial Output
11:00 UK to sell bills

Earnings

Before:
Kroger (KR) EPS 49c


Twitter: @MichaelSedacca

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No positions in stocks mentioned.

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