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Trading Radar: Earnings Season Kicks Off

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

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MINYANVILLE ORIGINAL On Monday, the bond markets will be closed for the Columbus Day holiday. The stock markets will be open, but it should be a quiet day. There will be no economic or earnings reports in the US, and it will be quiet in global economic news.

Tuesday will officially start the beginning of earnings season with Alcoa (NYSE:AA). The major financial center bank earnings will start on Friday with JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC).

The Treasury will auction 3-, 10-, and 30-year Treasury notes and bonds next week. There will be a total net new supply of $28 billion.

On Monday, increased data will come out from China in the form of the services PMI. Note that last week China's non-manufacturing PMI fell to 53.7 from 56.3. On Thursday China will release their new loan data. Continued decreases in loan activity from Chinese banks could lead to further intervention from the Chinese government or central bank as they attempt to soften the decline in economic activity.

In the US, the Producer Price Index on Friday and Import Price Index on Thursday will be the highlights of the week in terms of economic data.


Monday, October 8

US Economics (Time Zone: EDT)

No major reports
US Bond markets closed for Columbus Day holidays, stock markets will be open

Global Economics (Time Zone: GMT)

02:30 CNY HSBC Services PMI
05:45 CHF Unemployment Rate
06:00 EUR German Trade Balance
07:15 CHF CPI
08:30 EUR Eurozone Sentix Investor Confidence
10:00 EUR German Industrial Production
23:50 JPY Trade Balance
10:30 Germany to sell EU4b in 6-month bills
13:00 France to sell in bills

Earnings

No major earnings


Tuesday, October 9

US Economics (Time Zone: EDT)

07:30 NFIB Small Business Optimism – consensus 93.3, prior 92.9
10:00 IBD/TIPP Economic Optimism – consensus 49.5, prior 51.8
11:00 Fed purchasing $1.75b-2.25b bonds in 25 to 30-year range
11:30 Treasury to sell $32b 3-month, $28b 6-month bills
1:00 US to sell $32b 7-year notes

Global Economics (Time Zone: GMT)

04:30 JPY Bankruptcies
08:30 GBP Industrial Production
08:30 GBP Trade Balance
09:00 GBP NIESR GDP Estimate

Earnings

After:
Chevron (CVX) EPS $3.07
Yum Brands (YUM) EPS 97c
Alcoa (AA) EPS 1c


Wednesday, October 10

US Economics (Time Zone: EDT)

07:00 MBA Mortgage Purchase Index
10:00 JOLTs Job Openings – prior 3664
10:00 Wholesale Inventories – consensus 0.4%, prior 0.7%
2:00 Fed's Beige Book
11:00 Fed to sell $7b-$8b notes in 1 to 3-year range
11:30 US to sell 4-week bills
1:00 US to sell $21b in 10-year notes (reopening)

Global Economics (Time Zone: GMT)

23:50 JPY Machine Tool Orders
10:00 Italy to sell bills
10:30 Germany to sell EU4b in 5-year notes
11:00 Germany to sell EU1.5b 10-year inflation linked bonds

Earnings

Before:
Costco (COST) EPS $1.31
Progressive (PGR) EPS 26c
After:
ADTran (ADTN) EPS 16c
OCZ Tech (OCZ) EPS -13c


Thursday, October 11

US Economics (Time Zone: EDT)

08:30 Initial Jobless Claims – consensus 368K, prior 367K
08:30 Continuing Claims – consensus 3275K, prior 3281K
08:30 Import Price Index YoY – consensus -1.3%, prior -2.2%
08:30 Trade Balance – consensus -$44.0B, prior -$42.0B
2:00 Monthly Budget Statement – consensus -$1.0B, prior -$62.8B
11:00 Fed to buy $750m-$1.25b TIPS in 7 to 30-year range
1:00 US selling $13b in 30-year bonds (reopening)

Global Economics (Time Zone: GMT)

CNY New Yuan Loans
01:00 JPY Consumer Confidence
01:30 AUD Employment Change
06:00 EUR German CPI
10:00 Italy to sell bonds
10:30 UK to sell 12-year inflation linked bonds

Earnings

Before:
Fastenal (FAST) EPS 37c
After:
Safeway (SWY) EPS 43c


Friday, October 12

US Economics (Time Zone: EDT)

08:30 Producer Price Index YoY – consensus 1.8%, prior 2.0%
08:30 PPI Ex Food & Energy YoY – consensus 2.5%, prior 2.5%
09:55 University of Michigan Confidence – consensus 78.0, prior 78.3
11:00 Fed to buy $1.75b-$2.25b bonds in 25 to 30-year range

Global Economics (Time Zone: GMT)

IMF, World Bank Annual Meetings in Japan
09:00 Eurozone Industrial Production

Earnings

Before:
JPMorgan (JPM) EPS $1.20
Wells Fargo (WFC) EPS 87c


Twitter: @MichaelSedacca

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No positions in stocks mentioned.

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