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Trading Radar: July Housing Data and Retailer Earnings Set for Next Week

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

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Let's take a look ahead at what's coming up next week in potentially market-moving news.

Monday is the deadline for any objections to Detroit's eligibility to file for bankruptcy. The city's two public pension boards have already announced plans to file their objections before the deadline.

It's going to be a big week for housing data. On Wednesday, July existing home sales numbers will be released. Economists are expecting sales to rise by 1.1% from the prior month to a seasonally-adjusted annualized rate of 5.13 million. Inventory of homes already on the market reached an 11-year low in January of this year, which has spurred increased builder activity.

On Friday morning, investors will be watching for the July new home sales report. June housing starts and building permits fell 7.9% and 6.8%, respectively. Typically, new home sales operate on a 1- to 2-month lag from new housing starts. However, builder confidence in July reached an eight-year high and has been trending up for the past two years. Economists expect a drop of 1.4% from the prior month to an annualized rate of 490,000.

On Wednesday, the Federal Open Market Committee will release the minutes from its meeting earlier this month. In the press release following that meeting, Fed officials noted that recent low readings of inflation could prompt the committee to maintain its accommodative policy for longer than had been previously anticipated. Previously, Fed officials have stated that the low inflation readings are transitory. It is unlikely that the new minutes will affect sentiment about a September cut in asset purchases.

Jobless claims will be released on Thursday morning. Last week, weekly claims fell to 320,000, the lowest rate in seven years. The current 4-week moving average of claims stands at 332,000.

Next week we'll see earning reports from retailers like JC Penney (NYSE:JCP), Barnes & Noble (NYSE:BKS), Best Buy (NYSE:BBY), Dick's Sporting Goods (NYSE:DKS), Target (NYSE:TGT), Foot Locker (NYSE:FL), and Sears Holdings (NASDAQ:SHLD). Thus far for the second quarter, there have been very few retailers that have beat earnings expectations.


Monday, August 19

US Economics (Time Zone: EDT)

No major economic reports
11:00 Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
11:30 U.S. to sell $30b 3M bills, $25b 6M bills

Global Economics (Time Zone: GMT)

05:00 JPY Leading Index

Earnings

After:
Urban Outfitters (URBN)


Tuesday, August 20

US Economics (Time Zone: EDT)

08:30 Chicago Fed – consensus 0, prior -0.13
11:00 Fed to purchase $750m-$1b notes in 2024-2031 sector
11:30 US to sell 4-week bills, $25b 52-week bills

Fed Speak
12:45 Fed's Lockhart speaks on economy in Atlanta

Global Economics (Time Zone: GMT)

01:30 AUD Reserve Bank of Australia Minutes

Earnings

Before:
JC Penney (JCP)
Barnes & Noble (BKS)
Dick's Sporting Goods (DKS)
Best Buy (BBY)
Saks (SKS)

After:
Home Depot (HD)


Wednesday, August 21

US Economics (Time Zone: EDT)

7:00 MBA Mortgage Applications
10:00 Existing Home Sales – consensus 5.14M, prior 5.08M
2:00 FOMC Minutes July meeting

Fed Speak

13:20 Fed's Bullard addresses Rotary Club of Paducah, Kentucky
15:15 Fed's Bullard speaks on monetary policy at Paducah, Kentucky, convention center

Global Economics (Time Zone: GMT)

08:30 GBP Public Sector Net Borrowing
23:50 JPY Japan's Buying of Foreign Bonds, Stocks

Earnings

Before:
Target (TGT)
Toll Brothers (TOL)
Staples (SPLS)
PetSmart (PSMT)
Madison Square Garden (MSG)
Lowe's (LOW)

After:
Hewlett-Packard (HPQ)
American Eagle Outfitters (AEO)


Thursday, August 22

US Economics (Time Zone: EDT)

8:30 Initial Jobless Claims - consensus 330k, prior 320k
8:30 Continuing Claims – consensus 2970K, prior 2969K
8:58 Markit US Preliminary PMI – consensus 54.2
9:00 FHFA Home Price Index (Jun) – consensus 0.6%, prior 0.7%
9:00 FHFA Home Price Index 2Q – consensus 2.4%, prior 1.95%
10:00 Leading Index Jul – consensus 0.5%, prior 0.0%
11:00 Kansas City Fed – consensus 6, prior 6
11:00 Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
1:00 Treasury to reopen $16b 5-year TIPS

Fed Speak

8:15 Fed's Bullard speaks on economy in Louisville, Kentucky

Global Economics (Time Zone: GMT)

01:45 CNY HSBC Flash Manufacturing PMI
06:00 CHF Swiss Trade Balance
07:30 EUR German Manufacturing and Services PMI
08:00 EUR Eurozone Manufacturing and Services PMI
12:30 CAD Retail Sales

Earnings

Before:
Dollar Tree (DLTR)
Sears Holdings (SHLD)
Abercrombie & Fitch (ANF)

After:
Gap (GPS)
Aeropostale (APO)
Aruba Networks (ARUN)
Pandora (P)
GameStop (GME)


Friday, August 23

US Economics (Time Zone: EDT)

10:00 New Home Sales – consensus 490K, prior 497K
11:00 Fed to purchase $2.75b-$3.5b debt in 2020-2023 sector

Global Economics (Time Zone: GMT)

06:00 EUR German GDP (2nd estimate)
08:30 GBP GDP (1st estimate)
12:30 CAD CPI
14:00 EUR Eurozone Consumer Confidence

Earnings

Before:
Foot Locker (FL)


Twitter: @MichaelSedacca

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