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business newsTrading Radar: Alcoa Leads the Way Into Earnings Season
Economics, earnings reports, and market events for the week ahead.
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On Monday, German Chancellor Merkel and French President Sarkozy are scheduled to meet in Berlin to discuss the ongoing debt crisis. Currently Germany has stonewalled any further easing while the rest of Europe (save Ireland) has been begging for more bailouts.
Italy also has a larger-than-normal amount of debt auctions next week as the country needs to roll over upward of 300 billion euros in debt this year. Currently, borrowing costs for the country have steepened, with 2-year notes yielding 5% and 10-year notes yielding around 7%. Recently, poor results from sovereign debt auctions have played havoc in the US equity markets.
Key earnings reports include aluminum producer Alcoa (AA), chip maker OCZ, homebuilder Lennar (LEN), and US bank JPMorgan (JPM).
Monday, January 9
US Economics
3:00 Consumer Credit – consensus $7.0b
11:00 Fed to sell $8b-$8.75b notes/bonds in 1 year range
11:30 U.S. to sell $29b 3-month and $27b 6-month bills
Global Economics
CNY CPI
00:30 AUD Retail Sales
06:45 CHF Unemployment Rate
11:00 German Industrial Production
15:30 CAD Business Outlook Future Sales
5:15 Germany to sell EU4b 6-month bills
9:00 France to sell up to EU1.7b 364-day, EU1.8b 182-day, EU4.2b 91-day Bills
Earnings
Before: AYI, MG, SCHN
After: AA, OCZ, SMSC, WDFC
Tuesday, January 10
US Economics
07:30 NFIB Small Business Optimism
10:00 IBD/TIPP Economic Optimism
10:00 JOLTS Job Openings
10:00 Wholesale Inventories – consensus 0.5%
11:00 Fed to purchase $1b-$1.15b notes in 7 to 30-year range
11:30 U.S. to sell 4-week bills
11:30 U.S. to sell $25b 52-week bills
1:00 U.S. to sell $32b 3-yr notes
Global Economics
CNY Trade Balance
13:15 CAD Housing Starts
5:00 Greece to sell EU1.25b 182-day bills
Earnings
Before:
After: SNX
Wednesday, January 11
US Economics
07:00 MBA Mortgage Purchase Index
2:00 Fed’s Beige Book
11:00 Fed to buy $2.25b-$2.75b in 25 to 30-year notes
1:00 U.S. to sell $21b in 10-yr reopened notes
Global Economics
CNY New Yuan Loans
05:00 JPY Leading Index
08:00 EUR German Real GDP Growth
09:30 GBP Visible Trade Balance
5:15 Germany to sell EU4b 5-yr notes
Earnings
Before: LEN, LEDS, SVU
After: DRWI, XFO, FUL
Thursday, January 12
US Economics
08:30 Advance Retail Sales – consensus 0.2%
08:30 Retail Sales Less Autos – consensus 0.3%
08:30 Retail Sales Ex Auto & Gas – consensus 0.3%
08:30 Initial Jobless Claims – consensus 375k
08:30 Continuing Claims
10:00 Business Inventories – consensus 0.4%
2:00 Monthly Treasury Budget Statement – consensus -$79.0B
11:00 Fed to purchase $8b-$8.75b notes in 1 to 2-yr range
1:00 U.S. to sell $13b 30-yr reopened bonds
Global Economics
05:00 JPY Eco Watchers Survey
07:00 EUR German CPI
09:30 GBP Industrial Production
12:00 GBP BoE Asset Purchase Target
12:00 GBP Bank of England Rate Decision
12:45 EUR ECB Rate Decision
15:00 GBP NIESR GDP Estimate
4:30 Spain to sell 4.25% 2016, 3.25% 2016, 4% 2015 bonds
5:00 Italy to sell bills
Earnings
Before: INFY, SJR
After: ZZ
Friday, January 13
US Economics
08:30 Import Price Index – consensus 8.2%
08:30 Trade Balance – consensus -$44.6B
09:55 University of Michigan Confidence Statement – consensus 70.5
11:00 Fed to purchase $4.25b-$5b notes in 9 to 10-year range
Global Economics
CNY Industrial Production
CNY Real GDP
CNY Retail Sales
04:00 JPY Bankruptcies
09:30 GBP PPI
10:00 EUR Euro-Zone Trade Balance
5:00 Italy to sell bonds/floating rate notes
Earnings
Before: JPM
Twitter: @MichaelSedacca
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