In Australia, the week will be dominated by the run up to the first quarter GDP figures on Wednesday, along with data for retail sales, building approvals and the trade for April.
Offshore we get the usual start of the monthly surveys of manufacturing sectors in China, India, Europe and the US, while the May jobs data will be the big release for America on Friday night, our time.
In Australia, Wednesday March quarter National Accounts are expected to show the long flagged contraction in the economy on the back of the floods and cyclones in January and February, on top of the softening of conditions in the non-resources sectors of a the economy.
Business investment and construction were stronger in the quarter, but details on inventories, profits and wages (today), the current account and government finances (tomorrow) are likely to paint a mixed picture of the economy in the three months to March.
The AMP sees the economy as having contracted by 0.3% in the quarter, thanks to the slump in exports in January and February.
That was after a 0.2% rise in the September quarter (and a 0.2% fall in non-farm income).
As well weak consumption (as we saw with the flat retail sales) and a fall in government spending will have added downward pressure on the economy.
The Reserve Bank is expecting a small contraction (as it said in the minutes of the May board meeting).
It also understands the contraction won’t matter at all and if anything has postponed a rise in interest rates.
Building approvals data tomorrow are expected to show a fall after the rise in March and retail trade due Thursday to have increased after surprising weakness in March (down 0.5%).
The trade figures for April should show a continuation of the recovery in coal exports in particular.
The RPData house price index for April is also expected out tomorrow.
We also get April private credit data from the Reserve Bank tomorrow and the central bank will issue its Commodity Price Index for May on Wednesday afternoon.
The May survey of manufacturing will be issued on Wednesday.
Car industry sales data for May could be out on Friday.
Retail distributor Metcash will reveal its full-year financial results tomorrow.
And Suncorp has an investor day today and should update its earnings guidance for the June 30 year.
Tabcorp shareholders are due to meet midweek to vote on splitting the company into casino and wagering and gaming businesses.
Other meetings include Ivanhoe Australia, Everest Financial Group, Metminco Ltd, KTL Technologies, RGM Media, Argosy Minerals. Aurora Oil & Gas, Braziron Ltd, India Resources, Modena Resources, Sino Gas & Energy Holdings, AFT Corporation Ltd CB Australia, Cluff Resources Pacific, Fermiscan Holdings, Neuren Pharmaceuticals, Realm Resources, Carpentaria Exploration, Macro Corporation, Marbletrend Group, Phosphagenics Ltd, CVI Energy Corporation, Hunna Coal Ltd, Atlas South Sea Pearl, Cape Range Ltd, Carbine Resources, Mineral Commodities, Norwood Abbey Ltd, Strategic Minerals Corporation, WHL Energy, Indochine Mining, Tabcorp Holdings, MCM Entertainment Group, MIKOH Corporation, OceanaGold Corporation, Australasian Resources, Minemakers Ltd and TVN Corporation Ltd.
In the US, markets will be closed in the US, tonight our time, for the Memorial Day public holiday, so don’t expect any dramatic moves in the markets.
Tuesday brings US consumer confidence data, as well as the Chicago purchasing managers’ index.
The S&P Case-Shiller home price index is also set for release.
On Wednesday, US car sales figures for May are expected, along with April construction spending data and the ISM manufacturing index for May.
Analysts are tipping manufacturing to have eased for a third month, and for a fall in car sales.
US factory orders data for April is also due, along with durable goods orders for the month.
Friday brings the US employment situation report including non-farm payrolls data and the unemployment rate, along with the ISM non-manufacturing index.
Around 150,000 to close to 200,000 new jobs seem to be the market range.
Reuters says its surveys suggest around 185,000. Most expected the unemployment rate to remain at 9%.
In Europe, markets are closed in the UK tonight for the Spring Break holiday,
UK house price data will be released in the UK tomorrow night, and European Monetary Union unemployment rate figures for April are also due.
Mortgage approvals data for April will be released in the UK on Wednesday, along with the May purchasing manager’s index for manufacturing.
The May purchasing managers’ index for services is due in the UK.
Eurozone inflation as well as German unemployment and retail sales will also be released and will be closely watched because of the strength of the German economy at the moment.
In Asia, we will get the April industrial production data from Japan which is expected to show a small rise, but it won’t recover the 15.3% plunge in March.
Car production data (see the Japan story) showed a big fall last month, so the figures will be weak anyway.
In China, two May business conditions indicators (PMIs) will be released, one official and the other the final version of the HSBC flash manufacturing survey that was released last week.
Both a
