It’s the end of the Australian financial year this week, as well as the end of the month, quarter and end of the June half year here and offshore.
But the big news will be Greece starting with the votes this week in the country’s Parliament’s that has to approve the latest austerity package.
Greece needs it to receive the next tranche of loans from the IMF and EU of around 12 billion euros.
Without it, the country will default on its debts early next month.
The IMF and EU want all parties to approve it, but the opportunistic Conservatives won’t.
While the Greek government won a confidence vote last week, public opposition is intensifying and it only needs to lose the votes of five out of 155 governing PASOK party members to lose the vote on the austerity package.
The Financial TImes this morning has this list of deadlines and events happening in Greece this week:
Today: Fresh protests expected in Athens as Greek parliament starts three-day debate on austerity programme.
Tuesday: Two-day general strike begins.
Wednesday: Lunchtime vote expected on austerity package. If parliament votes against, the country is heading for disorderly default.
Thursday: If Wednesday’s vote is won, second vote on enabling act to ensure austerity measures are implemented swiftly.
Sunday: Eurozone finance ministers due to approve their share of the €12bn aid payment to Greece.
In the US a flood of data including housing, manufacturing and car sales.
The AMP’s Dr Shane Oliver says the key focus will be on the ISM manufacturing conditions index for June due Friday, which various regional surveys suggests is likely to fall below the supposed boom/bust level of 50.
"While this is likely to have been temporarily depressed by Japanese supply chain disruptions and should reverse in the months ahead, another fall in the ISM may add to investor nervousness.
"Meanwhile, consumer confidence data due Tuesday is likely to rise helped by lower gasoline prices and a strong 15% or so bounce is expected in pending home sales data for May, due on Wednesday," Dr Oliver said.
Data for personal spending and income, house prices, construction spending and vehicle sales (on Friday) are also due for release.
Earnings are due from a handful of consumer-focused companies, including dollar-store chain Family Dollar Stores Inc, packaged-food company General Mills Inc, sporting-goods maker Nike Inc, mattress maker Sealy Corp, chemical and plant seeds group Monsanto Co, winemaker Constellation Brands and food products group, McCormick & Co.
Friday marks the start of the third quarter, and the second quarter reporting season. Alcoa will be the first S&P major to report about July 11.
Japan’s monthly data dump, inflation, unemployment, retail sales and job openings will dominate the week in Asia.
Japanese industrial production data for May due Wednesday will show a solid gain from March and April, confirming that recovery from the earthquake and tsunami is underway.
Inflation, retail sales and job openings will be released later in the week on Friday.
And the Tankan quarterly survey of medium and large business will be also be released on Friday by the Bank of Japan and is expected to be a bit more upbeat than you would have thought a month ago.
The last survey was conducted in March and was skewed badly by the quake and tsunami which hit as replies were being returned to the central bank. The bank reissued the Tankan with amended results.
Ahead of the US survey of manufacturing on Friday night, our time, the two monthly surveys of Chinese manufacturing conditions (PMIs) on Friday are likely to show a further mild softening in the Chinese economy, based on the early version of the HSBC Markit PMI which came out last Thursday.
In Australia, expect soft readings for May job vacancies, private credit and dwelling prices which are all due for release on Thursday and similarly soft readings for a manufacturing conditions index and new home sales due on Friday.
A speech by RBA Assistant Governor Guy Debelle on Tuesday will also be watched for any clues on monetary policy.
He’s the RBA’s head of Financial Markets.
Annual meetings include: ActivEX Ltd, Integra Mining Ltd, Terrain Minerals, Australian Renewable Fuels, Robe Australia, Orion Metals, Perth – Cape Range Ltd, Copper Strike Ltd, Village Roadshow, Eftel Ltd, Glory Resources, Greenland Minerals & Energy, Ausdrill Ltd, Australasia Consolidated Ltd, Augur Resources Ltd, MobileActive Ltd, Beyond Sportswear International Ltd , Allmine Group, Fortis Mining,- Enterprise Metals Ltd, Sabina Corporation, Greater Bendigo Gold Mines, Drake Resources, Sovereign Metals Ltd.
