An hour into today’s session and the ASX200 appears to be fighting back after an initial plunge, but the day ain’t over yet. Complicating the issue is the fact it’s a Friday – a day that often sees afternoon selling as traders seek to avoid taking risk across the weekend.
We shall see.
Obviously tonight’s session on Wall Street will be critical as to how the new week begins, and critical to Wall Street tonight will be the earnings reports of JPMorgan, Citigroup and Wells Fargo.
China’s trade data due later today will also be of importance.
Next week sees the US September quarter result season ramping up, with more banks and a lot of big tech and big industrial names set to report. Wall Street plunged in February, ahead of March quarter reports, and in June, ahead of June quarter reports, and in both cases Wall Street subsequently rallied to new highs. Will this October plunge be saved by this result season?
US date releases next week include retail sales, industrial production, housing sentiment and starts and existing home sales. The minutes of the September Fed meeting are also due.
How are tariffs really impacting on China? Next week brings Chinese inflation data on Tuesday and retail sales, industrial production and fixed asset numbers and September quarter GDP, all on Friday.
In Australia the RBA minutes are out and the job numbers are due on Thursday.
On the local stock front, both the AGM season and the quarterly update season, including resource sector production reports, begin to ramp up next week.
