A step up in key data and other reports this week, as well as a major speech from Reserve Bank Governor, Philip Lowe.
As well there is the continuing uncertainty over Donald Trump’s trade wars, especially with China, the continuing impeachment furore in the US, Brexit in the UK, uncertainty in Spain and the unrest in Hong Kong meaning trade wars.
These will continue to impact markets, especially equities that are at or near record levels.
In Australia the run-up to the start of the release of the September’s national accounts and the RBA monetary policy meeting next Tuesday. The GDP report is next Wednesday (See separate story).
Governor Philip Lowe speaks tomorrow on the prospects of quantitative easing in Australia as a monetary policy tool to kick start the economy.
There’s also important data on the value of construction work done in the third quarter and private investment spending and prospects for the third quarter as well.
The annual meeting season faded this week for June 30 companies – but all attention will be on the Harvey Norman AGM on Wednesday where significant opposition from institutional shareholders will dominate with discussion on the accounts and the remuneration report.
But attention in the US will be on Thanksgiving and the start of the huge retailing sales drama called Black Friday for bricks and mortar and then the online clickathon.
Some retail chains are struggling to adapt to shrinking customer traffic and are being exposed – none more than department store giant Macy’s which last week reported weak sales for the third quarter (down 3.5% on a same-store basis).
Discount rivals Target and Wal Mart though are doing well with solid gains so far this year.
This week also sees the second estimate of third-quarter GDP analysts reckon it will remain unchanged at 1.9% with the updated data on personal consumption expenditure and prices (so-called PCE inflation) around 1.7%.
Data on home prices, new and existing home sales and consumer confidence will also be released along with durable goods orders.
In the Eurozone, the AMP’s Dr. Oliver says confidence data is due Thursday, unemployment is expected to have remained at 7.5% in October and core inflation is likely to have remained weak in November (with both due Friday)
Japanese data for October to be released Friday is likely to show that the labour market remains strong (helped by a falling labour force) but that industrial production fell.
Chinese official business conditions PMIs for November will be released on November 30 and may show a small rise, according to Dr. Oliver.
In India 3rd quarter GDP figures this week will confirm the economy is under pressure.
The Bank of Korea’s policymakers will meanwhile meet to discuss the need for further stimulus, with a massive spending plan expected to be outlined.
