Next week is the busiest in the local earnings result season by a margin, in terms of number of companies reporting. To put things into perspective, for the first two weeks of August (as of yesterday) the FNArena Corporate Results Monitor shows 51 results, and by end-August that number will exceed 300.
The issue for this result season in particular is one of micro assessments having to be made before a backdrop of elevated macro volatility. There is no sign of that volatility abating in the short term.
From here there are too many reports pending to highlight on a weekly basis. Please refer to the FNArena Calendar (see above).
In economic data terms next week is a quiet one globally. Flash estimates of August manufacturing PMIs around the world will be the highlight on Thursday.
But we will see the minutes of the last Fed meeting out on Wednesday, following the RBA minutes on Tuesday. Both could be market-moving in the context.
And on Friday the annual Jackson Hole central bankers’ symposium, famous for being the forum Ben Bernanke chose to announce his various QE packages, begins. These days the symposium is less impactful but no doubt attendees will have a bit to talk about.
Note also that as local earnings season hits its peak, the flow of ex-dividends also begins to ramp up, providing a handicap start for the index each morning.
