The local market has opened with another round of exuberance this morning, likely driven by Scott Morrison’s declaration he’d like to see the economy reopen in four weeks, assuming health authorities can give the go-ahead.
As to whether that will be the case is yet to be determined, and clearly any reopening would be conducted on a gradual basis, with relevant restrictions being lifted over time. Meanwhile, in passing 5500 this morning, the ASX200 is 31% off its March low, in anticipation of an economy reopening at some point.
Next week is not a big one on the economic data front. Australia’s highlight will be the minutes of the April RBA meeting due on Tuesday.
Otherwise, we and others, including the US, see flash estimates of April manufacturing PMIs on Thursday, which might be telling.
The US will also see the Chicago Fed national activity index, new and existing home sales, durable goods orders and consumer sentiment.
The local stock market has now moved into quarterly reporting season, which is providing in a lot of “that was then” results given the proverbial didn’t hit the fan until the end of March, and a lot of withdrawn full-year guidance as per ASX instruction.
None too helpful, but next week we’ll hear from BHP Group ((BHP)), Blackmores ((BKL)) and Challenger ((CGF)), while Asaleo Care ((AHY)), which we recall sold its toilet paper business a year ago, holds its AGM and Sydney Airport ((SYD)) will report on “traffic”.
