Today's calendar is relatively quiet, but activity picks up next
The main items today are from across the Atlantic, with European
economic sentiment, French gross domestic product, and Italian
manufacturing data all scheduled for early in the session. The only
release in the United States is the final revision to consumer
sentiment at 9:55 a.m. ET.
Economists expect a reading of 77.3, up from the earlier 76.8
figure. It's unlikely to have a big impact on trading because it's
an update of an existing number.
Politics could also loom large as Republicans and Democrats wrangle
over the budget and debt ceiling. If they fail to reach an
agreement on the budget by Tuesday, the government would shut down.
Next week is also packed with important economic data. It begins
Sunday night with Chinese and Japanese manufacturing reports, both
of which have the potential to move markets worldwide.
Monday morning brings Australia's central bank announcement, often
viewed as an indicator on the strength of the Chinese economy. The
Chicago Purchasing Managers Index is the only U.S. released
Tuesday brings the Institute of Supply Management's monthly
manufacturing index, construction spending, and auto sales.
European manufacturing data also comes out before the opening bell.
Wednesday features the European Central Bank's interest-rate
announcement in and ADP's monthly report of U.S. private-sector
payrolls in the morning. Bank of Japan releases its key
announcement in the evening, which can also affect trading.
Thursday brings service-sector reports for Europe and the U.S.,
plus initial jobless claims and factory orders.
It climaxes with the monthly non-farm payrolls report on Friday
morning. While only a handful of companies are scheduled to release
quarterly earnings, the quarter ends during the week, so unexpected
preannouncements could occur.
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