AUSTRALIAN DIARY: Everything you need to know about the week ahead for markets

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It’s jobs day this Thursday in Australia, with the employment report from the ABS expected to show the economy added another 15,000-20,000 jobs in September. There’s also the minutes from the RBA’s October board meeting scheduled for Tuesday.

Looking abroad, it’s a big week for China with inflation data on Monday and Q3 GDP on Thursday, while the 19th national congress of the ruling Communist Party — held every five years — is scheduled to commence on Wednesday.

September’s CPI data in the US on Friday night showed that inflationary pressures in the US economy continue to remain subdued.

Headline inflation got a boost from higher petrol prices but the core, or underlying, figure just missed expectations with a 0.1% rise in September against 0.2% forecast, leaving the annual increase at 1.7%.

The result didn’t change the market’s view that the US Federal Reserve will most likely raise rates again in December. Longer term though, it added some uncertainty and benchmark US 10-year bond yields fell by 5 basis points to 2.27%.

US stocks rose again to new record highs, while the US dollar index was largely unchanged. The Aussie dollar had a strong session against all major currencies and closed the week at 0.7895 US cents.

Australia

The minutes from the RBA’s meeting follow the bank’s October interest rate announcement which revealed no major changes to the its current stance. It kept rates on hold at 1.5% while maintaining a cautiously optimistic view toward the economy.

The RBA was also more confident about Australia’s labour market, and perhaps with good reason as August’s employment report was the 11th straight month of jobs growth — the best streak in over six years.

That streak is expected to continue this Thursday, with the market currently forecasting 15-20,000 jobs to be added in September.

Here’s this week’s Australian calendar, via ANZ:

International

In addition to the Chinese data, there’s also September inflation figures for New Zealand on Tuesday, the UK on Tuesday night and Canada on Friday.

It’s a quieter week ahead in the US, with September’s industrial production numbers on Wednesday and the US Federal Reserve releases its Beige Book — a summary of economic conditions compiled eight times a year — on Thursday.

On Wednesday night there’s more key data out of the UK, with average weekly earnings figures and the unemployment rate — both for the three months to August.

And on Thursday the European Union (EU) Summit is set to kick off in Brussels, with delegates from all 27 member states meeting to discuss the progress of Brexit negotiations and the political tension in Spain.

A schedule of the main events on this week’s international calendar is set out below (also via ANZ):

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