It’s GDP week in Australia, with Q3 economic growth figures due out on Wednesday.
That will headline a domestic data deluge to start the month, including retail sales, building approvals and monthly home price figures. The RBA will also hold its last meeting for the year on Tuesday afternoon.
There’s no shortage of key data abroad either. So with a big week ahead, ASX futures closed 25 points higher on Friday night after a positive session for US stocks, as the S&P500 capped off its best weekly gain in seven years.
Sentiment was less positive in Europe, as stocks fell and the euro lost ground against other major currencies. The Aussie dollar held above US73 cents amid a broader round of strength in the US dollar.
And global risk appetite may get a boost to start the week, after President Trump and China’s Xi Jinping agreed to a 90-day ceasefire in the trade war on Saturday night.
To the week ahead:
Ahead of Wednesday’s GDP print, the median forecast is for economic growth to remain robust in Q3 with an annual increase of 3.3% (0.6% q/q).
Economists will revise their estimates when the usual round of partial GDP indicators are released by the ABS on Monday and Tuesday.
There’s also updates for two sectors that have been in decline in recent months — building approvals (Monday) and retail sales (Thursday). The ABS also has October trade data on Thursday for good measure.
And CoreLogic will provide monthly house price data for November on Monday, ahead of the RBA’s last meeting for the year on Tuesday afternoon.
Analysts are expecting few if any changes to the central bank’s current rate settings and policy outlook.
Also of note in a huge week, Australia will get monthly PMI readings on Monday and RBA deputy governor Guy Debelle gives a speech on Thursday night called “Lessons and Questions from the GFC”.
Markets will get an important update on the outlook for the global economy on Monday, with a wave of monthly PMI data for Japan, China, Europe the US and the UK.
On the central bank front, US Fed chairman Jerome Powell will testify before the Joint Economic Committee of Congress on Wednesday night.
And the US will get partial employment indicators during the week ahead of all-important November jobs data on Friday night.
The full schedule for this week’s packed data calendar is here (via ANZ):
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