Thursday is jobs day in the U.S. But a key report from the Philadelphia Fed, as well as preliminary June PMI readings and existing home sales, will also move shares.Here’s what you need to know.
- New Zealand starts things off at 6:45 p.m. on Wednesday evening with a reading of first quarter GDP. Economists forecast the economy expanded by 0.4 per cent during the period.
- Announcements go quiet until 2:00 a.m. on Thursday morning, with readings of Japan’s Machine Tool Orders and the Swiss trade balance. There is no consensus for either report.
- French manufacturing PMI follows at 3:00 a.m., with forecasts for a slight decline in June to 44.5. A reading below 50 indicates contraction.
- Swiss industrial production hits at 3:15 a.m. Consensus is for a 7.2 per cent decline in the first quarter.
- German manufacturing PMI will be released at 3:30 a.m. Expectations are for a reading of 45.2, indicating no sequential change.
- British retail sales are projected to increase 0.7 per cent in May when excluding fuel sales. The data will be released at 4:30 a.m.
- Attention shifts to the U.S. at 8:30 a.m. with initial unemployment claims. Economists predict the number of first time filers declined by 3,000 week-on-week to 383,000.
- At 9:00, Markit will release a preliminary reading of June PMI. Expectations are for a 70 basis point fall to 53.3.
- The Philadelphia Federal Reserve will release its monthly reading of business activity at 10:00 a.m. Economists see the headline index increasing to 0 from -5.8 in May.
- Also closing out the day at 10:00 are existing home sales and leading indicators. Annualized existing home sales are seen falling to 4.57 million in May from 4.62 million. The leading indicators index is forecast to show a 10 basis point gain in May.
Below, the key earnings announcements scheduled for the day.
CarMax (KMX): $0.54
ConAgra Foods (CAG): $0.50
Rite Aid (RAD): -$0.04
Consensus estimates provided by Bloomberg. All times are in Eastern Standard Time.