[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Crowd_gathers_for_updates_to_1920_World_Series.JPG”]
Without a doubt, 2012 has gotten off to a quieter start than what we experienced during much of 2011.That’s been a good thing, market-wise. In the vacuum we’ve watched equities mostly drift higher, European yields drift lower, and emerging markets roar back to life.
This week the headlines should be back with a vengeance.
First, there’s going to be tons of news out of Greece, as the country and its creditors continue to hammer out a deal. There’s been all kinds of weird whispers in the background about maybe Greece preparing to leave the Eurozone and default, and mostly nobody has listened. But if the negotiations continue not to be successful, then the rumours will get even louder. Then there’s the brewing Portugal question. Also, there’s a European summit. So expect headlines out of that.
Then in the U.S., we’re jam-packed with data, as it’s officially JOBS WEEK.
The Non-Farm Payrolls report comes out on Friday. Analyst expectations are in a range of 150-200K new jobs in January. The unemployment rate is seen falling to 8.4% from 8.5%.
But before that there’s tons of other data, including, of course, ADP— the measurement of private payrolls—on Wednesday.
Today we get personal income and spending and the core PCE price index, which will be closely watched for more signs of disinflation. Update: The numbers are out, and they’re mediocre.
Case-Shiller and Chicago PMI come out Tuesday.
Also on Wednesday, ISM manufacturing is released.