What's next for the upcoming week on the calendar 05.11 - 09.11
Soften start of the new week and month, but ended yet again in badly for the major indexes and stocks after the rumours that Trump ordered to the administration to draft a proposal on an eventual positive outcome of the talks between China were denied by the administration itself and after Apple told that they won't disclose anymore the number on iPhone sales. Apple stocks plunged with 6% on Friday.
So here are the things that we need to have in mind when we set our trading set up for next week:
Monday we have GBP Service PMI 53.4/53.9 and CAD BOC Gov Poloz speaking before the US session. USD ISM Non-Manufacturing PMI follows after the opening.
On Tuesday we have German Factory Orders -0.4%/2% and German Final Services PMI to remain flat at 53.6/53.6. Euro PPI follows with a forecast of 0.4% vs 0.3%. CAD Building Permits is for the US session 0.3%/0.4%, US JOLTS Jo Openings with no current forecast, but at 7.14M previously. And of course, we have the Congressional Elections or the Midterm elections for a new Senate in the US!
Wednesday will offer us some data from German Industrial Production -0.1%/-0.3%, Euro Retail Sales -0.1%/0.7 and on the US side we have Crude Oil Inventories with no current forecast, but the last time the report showed there is a build of 3.2M barrels.
Thursday we have German Trade Balance with a forecast of 21.2B vs 18.3B and the Euro Economic Bulletin and Economic Forecasts. Canada Housing Starts 195K vs previously 189K will be the prelude to the US opening and in the session itself, we are going to wait for the Unemployment Claims where previously they were 214K and the forecast is to remain at that number. Later we have FOMC statement, which is going to be without a press conference and the Funds rate, but there won't be a move on the rates as it is expected to be done in December.
With closing the week on Friday we have GBP GDP 0.1%/0%, Manufacturing Production 0.1%/-0.2% and Prelim GDP 0.4%/0.6%. On the US side, we have PPI 0.3%/0.2%.
That's it for the recap of the most important events that will drive the markets for the next week. Type them, have them in mind and good luck to everyone and have a successful trading week!