WEEK AHEAD: Non-farm payrolls, OPEC meeting & the start of H2

A preview of the news, earnings and economic data to expcet in the week ahead.

The monthly jobs report is the highlight in the coming week, as June winds down and markets start the second half of the year.

Economists are expecting about 700,000 jobs. That’s better than the 559,000 in May but below the forecasts of several months ago that payroll creation would be rolling along with monthly gains of at least 1 million.

Stocks have turned in a mixed performance for the month of June so far. The S&P 500 was up 1.8% as of Friday for the month, and up 7.7% in the second quarter for a 15.6% year-to-date gain. The Nasdaq was up 4.4% in June and up 8.4% for the quarter. The Dow, meanwhile, lagged in June with a modest 0.3% decline, but it is up 4.4% quarter-to-date.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+ will hold a series of meeting in the coming week to review the situation in the global oil market ahead of an official meeting on Thursday.

Thursday’s meeting is expected to result in another boost in output as the demand outlook continues to recover. Oil prices climbed to their highest since October 2018 on Friday, putting both benchmarks up for a fifth week in a row.

CALENDAR

MONDAY

Earnings

Herman Miller 

Macro

US: S&P Case/Shiller home prices, S&P Case/Shiller home prices, Consumer confidence

Monetary Policy

BOE Andy Haldane speech

New York Fed President John Williams speech

Philadelphia Fed President Patrick Harker speech

 

TUESDAY

Earnings

AeroVironment

Macro

Asia: Japan Unemployment Rate (MAY), Japan Retail Sales (MAY)

US: S&P Case/Shiller home prices, S&P Case/Shiller home prices, Consumer confidence

UK: Mortgage Approvals (May)Europe: EU Consumer Confidence Final (JUN), Germany Inflation Rate Prel (JUN)

Monetary Policy

ECB President Lagarde Speech

 

WEDNESDAY

Earnings

Constellation Brands, General Mills, Bed Bath & Beyond, Micron

Macro

Asia: Japan Industrial Production Prel (MAY), China: NBS Manufacturing PMI (JUN), China: Non-Manufacturing PMI (JUN)

US: ADP payrolls, , Chicago PMI, Pending home sales

UK: GDP Growth Rate Final (Q1)

Europe: Germany Unemployment Change (JUN)#

Monetary Policy

RBA Governor Lowe Speech

BOE Haldane Speech

 

THURSDAY

Earnings

Walgreens Boots Alliance, McCormick

Macro

Asia: Japan Tankan Large Manufacturers Index (Q2), Australia Trade Balance (MAY), China Caixin Manufacturing PMI (JUN)

US: Unemployment claims, Manufacturing PMI, ISM manufacturing

Monetary Policy

ECB President Lagarde Speech

BOE Gov Bailey Speech


FRIDAY

Earnings

N/A

Macro

EU: Germany Retail Sales (MAY), EU PPI (MAY)

US: NFP Employment report, International trade, Factory orders

 

Sources: Investing.com, CNBC

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