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What to Watch - Week of 14 October 2024

After a relatively quiet week last week, focus locally will be on the jobs data released on Thursday. NAB expects the unemployment rate to hold steady at 4.2%. Around the globe, the data docket slows a little in the US though retail sales figures on Thursday will get some attention. Earnings season meantime has kicked into full swing with heavy hitter Netflix reporting numbers at the end of the week.
NAB Markets Research
14 October 2024
Created by potrace 1.15, written by Peter Selinger 2001-2017 3 min read

Tapas Strickland | Markets Research

Past Week

  • Locally, it has been a quiet week data wise with mostly second-tier data. The RBA September Minutes contained little new information, though some analysts did latch onto the absence of near-term guidance.
  • Moves in domestic and offshore markets continue to be dominated by US data flow, and the ebb of Chinese stimulus news. US Payrolls beat and CPI came in slightly hotter then expected, while all eyes on the Chinese FM on Saturday for any fiscal details after the NDRC disappointed this week. 

Week ahead

  • The Australian unemployment rate is seen steady at 4.2% on Thursday, which would be on track compared to the RBA’s August forecasts. RBA’s Hunter speaks Wednesday.
  • BNZ expects NZ Headline CPI of 0.8% q/q on Wednesday, in line with the RBNZ’s August pick. Consensus is 0.7%q/q. There are a couple of RBNZ appearances during the week as well.
  • The US data calendar slows down a bit, but Retail Sales will still get some interest in Thursday. FOMC speakers will be in focus as markets gauge the prospects for a pause. 25bp at the next two meetings remains the base case. Monday is Columbus Day, but equity markets remain open.
  • Earnings season continues with key names including some larger tech names: Goldmans & BofA (Tuesday); TSMC and Netflix (Thursday);
  • The ECB is widely expected to cut at its meeting Thursday. UK data includes CPI (Wednesday), Jobs and Earnings (Thursday) and retail sales (Friday)
  • • A big week in China, with a key briefing from China’s Finance Ministry on Saturday coming ahead of a full data calendar. CPI Sunday, GDP and monthly activity data Friday, and trade and aggregate financing data also during the week

View the full report here

Also in the What to Watch

 

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All prices and analysis at 11 October 2024.  This information has been prepared by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 ("NAB"). The content is distributed by WealthHub Securities Limited (WSL) (ABN 83 089 718 249)(AFSL No. 230704). WSL is a Market Participant under the ASIC Market Integrity Rules and a wholly owned subsidiary of National Australia Bank Limited (ABN 12 004 044 937)(AFSL No. 230686) (NAB). NAB doesn’t guarantee its subsidiaries’ obligations or performance, or the products or services its subsidiaries offer.  This material is intended to provide general advice only. It has been prepared without having regard to or taking into account any particular investor’s objectives, financial situation and/or needs. All investors should therefore consider the appropriateness of the advice, in light of their own objectives, financial situation and/or needs, before acting on the advice.  Past performance is not a reliable indicator of future performance.  Any comments, suggestions or views presented do not reflect the views of WSL and/or NAB.  Subject to any terms implied by law and which cannot be excluded, neither WSL nor NAB shall be liable for any errors, omissions, defects or misrepresentations in the information or general advice including any third party sourced data (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (whether direct or indirect) suffered by persons who use or rely on the general advice or information. If any law prohibits the exclusion of such liability, WSL and NAB limit its liability to the re-supply of the information, provided that such limitation is permitted by law and is fair and reasonable. For more information, please click here.

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