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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

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