Business in the Week Ahead in India: GDP Growth Rate for Q1-2024 and Euro area inflation numbers are set to be released next week, and the Q4 earnings season is nearing its end.
The Indian benchmark indices experienced a tumultuous week, with the Nifty hitting a new high. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, expects the bullish trend to continue, citing the healthy outperformance of largecaps over the overvalued broader market.
Experts caution against aggressive overnight positions amid election volatility, while global market sentiment glooms as investors realize US Federal Reserve’s likely higher interest rates may persist. Asian markets reacted negatively to news of a 1% loss in Japanese stocks and a 3.7% drop in the Golden Dragon Index of US-listed Chinese shares.
Monday – May 27
China Total Industrial Profits:Â Profits earned by China’s industrial firms rose 4.3% yoy to CNY 1,505.5305 billion in the first three months of 2024, much slower than a 10.2% jump at the same time a year ago.
Earnings:- Astrazeneca Pharma, Dish TV India, Essar (India), Jubiliant Industries, LIC India, NMDC, Sumitomo Chemical India Ltd.
Tuesday – May 28
Earnings:- Â Aditya Birla Fashion & Retail, Campus Activewear,EIH, Medplus Health Services, Orient, Unitech, VRL, Wockhardt Pharma.
Wednesday – May 29
India Money Supply:Â M3 money supply in India rose 11.1% to Rs 253.7 trillion in the fortnight ended May 3 from 10.9% the previous two-week period. The data for the week ending May 17 is awaited.
Earnings: Alkem Labs, Bata India, Cummins India, Lemon Tree, Zenith Healthcare
Thursday– May 30
Euro Area Economic Sentiment Indicator: The economic sentiment indicator in the Euro Area dropped by 0.6 points to 95.6 in April 2024 driven by a sharp drop in confidence among manufacturers. The numbers for the month of May is to be declared.
Euro Area Unemployment Rate: The unemployment rate in the Euro Area stood at a record low of 6.5% in March 2024, the same as in the previous three months and in line with market expectations. The data for April will be released.
Euro Area Consumer Confidence: The consumer confidence indicator in the Euro Area rose by 0.2 points from -14.9 in the previous month to -14.7 in April, in line with preliminary estimates. The final reading is to be announced on this day.
US Initial Jobless Claims: The number of people claiming unemployment benefits in the US fell by 10,000 to 222,000 on the week ending May 11th. The numbers for the week ending May 18 is awaited.
US GDP Growth Rate: The US economy expanded an annualized 1.6% in Q1 2024, compared to 3.4% in the previous quarter and below forecasts of 2.5%. The second estimate for Q1 is to be released.
Earnings:Â Apollo Hospitals,Mrs. Bectors Food Specialities, Muthoot Finance,
Friday – May 31
Euro Area Inflation Rate: Annual inflation rate in the Euro Area was confirmed at 2.4% in April of 2024, the same as in March, and holding at levels not seen in nearly three years. The flash reading for week ending May 31 will be announced.
Euro Area Consumer Price Index: Consumer Price Index CPI in the Euro Area increased to 126.04 points in April from 125.31 points in March.The flash reading for week ending May 31 will be declared.
India GDP Annual Growth Rate: The Indian economy expanded 8.4% year-on-year in Q4 2023, beating market forecasts of 6.6%. The YoY figures for Q1 2024 is awaited.
India Foreign Exchange Reserves: Foreign exchange reserves held by the Reserve Bank of India rose to $644.15 billion on the week ending May 10th from the $641.59 billion in the previous period. The numbers for the week ending May 17 is to be declared.
India Deposit Growth YoY: Deposit growth in Indian banks rose to 13.6% in the week ending May 3rd from 13.3% in the previous week. The data for week ending May 17 will be announced.
China NBS Manufacturing PMI:Â The official NBS Manufacturing PMI in China was down to 50.4 in April from March’s high of 50.8. The data for month of May will be declared.
Must read book about investing – check here Business in the Week Ahead in India: India’s inflation/manufacturing data, US inflation and initial jobless claims etc. in Focus.Business Business Business in the Week Ahead in India: India’s inflation and manufacturing data, along with US and Euro area data, will be released, with US inflation and initial jobless claims crucial for Federal Reserve rate cut speculation.