Business in the Week Ahead in India: industrial and manufacturing data for US, UK, and China will be released, and the Bank of England is set to meet for policy decision.
The Nifty experienced a volatile week, with gains but a dip below 23,400. Experts predict the market will remain range-bound until the Budget announcement and June quarter earnings. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, believes any significant up move will prompt selling from FIIs.
India’s wholesale price index-based inflation data increased for the third consecutive month to 2.61 percent in May. Global markets traded mixed, with US indices ending at record highs, Japan’s Nikkei down, Kospi and Taiwan reporting gains, and the Bank of England meeting on June 20.
Monday – June 17
China Industrial Production:Â China’s industrial production expanded by 6.7% year-on-year in April, faster than a 4.5% gain in the prior month. The data for May is to be announced.
Tuesday – June 18
US Retail Sales: Retail sales in the US were unchanged month-over-month in April 2024, following a downwardly revised 0.6% gain in March and defying market forecasts of 0.4% rise. The data for May is awaited.
US Industrial Production: Industrial Production in the United States decreased 0.4% year-on-year in April. The numbers for May is to be declared.
US Manufacturing Production: Manufacturing production in the US declined from 0.5% in March to -0.3% in April, missing market expectations of a 0.1% growth. The numbers for May is to be announced.
Wednesday – June 19
UK Inflation Rate: The annual inflation rate in the UK eased to 2.3% in April compared to 3.2% in March and above market forecasts of 2.1%. The inflation data for May will be released.
Thursday– June 20
BoE Interest Rate: The Bank of England maintained the key bank rate at 5.25% on May 9, in line with expectations.
US Initial Jobless Claims: The number of people claiming unemployment benefits in the US jumped by 13,000 to 242,000 on the week ending June 8. The data for week ending June 15 is expected on this day.
Euro Area Consumer Confidence: Consumer confidence in the Euro Area rose by 0.4 points in May to -14.3 from the previous months -14.7, which is in line with the preliminary estimate and slightly below market expectations of -14.2. The flash reading for June will be released.
Friday – June 21
India Foreign Exchange Reserves: The foreign exchange reserves held by the Reserve Bank of India rose to the equivalent of $651.5 billion as of May 31, the highest on record. The numbers for the week ending June 7 is to be declared.
India Manufacturing PMI: The HSBC India Manufacturing PMI came in at 57.5 in May 2024, below preliminary estimates and market forecasts of 58.4, down from 58.8 in the previous month. The flash reading for June will be declared.
US Manufacturing PMI: The S&P Global US Manufacturing PMI was revised higher to 51.3 in May from a preliminary of 50.9 and compared to 50 in April. The flash reading for June will be announced.
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.