Ahead this week: FOMC Minutes, inflation index and Debt ceiling issue
Main global factors for the week Ahead
US Weekly Schedule (Economic and Earning Calendar Day-wise)
Next week, a number of retailers are slated to report their profits, including Lowe’s, AutoZone, Dick’s Sporting Goods, BJ Wholesale Club, Urban Outfitters, Costco, Dollar Tree, Best Buy, and The Gap.
In addition to these well-known businesses, Zoom Video Communications, Nvidia, and TD Bank are due to report.
wednesday
The Federal Reserve will publish the meeting minutes for its most recent FOMC meeting on Wednesday, at which interest rates were increased by 25 basis points.
Friday
The Personal Consumption Expenditures Price Index (PCEPI), the Fed’s favoured inflation indicator, will be released by the Bureau of Economic Analysis (BEA) for April on Friday.
New and pending home sales for April will be included in the most recent housing market data.
Weekly earnings
Monday, May 22
Earnings
Heico Corp. (HEI), Ryanair Holdings (RYAAY), Zoom Video Communications (ZM), and Nordson Corporation (NDSN) report earnings
Tuesday, May 23
S&P Global Composite PMI – Flash Estimate (May)
Richmond Fed Manufacturing Index (May)
Building Permits – Final Reading (Apr)
New Home Sales (Apr)
Earnings
Lowe’s Companies (LOW), Intuit Inc. (INTU), Palo Alto Networks (PANW), AutoZone Inc. (AZO), Agilent Technologies (A), Dick’s Sporting Goods (DKS), BJ Wholesale Club (BJ), Williams-Sonoma Inc. (WSM), Toll Brothers Inc. (TOL) and Urban Outfitters Inc. (URBN) report earnings
Wednesday, May 24
FOMC Meeting Minutes
Earnings
Nvidia (NVDA), Analog Devices Inc. (ADI), Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Snowflake Inc. (SNOW), Splunk Inc. (SPLK), U-Haul Holding Company (UHAL), and UiPath Inc. (PATH) report earnings
Thursday, May 25
Real Consumer Spending (Q1 2023)
Chicago Fed National Activity Index (Apr)
Kansas Fed Composite Index (May)
Pending Home Sales (Apr)
Earnings
Costco Wholesale Corporation (COST), Royal Bank of Canada (RY), Medtronic (MDT), Toronto Dominion Bank (TD), NetEase Inc. (NTES), Vmware Inc. (VMW), Workday Inc. (WDAY), Autodesk Inc. (ADSK), Marvell Technology (MRVL), Dollar Tree (DLTR), Ulta Beauty (ULTA), Best Buy (BBY), Burlington Stores Inc. (BURL), Ralph Lauren Corp. (RL), and The Gap Inc. (GPS) report earnings
Friday, May 26
Personal Consumption Expenditures (PCE) Price Index (Apr)
Personal Income and Spending (Apr)
U.S. Goods Trade Balance (Apr)
Durable Goods Orders (Apr)
Wholesale Inventories (Apr)
Retail Inventories Excluding Autos (Apr)
Univ. of Michigan Consumer Sentiment Index – Final (May)
Earnings
PDD Holdings Inc. (PDD) and Booz Allen Hamilton Corp. (BAH)
U.S. Key factors on watch in this week
US Debt Ceiling Discussions
Negotiators from the White House and the Republican-controlled Congress met for a second time, but neither side reported making any progress, and no more meetings were scheduled.
FOMC Minutes; wednesday
On May 24, the minutes of the FOMC’s May policy meeting will be made public. As it navigates the ongoing financial crisis and inflation, the US Federal Reserve increased its benchmark interest rate by 25 basis points (bps) on May 4. The meeting minutes will provide further light on the US Fed’s possible decision to suspend the cycle of rate increases.
Real Estate Updates; Thursday
The housing market will be updated next week with information on April’s new and pending house sales. The number of new homes sold last month was probably 660,000, down from 683,000 in March. The National Association of Realtors (NAR), a prominent predictor of future house sales, will release its Pending house Sales Index (PHSI) on Thursday. The U.S. housing market may still be under pressure despite a plateau in mortgage rates and a little increase in home prices in late winter, according to the Case-Shiller Index, although pending home sales declined 5.2% in March, or 23.2% year over year.
The Fed’s Preferred Inflation Index; Friday
The Federal Reserve’s favoured inflation indicator, the Personal Consumption Expenditures Price Index (PCEPI), will be updated by the Bureau of Economic Analysis (BEA) on Friday. After increasing by 0.1% in March, the index most likely increased by 0.2% last month. In comparison to a 4.2% increase in March, prices were likely up 4.1% on an annual basis, which is the weakest rate of growth since May 2021. It is anticipated that core prices, which do not include volatile food and energy prices, will have increased 0.3% from March and 4.6% from the previous year.
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Global major economic calendar for week ahead
Monday
Euro Area
Construction output (mar), consumer confidence Flash (May)
Japan
Machinery Orders (Mar)
Tuesday
U.S.
S & P Global Services, composite, manufacturing PMI Flash (May), current Account (Apr)
Euro Area
HCOB services, composite, manufacturing PMI Flash (May), New Homes Sales (Mar)
Japan
Jibun Bank Services, composite, manufacturing PMI flash (May)
Wednesday
U.S.
FOMC Minutes; API & EAI Crude Oil Stock Change, MBA Mortgage Applications (for week ended May 19)
U.K.
Inflation, Retail Price Index (Apr)
Thursday
U.S.
Q1CY23 GDP Growth (2nd Estimates), Initial Jobless, claims for week ended May 20, Pending Home Sales (Apr)
U.K.
Car Production (Apr)
Friday
U.S.
Durable Goods Orders, Personal Spending & Income (Apr)
U.K.
Retail sales (Apr)