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Economic Release/Activity/for week of June 14th, 2020-US Futures and Asian Markets fully opened
Asian stocks, oil sell off on second wave fears
Asian markets started the week on the backfoot on Monday while oil prices slipped as fears of a second wave of coronavirus infections in China sent investors scurrying for safe-havens. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.25% with Australian shares off 0.4% and South Korea slipping 0.6%. Japan’s Nikkei fell 0.75%. The losses follow a strong rally in global equities since late March, fuelled by central bank and fiscal stimulus and optimism as countries gradually lifted restrictions put in place to curb the spread of the novel coronavirus. However, risk sentiment took a knock after Beijing recorded dozens of new COVID-19 cases in recent days, all linked to a major wholesale food market. Investors are also fretting over a spike in cases in the United States. The Chinese yuan dipped in offshore trade to 7.0877 per dollar while the risk-sensitive currencies of Australia and New Zealand were also sold off. Both were last down 0.4% at $0.6855 and $0.6424, respectively.
Investors are keeping a close eye on Chinese industrial production and retail sales figures due later in the day for signs of recovery in the world’s second-largest economy. Elsewhere, the dollar was little changed at 107.46 yen as investors avoided big moves before a Bank of Japan policy meeting ending Tuesday. No major changes are expected, but some investors may be interested in Governor Haruhiko Kuroda’s views on its yield curve control policy. U.S. central bankers have discussed the option of adopting yield curve control to cap bond yields.Analysts said further tests awaited global markets this week – in particular whether re-opening hopes could still push equities higher. Federal Reserve Chairman Jerome Powell is due to testify before Congress. In commodities, oil prices slipped with Brent down 2% at $37.95 a barrel while U.S. crude fell 2.7% at $35.26. Gold rose 0.2% to $1,732.2 an ounce on safe haven demand.
https://www.reuters.com/article/us-global-markets/asian-stocks-oil-sell-off-on-second-wave-fears-idUSKBN23M020
- Monday, June 15th -
8:30 AM: The New York Fed Empire State manufacturing survey for June. The consensus is for a reading of -27.5, up from -48.5.
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Tuesday, June 16th -
9:15 AM: The Fed will release Industrial Production and Capacity Utilization for May.The consensus is for a 3.0% increase in Industrial Production, and for Capacity Utilization to increase to 66.9%.
10:00 AM: The June NAHB homebuilder survey. The consensus is for a reading of 45, up from 37. Any number below 50 indicates that more builders view sales conditions as poor than good.
10:00 AM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to the Congress, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
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Wednesday, June 17th -
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
8:30 AM ET: Housing Starts for May.
The consensus is for 1.100 million SAAR, up from 0.891 million SAAR in April.
12:00 PM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to the Congress, Before the Committee on Financial Services, U.S. House of Representatives
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Thursday, June 18th -
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for a 1.450 million initial claims, down from 1.542 million the previous week.
8:30 AM: the Philly Fed manufacturing survey for June. The consensus is for a reading of -25.0, up from -43.1.
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Friday, June 19th -
10:00 AM: State Employment and Unemployment (Monthly) for May 2020
1:00 PM: Discussion, Fed Chair Jerome Powell, At the Federal Reserve Bank of Cleveland Virtual Discussion on Building a Resilient Workforce During the COVID-19 Era
https://www.calculatedriskblog.com/p/weekly-schedule.html
https://www.bloomberg.com/markets/stocks/futures
https://www.marketwatch.com/tools/marketsummary?region=asia
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart