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Daily Agenda: The Week Ahead, May 30 – June 4, 2016
Volkswagen earnings give view under the hood; an ECB rate announcement in advance of the Brexit vote; Germany hosts major music festival.
Monday, May 30: France releases GDP data on the nations economy comes days after President François Hollande pledged to block attempts by striking union members to disrupt Frances energy sector. Preliminary GDP for France released in April surprised economists on the upside, with an expansion of 0.5 percent for the quarter or 1.4 percent versus the same period in 2015.
Tuesday, May 31: Volkswagen earnings for the first three months of 2016 will be carefully weighed by investors trying to determine if the worst is over as the emissions testing scandal continues to take its toll. This past Tuesday, the German automotive giant filed a response to the U.S. Department of Justice apparently preparing to defend the company from U.S. courts.
Wednesday, June 1: With unofficial surveys suggesting that the May reading for the Caixin/Markit China Manufacturing purchasing manager index will show another contraction the stakes are high for commodity traders. According to state-controlled media sources, as of this past week Chinas Ministry of Finance is preparing investors for a further slowdown in industrial activity as it combats excessive debt levels.
Thursday, June 2: With inflation remaining nearly nonexistent and the possibility of Brexit in the coming weeks the monetary policy statement by the European Central Bank is expected to be in line with recent months. With increasing criticism of the banks policy coming from elected officials in Germany, ECB president Mario Draghis press conference is more than likely to be somewhat contentious.
Friday, June 3: The monthly employment report for May by the U.S. Labor Department is expected include a rebound in private sector payrolls for May. A report from the International Renewable Energy Agency released this past week shows that in 2015, employment in the renewable energy sector overtook new positions in traditional carbon-based extraction for the first time.
Saturday, June 4: The Nürburgring racetrack in the German state of Rhineland-Palatinate hosts the annual Rock am Ring festival over the weekend. The music event is unique in that almost all acts on the bill play at two separate sites, allowing fans to enjoy the acts they came to see without overcrowding. This years lineup includes the Red Hot Chili Peppers, Of Mice and Men and Panic! At the Disco.