##{"id":59855,"date":"2012-04-27T11:10:47","date_gmt":"2012-04-27T01:10:47","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2012\/04\/27\/next-week-at-a-glance-168\/"},"modified":"2012-04-27T11:10:47","modified_gmt":"2012-04-27T01:10:47","slug":"next-week-at-a-glance-168","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2012\/04\/27\/next-week-at-a-glance-168\/","title":{"rendered":"Next Week At A Glance"},"content":{"rendered":"

\n\tFor a more comprehensive preview of next week's events, please refer to "The Monday Report", published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the <\/em>FNArena<\/span> Calendar<\/a>.<\/em><\/p>\n

\n\tCan the rally be sustained? At the very least this year is fast becoming one in which the Sell in May mantra looks like a dangerous option. This year was looking a lot like 2010 and 2011 earlier this month but now has a 2009 feel. But any real rally will require real investors to return to the fold, and that won't happen overnight. And at the first sign of any danger, the traders will run scared.<\/p>\n

\n\tUS economic data have been a little on the light side recently compared to the March quarter, so perhaps a nice solid result for US March quarter GDP will be comforting at least. It's only the first estimate and will be revised several times in coming months, but if the 2.5% growth expectation is confirmed tonight on the first pass then Wall Street will be encouraged.<\/p>\n

\n\tNext week sees the first of that fateful month falling on Tuesday, and that means global manufacturing PMI day. Europe will be a day behind this month due to its May Day holiday, but Australia, China, the UK and US will all report first. And then we do it all again later in the week with service sector PMIs<\/span>.<\/p>\n

\n\tIt is also all-important employment week in the US next week with the ADP private sector number due on Wednesday and non-farm payrolls on Friday. Throughout the week we'll also see US personal income and spending, construction spending, vehicle sales, chain store sales and factory orders.<\/p>\n

\n\tOn Tuesday the RBA<\/span> will cut its cash rate by 25bps<\/span> and Glenn Stevens' statement will be poured over for signs that a June cut is also a given. Private sector credit is the other data highlight for the week outside of the PMIs<\/span>.<\/p>\n

\n\tOn the local stock front, the resource sector production reports keep on rolling in next week but the real highlight will be half-year bank results, with ANZ<\/span> ((ANZ<\/span>)) first up on Wednesday followed by Westpac ((WBC)) on Thursday. It will also be a week for quarterly updates from the property sector.<\/p>\n

\n\tAnother highlight for the week will be the ECB's<\/span> monthly monetary policy meeting on Thursday night, as the world awaits Draghi's<\/span> latest thoughts and intentions in the face of rising Spanish bond yields and a fiscal union under threat politically.<\/p>\n","protected":false},"excerpt":{"rendered":"