The Week Ahead: Oct. 29-Nov. 2

October 29, 2012 09:58 AM
 

Via a special arrangement with Informa Economics, Inc.


NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


Events ahead this week

THIS WEEK IN WASHINGTON. The final week of the election is here and Hurricane Sandy is altering campaign schedules for both President Barack Obama and GOP challenger Mitt Romney.

The week has a number of economic indicators slated to be released, but the biggie comes on Friday with the monthly Employment report. Before that, however, will be Personal Income and Outlays and the Dallas Fed manufacturing index on Monday, Consumer Confidence on Tuesday with private-sector jobs data from ADP and the Chicago Fed manufacturing index on Wednesday. Weekly jobless claims come in Thursday along with the ISM manufacturing index. Also out on Friday will be Factory Orders data. Otherwise, traders will continue their focus on corporate earnings which have been read disappointing. One tally signaled that of 42 firms issuing earnings so far, the figures have been disappointing for 33 of those. Europe will remain watch a point relative to their debt situation with China's economic situation always a factor that can move markets. The impacts of Hurricane Sandy could also work their way into markets as well.

Demand news will stay front and center for grain and soybean futures, with outside markets still factors in the trading picture. End-of-month positioning and book squaring are likely to be a factor as there are few major USDA reports due out with the flip of the calendar to November. Weekly data on Crop Progress will still be important, but much of the attention Monday will be on the first condition ratings for the 2013 winter wheat crop. That demand focus will be the factor for trade action Thursday following the Weekly Export Sales report.

Monday, Oct. 29

  • Markets closed: The NYSE and Nasdaq are closed (including electronic trading) and the NYMEX is also closed. Bond markets will close at 11 am CT.

 

Tuesday, Oct. 30

  • BOJ policy meeting: The Bank of Japan is not expected to alter their monetary policy at the meeting.
  • Market closures: US stock and financial markets will be closed again Tuesday as Hurricane Sandy is set to have made landfall overnight.

 


 

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