Tuesday, August 31, 2010

Potential Land Mines &"booby Traps to be aware of Today

  • The big focus for the coming week will be the Aug economic numbers published around the world. China’s manufacturing PMIs will hit overnight Tues (so US investors will see Wed morning Sept 1) and its services PMIs come overnight Thurs (so US investors will see Fri morning Sept 3). The St is forecasting the manufacturing PMI to stay above the 50 expansionary threshold (seen coming in at 51.5). In the US, the focus will be on the manufacturing ISM (out Wed morning – the St is forecasting 53) and the payrolls figure on Fri (the St is forecasting private adds of 46K although some fear the number could be negative).
  • The minutes from the Aug 10 FOMC meeting are due to hit on Tues Aug 31 (given the WSJ called this meeting the “most contentious” of the Bernanke era, investors will be keenly watching for any indications on the policy outlook and what would trigger certain actions).
  • In Europe, the focus will be on the ECB Meeting on Thurs morning.
  • On the corporate front, things are relatively quiet. The world’s auto companies post Aug sales on Wed Sept 1 and the big US retailers will have their same-store-sales on Thurs morning. Some of the earnings releases in focus: DG Tues, HNZ/HOV on Wed, UTIW/HRB on Thurs. NVLS will be the first official mid-Q update for FQ3 tech (they come Thurs after the close). AAPL will be hosting a much anticipated product launch event Wed (1pmET) at which it is expected to launch new iPods and an iTV refresh
  • Financial Crisis Inquiry Commission – next public hearing scheduled for Wed Sept 1 and Thurs Sept 2; both at 9amET; focus to be on Wachovia, Lehman, and more. Former WB chief Robert Steel and former Lehman chief D Fuld will be speaking. Bernanke is due to speak on Thurs Sept 2. http://www.fcic.gov/news/pdfs/2010-0830-Advisory.pdf · Iraq – Obama will make an Oval Office address Tues night 8pmET to mark the end of Iraq combat operations.

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