Debt ceiling and macro data on agenda

(ABM FN-Dow Jones) Next week, the debt crisis in the US is likely to reach a boiling point, now that a preliminary deal has been reached that still needs to be approved by Congress.

US President Joe Biden and House Speaker Kevin McCarthy reached an agreement in principle tonight on raising the cap for the next two years after the presidential election.

So a deal to raise the debt ceiling still needs to be approved by the Senate and the House of Representatives. It is not yet a species.

Biden called for the deal to be ratified to avoid “a catastrophic default” that could trigger an economic recession.

Macro Calendar

Now that most of the earnings season is behind us, next week’s attention will again be demanded by a very busy macroeconomic agenda.

With Wall Street closed for Memorial Day, Monday promises to be another relatively quiet day. It is a public holiday in England and Pentecost is celebrated in many countries in Europe. However, Euronext remains open as usual.

On Tuesday morning, we will get more insight into developments in Dutch producer prices and producer confidence. Additionally, consumer confidence in Europe is on the menu, as are Spanish inflation figures. Consumer confidence is high on the agenda in the U.S., as is Case Shiller home prices for March.

On Wednesday, we’ll learn more about Japan’s retail sales for April and China’s purchasing managers’ index for May as calculated by the government.

In France, inflation figures for May are on the roll, as are final economic growth figures for the first quarter. It’s time for Germany’s unemployment figures and provisional inflation figures for May. In the US, weekly new mortgage applications are released, as well as the ADP jobs report, the Chicago Purchasing Managers’ Index and April openings.

Thursday will be time for S&P Global’s Purchasing Managers’ Index for Asia, Europe and the Americas. May will also focus on provisional inflation figures and unemployment in Europe. In the US, weekly applications for aid are on the agenda, along with data on labor costs, construction costs and weekly oil inventories.

Figures on French industrial production will continue into the weekend, but the main focus will be US jobs data for May.

One last bit of business statistics

Earnings season is almost over, but there are still some famous names on the roll in America. Aftermarket on Tuesday, Hewlett Packard and HP Inc, followed by Salesforce on Wednesday. Broadcom’s quarterly results are due Thursday evening. Broadcom recently signed two more deals with Apple. Apple said it was a billion-dollar deal.

AEX funds Alberts, Aegon and Van Lanschot quoted ex-dividends on Monday, with annual meetings of ASR and NN Group scheduled for the week.

In Brussels, the agenda is filled with annual meetings and ex-dividends. Well-known names with ex-dividend lists are Ackermans, Elia and Euronau.

Source: ABM Financial News