Monday September 19, 2022: $154.48 +$3.78 +2.51%
Sept 19, 2022 0:24:02 GMT -8
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Post by Dave on Sept 19, 2022 0:24:02 GMT -8
Yet another Monday morning and another red pre-market at -0.80% at this moment.
What to Expect in the Markets Next Week
What to Expect in the Markets Next Week
Events Calendar:
Monday, September 19
AutoZone (AZO), Legend Biotech (LEGN), NextDecade Corp. (NEXT) and Azure Power Global Ltd. (AZRE) report earnings
NAHB Housing Market Index (Sep)
Tuesday, September 20
Neogen Corp. (NEOG) and Apogee Enterprises Inc. (APOG) report earnings
Housing Starts (Aug)
Building Permits (Aug)
Day 1 of September FOMC Meeting
ECB President Lagarde Speech
Wednesday, September 21
General Mills (GIS), Lennar Corp. (LEN), and Trip.com (TCOM) report earnings
Existing Home Sales (Aug)
Day 2 of September FOMC Meeting; Interest Rate Decision and Press Conference
FOMC Economic and Interest Rate Forecasts Issued
Bank of Japan (BoJ) Policy Meeting; Interest Rate Decision
Thursday, September 22
Costco (COST), Accenture (ACN), FedEx (FDX), FactSet Research Systems (FDS), and Darden Restaurants (DRI) report earnings
Kansas Fed Composite Index (Sep)
Bank of England (BoE) Policy Meeting; Interest Rate Decision
Friday, September 23
S&P Global Composite PMI - U.S. - Flash Estimate (Sep)
S&P Global Composite PMI - Eurozone - Flash Estimate (Sep)
Fed Chair Powell Speech
Global Central Bank Policy Meetings
The U.S. Federal Reserve will conduct its two-day policy meeting on Tuesday and Wednesday, with an interest rate decision and press conference scheduled for Wednesday. Markets are widely anticipating a rate hike of 75 basis points (bps), according to the CME Group’s FedWatch Tool, with some investors anticipating an even larger hike of 100 bps. The Fed has raised its benchmark federal funds rate by a cumulative 225 bps since March, in an effort to combat rising prices as the rate of inflation has soared to 40-year highs in recent months.
Central banks in the U.K. and Japan will also be conducting meetings on monetary policy. The Bank of England (BoE) is expected to raise its benchmark interest rate further on Thursday, with inflation in the U.K. rising at the fastest rate in over 40 years, and the highest among G-7 countries. The BoE previously hiked interest rates by 50 bps in August—its biggest rate increase since 1995, setting its benchmark rate at 1.75%. The Bank of Japan (BoJ), in contrast to other major central banks, has held interest rates at record lows, as inflation in Japan is among the lowest of major economies. Policymakers have indicated the BoJ may undertake further easing measures if necessary.
Housing Market Updates
On Tuesday, the U.S. Census Bureau will release data on August housing starts and building permits, tracking construction of new housing units. Housing starts are projected to have fallen to 1.44 million units in August, down slightly from 1.446 million in July, as rising materials costs and falling demand from potential home buyers have affected new construction in recent months. Building permits are projected to have edged down to 1.61 million in August, down from 1.685 million in July.
On Wednesday, the National Association of Realtors (NAR) will also release an update on existing home sales in August. Existing home sales are projected to have fallen further to 4.7 million units in August, down from 4.81 million in July. Existing home sales have declined for six consecutive months from a recent peak of 6.49 million units in January, as rising mortgage rates and declining affordability have weighed on housing demand. Freddie Mac reported this week that the average rate on a 30-year fixed-rate mortgage rose above 6% for the first time since 2008, putting further pressure on potential homebuyers.
Monday, September 19
AutoZone (AZO), Legend Biotech (LEGN), NextDecade Corp. (NEXT) and Azure Power Global Ltd. (AZRE) report earnings
NAHB Housing Market Index (Sep)
Tuesday, September 20
Neogen Corp. (NEOG) and Apogee Enterprises Inc. (APOG) report earnings
Housing Starts (Aug)
Building Permits (Aug)
Day 1 of September FOMC Meeting
ECB President Lagarde Speech
Wednesday, September 21
General Mills (GIS), Lennar Corp. (LEN), and Trip.com (TCOM) report earnings
Existing Home Sales (Aug)
Day 2 of September FOMC Meeting; Interest Rate Decision and Press Conference
FOMC Economic and Interest Rate Forecasts Issued
Bank of Japan (BoJ) Policy Meeting; Interest Rate Decision
Thursday, September 22
Costco (COST), Accenture (ACN), FedEx (FDX), FactSet Research Systems (FDS), and Darden Restaurants (DRI) report earnings
Kansas Fed Composite Index (Sep)
Bank of England (BoE) Policy Meeting; Interest Rate Decision
Friday, September 23
S&P Global Composite PMI - U.S. - Flash Estimate (Sep)
S&P Global Composite PMI - Eurozone - Flash Estimate (Sep)
Fed Chair Powell Speech
Global Central Bank Policy Meetings
The U.S. Federal Reserve will conduct its two-day policy meeting on Tuesday and Wednesday, with an interest rate decision and press conference scheduled for Wednesday. Markets are widely anticipating a rate hike of 75 basis points (bps), according to the CME Group’s FedWatch Tool, with some investors anticipating an even larger hike of 100 bps. The Fed has raised its benchmark federal funds rate by a cumulative 225 bps since March, in an effort to combat rising prices as the rate of inflation has soared to 40-year highs in recent months.
Central banks in the U.K. and Japan will also be conducting meetings on monetary policy. The Bank of England (BoE) is expected to raise its benchmark interest rate further on Thursday, with inflation in the U.K. rising at the fastest rate in over 40 years, and the highest among G-7 countries. The BoE previously hiked interest rates by 50 bps in August—its biggest rate increase since 1995, setting its benchmark rate at 1.75%. The Bank of Japan (BoJ), in contrast to other major central banks, has held interest rates at record lows, as inflation in Japan is among the lowest of major economies. Policymakers have indicated the BoJ may undertake further easing measures if necessary.
Housing Market Updates
On Tuesday, the U.S. Census Bureau will release data on August housing starts and building permits, tracking construction of new housing units. Housing starts are projected to have fallen to 1.44 million units in August, down slightly from 1.446 million in July, as rising materials costs and falling demand from potential home buyers have affected new construction in recent months. Building permits are projected to have edged down to 1.61 million in August, down from 1.685 million in July.
On Wednesday, the National Association of Realtors (NAR) will also release an update on existing home sales in August. Existing home sales are projected to have fallen further to 4.7 million units in August, down from 4.81 million in July. Existing home sales have declined for six consecutive months from a recent peak of 6.49 million units in January, as rising mortgage rates and declining affordability have weighed on housing demand. Freddie Mac reported this week that the average rate on a 30-year fixed-rate mortgage rose above 6% for the first time since 2008, putting further pressure on potential homebuyers.