The Hot Zones this Week
Each week there are zones where trading can get wild. I call these the hot zones.
- Tuesday – PPI and Core PPI
- Wednesday – Retail Sales before the market opens. FOMC Rate Decision 1:00 CST.
- Thursday – Housing Starts, Building Permits, Initial Claims, Continuing Claims
Happy Monday. Good Luck out there this week.
Global Spotlight
French legislative elections. France will hold the first round of its legislative elections April 12, with the centrist coalition that backs recently reelected President Emmanuel Macron will compete against a far-left alliance that is rising in polls.
The United Kingdom challenges the Northern Ireland protocol. The British government is expected to unveil a bill June 13 that would give Cabinet ministers the power unilaterally to override parts of the EU-U.K.
Shanghai locks down, again. Fourteen of Shanghai’s 16 districts will require all residents to submit to COVID-19 testing over the weekend, with testing starting June 11 amid new worries about community spread.
The United Kingdom challenges the Northern Ireland protocol. The British government is expected to unveil a bill June 13 that would give Cabinet ministers the power unilaterally to override parts of the EU-U.K.
The U.S. climate envoy travels to Mexico. U.S. climate envoy John Kerry will travel to Mexico June 13 to meet with Mexican President Andres Manuel Lopez Obrador to discuss areas of collaboration on energy policy.
Stratfor.com
Economic Calendar
Briefing.com has a good U.S. economic calendar for the week. Here are the main U.S. releases.
Briefing.com
Last Weeks Numbers
Review Last weeks numbers here.
Earnings
Source I/B/E/S data from Refinitiv
Aggregate Estimates and Revisions
- 22Q1 Y/Y earnings are expected to be 11.3%. Excluding the energy sector, the Y/Y earnings estimate is 5.1%.
- Of the 498 companies in the S&P 500 that have reported earnings to date for 22Q1, 77.3% have reported earnings above analyst estimates. This compares to a long-term average of 66% and prior four quarter average of 83.1%.
- During the week of Jun. 13, three S&P 500 companies are expected to report quarterly earnings.
