The major economic data, events and company results for this week (10·23-10/27) are as follows:
On the data side,China will announce the annual profit margins of industrial enterprises above the scale of this year; the US will announce the initial value of Markit's manufacturing/service sector PMI for October, the number of jobless claims at the beginning of the week, the initial value of the actual GDP annualized quarterly rate for the third quarter, and PCE data for September.
Following the “horror data,” the market will keep a close eye on the US GDP growth rate in the third quarter and the September PCE data to confirm whether the Fed's “path of interest rate hikes” has come to an end.
In terms of the incident,The State Information Office held a press conference on the operation of the agricultural and rural economy in the first three quarters of 2023; Federal Reserve Chairman Powell delivered a welcome speech at an event.
Also, in terms of the geopolitical situation, with the passage of time, the conflict between Palestine and Israel has intensified and has become one of the main factors influencing the global financial market. Investors should pay close attention.
In terms of financial reports,Financial reports for major US technology stocks will hit, and tech giants such as Meta, Google, Amazon, and Microsoft will be on the list. The bulls hope that big tech companies can help boost market sentiment and dispel some unease. Also noteworthy companies include Intel, General Electric, Boeing, Visa, ExxonMobil, and Chevron.
In terms of new shares,The Hong Kong Stock Exchange Express will land on the Hong Kong Stock Exchange on Friday.
Furthermore, Monday is the Chung Yeung Festival holiday. Hong Kong stock markets are closed, and A-share shares (northbound) and Hong Kong stock shares (southbound) are closed.
Related information:View the weekly key performance calendar in one chart (10.23-10.27)
Monday, October 23
Keywords: Hong Kong stock market closure, Philips/Logitech financial report
A busy week has begun, and financial events on Monday are relatively weak, but it is important to note that since Monday is the Chung Yeung Festival holiday, the Hong Kong stock market is closed, and A-share (northbound) and Hong Kong Stock Connect (southbound) are closed.
In terms of the incident,The State Information Office held a press conference on the economic performance of agriculture and rural areas in the first three quarters of 2023.
In terms of financial reports,US stocks$Royal Philips (PHG.US)$The results will be announced on the same day.$Logitech International (LOGI.US)$The results will be announced after the US stock market.
In terms of new shares,$Prospect Energy Holdings Corp. (AMGSU.US)$It will be listed in US stocks on the same day.
Tuesday, October 24
Keywords: US October Markit manufacturing/service sector PMI initial value, US October Richmond Fed manufacturing index, Coca Cola/Microsoft/Google/Snap and other financial reports
On Tuesday, in terms of economic data,The US will announce the initial US Markit manufacturing/service PMI for October and the US Richmond Fed manufacturing index for October.
The manufacturing and service sector PMI is the first major data to be released in the coming week.The market expects the initial value of the US Markit service sector PMI to fall below the “boom and bust line” in October.If that were true, then on the same day$USD (USDindex.FX)$There is a possibility of a sharp decline. Many analysts are looking for a turning point in the “rise and fall” of US economic data.
In terms of financial reports,US stocks$Coca-Cola (KO.US)$,$Verizon (VZ.US)$,$General Electric (GE.US)$,$Spotify Technology (SPOT.US)$Results will be announced before the market; tech giants$Microsoft (MSFT.US)$,$Alphabet-C (GOOG.US)$, credit card giants$Visa (V.US)$, an American social giant$Snap Inc (SNAP.US)$Results will be announced after the US stock market.
Currently, the market generally expects Google's third-quarter revenue to be US$75.730 billion, up 9.61% year on year; earnings per share are US$1.449, up 36.70% year on year.The market expects Google Cloud and Google Search to continue their momentum in the third quarter.
The market generally expects Microsoft's revenue for the first fiscal quarter of fiscal year 2024 (starting on July 1 of the natural year) to be US$54,545 billion, up 8.82% year on year; earnings per share of $2.65, up 12.64% year on year.
Looking forward to the latest quarterly results,As for the market, what the market is most concerned about is Microsoft's cloud business, Azure,According to media reports quoting people familiar with the matter on October 17, Microsoft is preparing to make Amazon an important customer for its Microsoft 365 cloud product services. The value of this deal is expected to exceed 1 billion US dollars.
Furthermore, Hong Kong stocks$CNOOC (00883.HK)$,$CHINA UNICOM (00762.HK)$Results will be announced on the same day.
In terms of the incident,$Qualcomm (QCOM.US)$The 2023 Snapdragon Technology Summit will be held in Hawaii from October 24 to 26, or the Snapdragon 8 Gen 3 flagship chip will be released.
Wednesday, October 25th
Keywords: US Weekly EIA Crude Oil Inventory, Total US New Home Sales in September, Meta/Deutsche Bank/Boeing/New Oriental Financial Report
On Wednesday, in terms of economic data,The US will release data such as the current week's EIA crude oil inventory, the current week's EIA strategic oil reserve inventory, the current week's API crude oil inventory, and the total annualization of US new home sales in September.
In terms of financial reports,US stocks$Deutsche Bank (DB.US)$The results will be announced on the same day;$Boeing (BA.US)$,$New Oriental (EDU.US)$Announce results before the US stock market; tech giants$Meta Platforms (META.US)$The results will hit big after the market.
Currently, the market unanimously expects Meta's third-quarter revenue of US$33.428 billion and earnings per share of US$3.622.
Bank of America said Meta's third-quarter results may benefit from improvements in the digital advertising market, increased profitability of Reels, and improved ad measurement standards driven by artificial intelligence. The bank expects Meta to announce fourth-quarter revenue expectations of around $37.5 billion to $40.5 billion, compared to Wall Street's forecast of $38.7 billion.
Furthermore, Hong Kong stocks$CHINA OVERSEAS (00688.HK)$Results will be announced on the same day.
In terms of the incident,The Chief Executive of Hong Kong will publish the “Policy Address”.
In terms of new shares,US oil and gas producers$Mach Natural Resources L.P. (MNR.US)$It will be listed on the US stock market.
Thursday, October 26th
Keywords: number of jobless claims in the US at the beginning of the week, initial value of the annual quarterly rate of actual GDP in the third quarter of the US, Federal Reserve Chairman Powell's welcome speech at an event, Amazon/Intel financial report
On Thursday,In terms of economic dataThe US will release data such as the number of jobless claims in the US at the beginning of the week up to October 21, the initial value of the actual quarterly rate of actual GDP for the third quarter, the initial value of the quarterly rate of actual personal consumption expenditure for the third quarter, the initial annualized quarterly rate of the core PCE price index for the third quarter, the monthly rate of durable goods orders in September, and the monthly rate of the existing housing contract sales index for September.
America's economic machinery is still running at full horsepower. Protected by huge government deficit spending and the slow transmission of high interest rates caused by fixed-rate mortgages, the US economy did not slow down this year; on the contrary, it performed well.
In addition to the Biden administration's huge spending, a tight labor market has helped support household incomes and keep consumption on a solid footing.Overall, the US economy appears to have picked up speed again in the summer, and GDP data to be released on Thursday may confirm this.
The market expects GDP equivalent to 4.1% per annum in the third quarter, almost double the 2.1% in the previous quarter. Although this is already impressive,There may also be some “upside surprises” with this data.
The Atlanta Federal Reserve has a model for estimating GDP in real time. Currently, this model shows thatUS GDP will grow by 5.4% this quarter, far higher than the official forecast.
In terms of economic events,Federal Reserve Chairman Powell delivered a welcome speech at an event, and Federal Reserve Governor Waller delivered an opening speech at a payment-related conference.
Federal Reserve officials have already entered a period of regular silence before the interest rate meeting. Officials who spoke this week basically reiterated the “higher and longer” view.
Powell reiterated on Thursday that caution is currently needed, but if there is more evidence that economic growth continues to be above trend, or that labor market tension does not ease, then progress on inflation will be at risk, and further tightening of monetary policy may be needed.
In terms of financial reports,US stocks$Merck & Co (MRK.US)$,$Bristol-Myers Squibb (BMY.US)$The results will be announced before the market; after the market,$Amazon (AMZN.US)$,$Intel (INTC.US)$,$Ford Motor (F.US)$,$Enphase Energy (ENPH.US)$The results are piling up. Hong Kong stocks$CCB (00939.HK)$Results will be announced on the same day.
Currently, the market generally expects Amazon's third-quarter revenue of US$141,588 billion and earnings per share of US$0.578.
Brian White, an analyst at investment firm Monness, expects Amazon's third-quarter revenue to reach 142.34 billion US dollars, and earnings per share are expected to be 0.63 US dollars, which is higher than market expectations. He also expects AWS third-quarter revenue to grow 12% year over year to $23.03 billion, the same growth rate as the previous quarter.
In terms of new shares,Australian cross-border logistics and transport service provider$Globavend Holdings (GVH.US)$It will be listed in the US stock market today.
Friday October 27th
Keywords: US PCE data for September, final value of the University of Michigan consumer confidence index in October, US inflation rate forecast for October, ExxonMobil/Chevron and other financial reports
On Friday, in terms of economic data,China will announce the annual profit rate of industrial enterprises above the scale of this year; the US will announce the annual rate and monthly rate of the US core PCE price index for September, the monthly rate of personal spending in the US for September, the final value of the US University of Michigan consumer confidence index for October, and the US one-year inflation rate forecast for October.
The personal consumption expenditure price index (PCE) will be the focus in September. This is also the last key data before the Fed's interest rate meeting.
The market expects the inflation index to fall further last month. Among them, the overall PCE growth rate was 3.4%, down 0.1 percentage points from August, and the core PCE growth rate was 3.7%, down 0.2 percentage points from August. However, the recent rise in oil prices and continued wage pressure brought about by the situation in the Middle East may put the anti-inflationary trend to the test.
In terms of the incident,Federal Reserve Governor Barr spoke at a payment-related conference.
In terms of financial reports,US stocks$Exxon Mobil (XOM.US)$,$Chevron (CVX.US)$,$Colgate-Palmolive (CL.US)$Results will be announced before the market; Hong Kong stocks$SINOPEC CORP (00386.HK)$,$ZIJIN MINING (02899.HK)$,$CHINA VANKE (02202.HK)$The financial report will be released on the same day.
In terms of new shares,$J&T EXPRESS-W (01519.HK)$It will be listed on the Hong Kong Stock Exchange.
Polar Rabbit Express is a global logistics service operator. The express delivery business is in a leading position in Southeast Asia, is competitive in China, and continues to expand to Latin America and the Middle East. Express delivery services span 13 countries, including the largest and fastest growing emerging express delivery market in the world.
Related reading:Read it in one picture | Jitu Express went to Hong Kong for an IPO, a global logistics service provider
Good luck with your investments in the new week!
Editor/Somer