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The US stock and bond markets are closed Monday for Independence Day. The highlights for the next week will be on the economic and political fronts, with little news on business.
Levi Strauss
reports its second quarter financial results on Thursday, when Stellantis also hosts an investor event to discuss the automaker’s electrification strategy.
On Wednesday, the Federal Reserve’s policy committee released the minutes of its eventful meeting in mid-June, when officials earlier reported interest rate hikes and a decrease in the bond buying program. from the Fed, causing the markets to fall. The back and forth between members will be closely analyzed for more details on the committee’s thinking. G20 finance ministers and central bank governors will meet in Venice from Friday for a summit, after 130 countries backed a minimum global corporate tax rate last week.
Economic data released this week includes the Institute for Supply Management’s Service Purchasing Managers Index for June Tuesday. The services PMI hit a record high in May. On Wednesday, the Bureau of Labor Statistics released the May Job Postings and Job Turnover Survey. Economists expect job postings to match April’s figure, which was the highest reading in survey history.
Monday 7/5
Stock and bond markets are closed on the occasion of Independence Day.
Tuesday 7/6
The Institute of Supply Management releases its Service Purchasing Managers Index for June. The consensus estimate is for a reading of 63, slightly lower than the May data, which was a record. The services PMI also had 12 consecutive monthly readings above the expansionary level of 50.
The Reserve Bank of Australia announces its monetary policy decision. The central bank is expected to keep its target cash rate unchanged at 0.1%, as parts of the country are once again stranded to tackle the Delta variant of the virus that causes Covid-19.
Wednesday 7/7
BLS releases the May Job Openings and Workforce Turnover Survey. Economists are forecasting 9.3 million job vacancies, which is April’s figure, the highest since data was first collected in December 2000.
The Federal Free Market The committee publishes the minutes of its monetary policy meeting in mid-June. Fed officials have signaled that interest rates will rise earlier and faster than Wall Street expected before the meeting, as inflation is rising at its fastest pace since 2008. Seven officials expect now at a rate hike next year, down from four in March.
Mortgage bankers The Association reports mortgage applications for the week ending July 2. Mortgage applications fell 6.9% last week and fell in four of the last six weekly surveys as supply constraints pushed home price growth to record highs.
Thursday 7/8
Levi Strauss publishes its financial results for the second quarter.
Wholesale Costco
reports sales data for June.
Stellantis,
the automaker formed earlier this year by the Fiat Chrysler Automobiles and Peugeot merger, is hosting EV Day 2021. Company CEO Carlos Tavares will discuss Stellantis’ electrification strategy for the future.
The Federal Reserve reports consumer credit data for May. Total consumer credit outstanding hit a record $ 4.24 trillion in April, as the continued reopening of the economy and the boiling housing market prompted buyers to take on more debt.
The Ministry of Labor reports initial jobless claims for the week ending July 3. Requests were on average 392,750 per week in June, the lowest since February of last year.
Friday 7/9
Italy welcomes a G20 summit of finance ministers and central bank governors. The confab takes place from July 9 to 10 in Venice. U.S. Treasury Secretary Janet Yellen will be in attendance as the Biden administration calls for a global minimum corporate tax rate of at least 15%. Last week, 130 countries, representing more than 90% of global GDP, backed the minimum tax rate after two days of negotiations in Paris.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
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