Investors will get short break from focusing on economic numbers and turn to corporate earnings this week for news. Alcoa (NYSE:AA) will kick things off for second quarter earnings season on Monday and as the week progresses, reports will ramp up with JPMorgan (NYSE:JPM) initiating reports for the big banks on Friday. The company could give a fresh and perhaps more realistic figure for its now infamous trading loss first disclosed in May.
But the earnings reports will also have to be shared with news from abroad. On the European front, euro-zone finance ministers will meet on Monday and discuss details for their agreed up crisis measures from June’s European Union summit. Discussions will include how to utilize the European Stability Mechanism to help Spain and Cyprus, the next steps for Greece and the formation of European Central Bank-led banking regulator.
News will also come from China this week to raise possible concerns for the markets. On Monday, it will report inflation statistics and on Friday is China’s second quarter gross-domestic-product growth.
Let’s take a look at the week ahead.
Monday: May consumer credit.
Tuesday: NFIB Small Business June survey and May job openings and labor turnover (Jolts).
Wednesday: May US trade deficit and May wholesale inventories.
Thursday: Weekly jobless claims, June import prices and June federal budget.
Friday: June producer price index and June Reuters/UMich consumer sentiment (preliminary).
Wednesday: FOMC Meeting Minutes.