Weekly News 28.10–01.11.2019

Introducing the most complete review of the upcoming week from analysts Olymp Trade

The most important reports that come out in the U.S. this week are Nonfarm Payrolls, Conference Board consumer confidence index, and 3Q GDP. The Bank of Japan is to release its interest rate decision. Google releases its 3Q report. The era of Mario Draghi as a chief of ECB will finally end.


October 28. Day off in three countries. Google’s 3Q report

Turkey, New Zealand, and Singapore will celebrate national holidays at the beginning of the new week. For this reason, trading activity may lower for the currencies of these countries.

Singapore celebrates Deepavali, and New Zealand celebrates Labour Day. Turkey celebrates Republic Day on October 29, but the celebration starts a day earlier.

After the end of the trading session, the IT giant Google is to report on the company’s third-quarter earnings in 2019. Experts predict earnings per share (EPS) to be reported at least $12.57.


October 29. CB consumer confidence index. Carlos Puigdemont extradition

The Conference Board is to update its consumer confidence index. The minimum expected value is 127 points. The previous reading was lower and amounted to 125.1 points. Nevertheless, the major stock indices are growing in the U.S.

The reports of the U.S. company could have been worse. This might indicate further positive releases, including data on consumer confidence.

The first extradition hearings on Carlos Puigdemont, the leader of the independence movement of Catalonia, will be held in Brussels. He left Spain last year and is now living in Belgium. Spain’s Supreme Court sentenced his associates to between 9 and 13 years in prison.

Meanwhile, there are protest demonstrations in Barcelona to support the convicted separatists. The Spanish authorities and the whole European Union face serious problems caused by mass riots.


October 30. US GDP. Boeing investigation

At 12:30 GMT, U.S. releases preliminary data on the country’s 3Q GDP. The expected result is 1.6%, which has been the most modest forecast since the 1Q of 2017. The result is quite likely to exceed the predicted value.

Boeing CEO Dennis Muilenburg is to testify before Congress to answer questions about the quality of the 737 MAX 8 model, as well as the recent information leakage. According to this information, malfunctions in the systems of this model became known back in 2016.


October 31. The BoJ’s interest rate decision. Brexit deadline

At 06:30 GMT, the Bank of Japan is to hold a press conference on the results of a two-day monetary policy meeting. Traditionally, investors expect the bank to drop hints at increasing the incentives, because both GDP growth rates and consumer activity are gradually decreasing.

Great Britain should withdraw from the European Union on this day. However, the United Kingdom is quite likely to leave the EU later because of the parliamentary resistance. Some European leaders have already supported an idea of a new extension, although the former President of the European Commission Jean-Claude Juncker said it would be a waste of time.


November 1. Nonfarm Payrolls. News chief of the ECB

At 12:30 GMT, the US releases Nonfarm Payrolls. Analysts expect a reading of 105 thousand jobs. The index has previously exceeded this level for four months.

The U.S. labor market remains strong despite the confrontation between Washington and Beijing.

Christine Lagarde, former head of the IMF, will be nominated as the European Central Bank President. The key tasks of the new head of the bank will be to ensure stability in the region, as well as to stimulate the economy.

However, it is still unknown which course Lagarde will decide on. There is a perception that the new ECB chairman will lobby forreducing the tax burden.

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