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Ahead of the coming week, Team Day Trader has compiled a list of 3 major events on the economic calendar in which we believe are most likely to affect the market this week. Financial market participants should focus on Turkey’s deepening currency crisis and the fallout across global markets in week ahead to see if any more news materializes. In addition, market focus will stay attuned to the next potential steps in the tit-for-tat trade dispute between the U.S. and China.
On the data front, U.S. retail sales figures for July come out on Wednesday. There are also about 10 S&P 500 companies reporting earnings in the week ahead on Wall Street.
1. Turkey Turmoil
The lira briefly plunged more than 20% to a record-low on Friday, while global markets stumbled, as investors were spooked that the collapse in the Turkish currency would spread across emerging markets & hit the European banking system. The lira ended down around 15% against the dollar, its worst day since Turkey’s financial crisis of 2001, on the back of a deepening rift with the United States.
The geopolitical worries come as the U.S. is embroiled in a trade war with China. Both governments announced the possibility of imposing tit-for-tat tariffs on an additional $16 billion worth of goods last week.
2. U.S. Retail Sales
The Commerce Department will publish retail sales data for July at 8:30 am EST on Wednesday. The consensus forecast will show retail sales rose 0.2% last month, moderating from a gain of 0.5% in June. Excluding the automobile sector, sales are expected to increase 0.4%, the same as its increase a month earlier.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy. Consumer spending accounts for as much as 70% of U.S. economic growth.
3. Retailers Headline Last Big Week Of Earnings
While just 10 S&P 500 companies are due to report financial results this week, retailers are just getting started in what will be the last big wave of the second-quarter earnings season.
Home Depot unofficially kicks things off when it reports on Tuesday; results from Macy’s are on the agenda for Wednesday; while Walmart, the world’s largest retailer, is due to report results on Thursday. Nordstrom, JC Penney, & Children’s Place are among the other major retailers reporting this week.
Other high-profile names set to report this week also include NVIDIA, Deere, & Cisco.
Hopefully helpful & stay up-to-date on all of this week’s action by visiting Team Day Trader’s blog Monday’s thru Friday’s, & on Sunday’s.
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