Trump has once again backed semiannual reporting. What could this mean for stocks?
Australian dollar and New Zealand dollar opened the week generally lower. RBA deputy governor Philip Lowe said in a forum that the central bank still has "scope to lower interest rates" if needed. Nonetheless, he warned that the country is facing a debt-fueled spending boom. He noted that it won't Australia's long term interest to "consumption boom by encouraging people to borrow large amounts against future income." In particular, "debt levels are already high and prospects for future income growth are not as positive as they once were". Meanwhile, the "critical ingredient" to boost growth is investment outside the resources industry but that "seems some way off". A focus will turn to RBA minutes to be released tomorrow.
In New Zealand, finance minister Bill English announced yesterday the measures to curbing housing bubble in Auckland. The measures would more rigorously enforce taxation of capital gains on investment properties and ensure non-resident are included in the tax net. In short, capital gains on resident property, as non primary home, sold within two years will be taxed. Meanwhile, non-residents buyers are required to have a tax identification number and a bank account. RBNZ also required 30% downpayment to get mortgages. Some analysts noted that the moves will provide RBNZ scope to cut interest rates further.
On the data front, UK Rightmove house price dropped -0.1% mom in May. Japan machine orders rose 2.9% mom in March. Japan will release tertiary industry index. Swiss will release retail sales and US will release NAHB housing market index. Looking ahead, four central banks will release minutes, including RBA, BoE, FOMC, BoJ. A number of Eurozone data will be watched including German ZEW and Ifo as well as Eurozone PMIs. UKK will release CPI and retail sales; US and Canada CPI will also be watched. Here are some highlights:
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- Tuesday: RBA minutes; UK CPI, PPI; German ZEW, Eurozone CPI, trade balance; US housing starts
- Wednesday: Japan GDP; German PPI; BoE minutes; Swiss ZEW; FOMC minutes
- Thursday: China HSBC PMI; Eurozone PMIs; UK retail sales; US jobless claims, Philly Fed survey, existing home sales
- Friday: BoJ minutes; German GDP final, Ifo; US CPI, Canada CPI
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