We’re into the heart of summer earnings season now with Q2 corporate reports likely to dominate the news this week on both sides of the border. The main events are Facebook on Wednesday and Amazon onThursday, with traders looking for reasons to justify inflated share prices.
It’s also a big week for resource company earnings. US miners report on Tuesday, followed by Canadian gold companies on Wednesday and Canadian diversified miners on Thursday.
It’s also a big week for oil. Halliburton has already kicked things off with a positive report as energy exploration resumes with WTI holding $40. Suncor Energy reports on Wednesday with the US majors reporting later in the week.
There are a few economic reports that could move the markets this week. GDP reports are due for the UK and Canada. Thursday night brings a number of key reports for Japan. The FOMC meeting is likely to be a non-event unless they give a clearer indication of when balance sheet trimming is supposed to start.
Economic/political news (North America time)
Flash manufacturing PMI for US, Germany, France
Germany IFO survey
FOMC Meeting (no changes expected)
US durable goods orders
Japan employment, inflation, retail sales
Canada monthly GDP
FOMC Kashkari speaking
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