The week ahead

FISCAL CLIFF:

Perhaps the most important theme, with the CARES Act $600/wk unemployment insurance boost expiring at the end of the week

There looks to be little sign of bipartisan conesnsus on another bill at present, and time is too tight to get one passed by Friday

FOMC:

Policy will remain on hold, and no new forecasts are due, so attention will be on Powell’s assessment of the economic recovery in light of the resurgence in covid cases

Attention also likely shifting to how stimulus can be provided to cement the recovery (YCC, anyone?)

EARNINGS:

A *huge* week for corporate earnings coming up, with 192 of the S&P, and 12 Dow constituents reporting in the coming 5 days

Thursday is the day to keep an eye on, with $AMZN, $AAPL and $GOOG all reporting after the close

Q2 GDP:

Our first official look at how severe the economic contraction was in Q2 comes on Thurs & Fri, with Q2 GDP prints from the US & E/Z

It is, however, unlikely to matter much to the market; though all Q2 prints will surely show the biggest quarterly contraction on record

OTHER DATA:

A whole host of other prints are also due this week, including; Germany IFO surveys, US durable goods, US consumer confidence, Australia CPI, Japan retail sales, US jobless claims, Japan unemployment & Final UMich sentiment

COVID:

The latest news on the virus will also remain in focus, though there are signs that cases in the US sunbelt have peaked

Despite that, the recent resurgence in Spain is now coming onto the radar, proving how we will have to live with the virus for the foreseeable

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