How will the Greek Tragedy End?

Intro: Investors will continue to focus on corporate earnings as 12 of the 30 Dow components report during the week. We have a light week on the economic calendar including Existing Home Sales, New Home Sales and Durable Orders 

Earnings: Earnings season heats up with almost 1/3 of the S&P reporting headlined by Google, Verizon, Coca Cola and Amgen. In initial earnings calls, CEO’s have contributed the Dollar strengthening to weaker revenues. So far, less than half of the companies that reported revenues came in above expectations. Traders will continue to assess how much the Dollar appreciation and drop in commodities prices has affected US multinationals bottom lines

PMI Readings: On Thursday (4/23) multiple countries around the globe report Flash Manufacturing PMI which includes China, Japan, Germany, and France. Based on the readings, investors will continue to see how policies by central banks have helped to stimulate their nation’s economies

CPI: During the week, we will see CPI readings from across the globe. Investors will be looking to see if central banks attempts to increase inflation are working. Should CPI come in weaker than expected, we could see central banks take further monetary policy steps to weaken its currency against the US Dollar. Conversely, its respective global indices will likely increase on any central bank easing

Greece: Most European politicians have said that a Greek deal will likely occur. However, most politicians are saying they are “worried” about how the parties get to a deal. The worries have been affecting the markets in recent weeks and will continue to impact shares as larger debt payments come up. Investors will continue to monitor how close the parties are to a deal and if Greece can come up with the money to even pay their government employees 

Oil: Oil has been creeping up the last few weeks on a slowdown of oil inventories shooting up, geo political events in Yemen and the decline in US oil rigs. Traders will continue to watch these indicators for further moves in the price of oil

 

MONDAY (4/20)

  • New Zealand CPI
  • Reserve Bank of Australia Governor Glenn Stevens Speaks
  • Bank of Canada Stephen Poloz Speaks
  • Earnings: IBM, Morgan Stanley, Canadian National railway, Haliburton

 

TUESDAY (4/21)

  • Reserve Bank of Australia Monetary Policy Meeting Minutes
  • German ZEW Economic Sentiment
  • Canada Wholesale Sales
  • Earnings: Verizon, Amgen, United Technologies, Lockheed Martin, Yahoo, Kimberly-Clark, Yum Brands, Baker Hughes

 

WEDNESDAY (4/22)

  • 10:00 AM ET – Existing Home Sales - Mar
  • 10:30 AM ET – Crude Oil Inventories
  • Australia CPI
  • Bank of England Monetary Policy Committee Bank Rate Votes
  • Earnings: Facebook, Coca Cola Company, AT&T, Boeing, McDonald, Abbott Laboratories, eBay, Texas Instruments, EMC

 

THURSDAY (4/23) 

  

  • 8:30 AM ET - Weekly Jobless Claims
  • 10:00 AM ET – New Home Sales - Mar
  • New Zealand Global Dairy Trade
  • China HSBC Flash Manufacturing PMI
  • Japan Flash Manufacturing PMI
  • European Flash Manufacturing PMI
  • European Flash Services PMI
  • Great Britain CPI
  • Earnings: Google, Microsoft, Novartis, Proctor & Gamble, Amazon, Pepsico, 3M, Altria, Eli Lilly, Starbucks, General Motors, Caterpillar, Dow Chemical

 

FRIDAY (4/24)

  • 8:30 AM ET – Durable Orders – Mar
  • German IFO Business Climate
  • Eurogroup Meetings
  • Bank of Canada Stephen Poloz Speaks
  • Earnings: Biogen, Simon Property, Infosys, American Airlines