Lions, Tigers and Greeks

Intro: Investors will continue to watch the latest developments in Greece as both sides continue to work on preventing a Greek default. Domestically, we will be turning our attention to Existing Home Sales, Durable Orders and Personal Spending

Greece: As of 6/22, Greece and its creditors have not been able to come to an agreement. We may see increased volatility as Greece nears the deadline. At times, the markets have shrugged off the events in Greece. However, as the deadline gets closer, we may see more of a trading reaction. There is also the possibility that the Greek banks may not be able to open up during the week. Should this occur, expect volatility in global markets

GDP: On Thursday (6/25) 1Q GDP is released. Should GDP come in lower than expected, investors will look for the central bank to potentially delay raising interest rates. Should GDP show positive growth, expect the central bank to stay on course for raising rates

PMI Readings: Additionally on the data front, PMI readings from across the globe are due out this week. We should continue to see some positive readings as global markets have been far outpacing domestic markets so far this year. If we see this trend continue, we could expect to see additional capital flow in to its respective economies

IPO’s: This week is the busiest week this year so far for IPO’s with 14 companies expected to debut including TransUnion

 

MONDAY (6/22)

  • 10:00 AM ET – Existing Home Sales - May
  • Chinese banks will be closed in observance of the Dragon Boat Festival
  • Eurogroup Meetings

 

TUESDAY (6/23)

  • 8:30 AM ET – Durable Orders – May
  • 10:00 AM ET – New Home Sales - May
  • China HSBC Flash Manufacturing PMI
  • Japan Flash Manufacturing PMI
  • European Flash Manufacturing PMI
  • European Flash Services PMI
  • FOMC Member Jerome Powell Speaks
  • Earnings: Carnival

 

WEDNESDAY (6/24)

  • 10:30AM ET – Crude Oil Inventories
  • 8:30 AM ET – GDP 3rd Estimate – 1Q
  •  Japan Monetary Policy Meeting Minutes
  • German IFO Business Climate
  • Earnings: Monsanto

 

THURSDAY (6/25)

  • 8:30 AM ET - Weekly Jobless Claims
  • 8:30 AM ET – Personal Income - May
  • 8:30 AM ET – Personal Spending – May
  • Earnings: Nike, Accenture, Micron

 

FRIDAY (6/26)

  • 9:55 AM ET - Michigan Sentiment - June