5 Important Developments to Monitor Next Week
5 important developments to monitor next week have been announced. Earnings reports of tech giants will come to the fore this week.
- Technology Gains
Four of the five FAANG stocks will share earnings next week – Facebook (NASDAQ:FB) on Monday, Alphabet (NASDAQ:GOOGL) on Tuesday, and Apple and Amazon on Thursday.
FAANG's spectacular growth and weight in the S&P 500 index have allowed them to have a greater impact on the overall market and have pushed the markets higher for more than a decade.
- US GDP data
On Thursday, we will see the effects of the wind that affected the US economy in the third quarter. Economists expect GDP growth to fall from 6.7% to 2.8% in the third quarter.
Other economic data we'll be tracking this week includes durable goods orders on Wednesday, initial jobless claims on Thursday, and personal income and spending data on Friday. Core personal consumption expenditures, which are said to be the Fed's preferred measure of inflation, are also among the data on Friday.
- ECB Meeting
The ECB meets on Thursday. There are tensions between officials about how far the inflation increase in the euro area will go and whether the bank should make changes in its monetary policy.
At a press conference after the policy meeting on Thursday, ECB President Christine Legarde may give investors a clue about the December decision.
- Evergrande
Evergrande has resumed work on more than ten projects in six cities, including Shenzhen, according to a Reuters report on Sunday.
Prior to the news, the company avoided a default last week by making a last-minute bond coupon payment, but there's no word on progress in restructuring the company's huge debt load.
China's second-largest real estate company is in a deep crisis with a debt burden of $300 billion.
- Bitcoin Price
Bitcoin surpassed the all-time high of $67,016 on Wednesday, surpassing the record in April, on expectations that the first exchange-traded fund in U.S. bitcoin futures will pave the way for more money to flow into digital assets.
The ETF tracks Bitcoin futures instead of the cash price.
Bitcoin advocates believe that with the launch of the ETF, prices will be supported.
Source:
Investing.com
