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Economic Calendar - Top 5 Things to Watch This Week

EconomyMay 24, 2020 07:12AM ET
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© Reuters.

By Noreen Burke

Investing.com - The rush to develop treatments for Covid-19 is heating up, prompting investors to diversify bets in the healthcare sector and trade tensions between the U.S. and China are firmly back on the agenda. On the economic calendar, the weekly jobless claims report continues to be the main number to watch, given its timeliness. Federal Reserve Chairman Jerome Powell is to discuss the U.S. economy in an appearance on Friday and the Fed publishes its Beige Book on Wednesday. Meanwhile, the European Commission is to unveil its pandemic response plan and retail earnings are winding up. Here’s what you need to know to start your holiday shortened week.

  1. Covid-19 vaccine hunt heats up

Governments and investors are focusing their hopes on a vaccine as it’s unlikely economic activity can resume fully without one.

So the race is on and it has already driven up prices for some pharmaceutical stocks. Hopes for a treatment have sparked outsize rallies in the shares of companies such as Moderna (NASDAQ:MRNA) and Inovio Pharmaceuticals (NASDAQ:INO).

AstraZeneca (NYSE:AZN) has vaulted into the position of the most valuable British company after receiving a U.S. pledge for up to $1.2 billion for its experimental vaccine.

The U.S. also has vaccine development deals with Johnson & Johnson (NYSE:JNJ) and Sanofi (PA:SASY). But many others companies, both large and small, are in the race: Imperial College, Gilead Sciences (NASDAQ:GILD), Roche, China’s CanSino Biologics and India’s Glenmark to name just a few.

  1. Flare up in U.S.-China trade tensions

With the global economy in an unprecedented downturn, fears over the prospect of a renewed trade conflict between the worlds two largest economies are difficult to discount.

In the past week, U.S. President Donald Trump has ramped up his rhetoric against Beijing over its handling of the pandemic, the Senate passed a bill that could result in barring some Chinese companies from listing shares on U.S. stock exchanges and a retirement-savings plan for federal workers delayed plans to invest in some Chinese companies.

China’s proposal for a tougher national security regime in Hong Kong looks set to open a new venue for Sino-U.S. tension, with the U.S. already warning of a tough response.

  1. U.S. data, Fed view on economy

After Monday’s Memorial Day public holiday, the U.S. calendar is set for a busy week. Thursday’s weekly jobless claims report continues to be the highlight and will indicate whether there is any let up in layoffs as states continue efforts to reopen their economies.

Fed Chair Powell will appear in a webcast discussion on Friday to discuss the state of the economy and the central bank's efforts to stabilize it. The Fed publishes its Beige Book on Wednesday and revised figures on U.S. first quarter growth will show if the economy suffered a bigger hit than initially reported. There will also be reports on consumer sentiment, durable goods and personal spending.

  1. Pivotal week for euro zone economic response plan

Clashes in the euro zone over how to handle the economic impact of the COVID-19 crisis raised fears for the bloc’s future, but a Franco-German proposal aimed at helping the worst-hit states represents a pivotal moment. The markets want to see details so all eyes will be on the European Commission this Wednesday when it presents its pandemic recovery plan.

Other events to watch this week include German Ifo data on Monday, which is expected to show that German companies remain pessimistic and what are expected to be some subdued inflation numbers for May.

European Central Bank President Lagarde and Chief Economist Philip Lane are both due to speak this week and they will likely reiterate the message that more action from governments in the form of fiscal stimulus will be needed to get the bloc’s economy back on track.

  1. NYSE floor to reopen, retail earnings wind down

The New York Stock Exchange trading floor is set to partially reopen after the Memorial Day holiday on Tuesday, over two months after it shut down amid widespread measures to control the spread of the coronavirus.

First quarter earnings season is continuing to wind down with retailers again the main companies reporting this week. Costco (NASDAQ:COST), Dollar General (NYSE:DG), Nordstrom (NYSE:JWN), Ulta Beauty (NASDAQ:ULTA) and Burlington Stores (NYSE:BURL) are among some of the companies reporting earnings.

--Reuters contributed to this report

Economic Calendar - Top 5 Things to Watch This Week
 

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Comments (8)
Samuel Ajobo
Samuel Ajobo May 24, 2020 2:20PM ET
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ATH
KAM LAI
KAM LAI May 24, 2020 12:24PM ET
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stock market is based on the economy of country let see what happen next week. time will prove your view.
Your Master
Your Master May 24, 2020 12:24PM ET
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But its really not. Dont get me wrong i agree with you in regard to proving it. Two different markets. Math proves the Stock market is overvalued by over 7 trillion atm and trading at 2021 p/e ratios.
Robert DZ the patterns
Robert DZ the patterns May 24, 2020 12:14PM ET
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The vaccine will be so great that it will even cure the economy, the jc Penney and hertz will be even better than before plus the thousands of other companies and alongside the commercial real estate.
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Alexis Gutierrez
Alexis Gutierrez May 24, 2020 12:14PM ET
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And im a bull btw and your comment is way unrealistic brother. Lol
Ipath Be
Ipath Be May 24, 2020 12:14PM ET
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Alexis Gutierrez there is something called sarcasm.
Tom Jones
Tom Jones May 24, 2020 12:14PM ET
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Yes, these guys don’t know @RobertD is stating the obvious: a vaccine is so far off, and even when (or by the time) it exists in mass quantities enough to matter, we’re gonna be in a HUGE world of hurt. The markets are too busy playing FOMO (fear of missing out) to notice. Huge shorting opportunity coming, and as always, all the bad stuff doesn’t matter until one day it does, then it will be FOMO on the way back down.
Gellért Ákos
Gellért Ákos May 24, 2020 12:14PM ET
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finally someone who understand both economics and Wall street...
Gellért Ákos
Gellért Ákos May 24, 2020 12:14PM ET
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I mean Tom
Kim Young
Kim Young May 24, 2020 11:09AM ET
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Turning bearish next week...prepare cash
Daniel Martinez
Daniel Martinez May 24, 2020 10:44AM ET
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Positive outlook with economy starting to open up. Expect Dow to touch 25K by the end of week.
Simply Wallstreet
Simply Wallstreet May 24, 2020 10:44AM ET
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I need that stuff you are on.
Nirbhay Kulkarni
Nirbhay Kulkarni May 24, 2020 10:44AM ET
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it is to be there,trumps is on election mood avoid his statements.
Tom Jones
Tom Jones May 24, 2020 10:44AM ET
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It’s opening up, but not responsibly. There is still no cure for Covid, not even close. When the hospitalizations being to ratchet up, let’s see what the market thinks about everyone NOT booking vacations and NOT going back to restaurants. Hang onto the tech giants even though they’ve temporarily become sources of cash for hospitality and retail industry stocks of all kinds.
Tom Jones
Tom Jones May 24, 2020 10:44AM ET
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You might be watching too much network news and relying too much on Powell. Companies are realizing they can do with fewer people and MUCH less office square footage, and that’s going to be a permanent change. Unemployment may fall temporarily, but again, many of the jobs returning can quickly disappear again.
Muhammad Jalaluddin
Muhammad Jalaluddin May 24, 2020 10:27AM ET
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Conclusion: next week, market will going up
وحید قنبری ایرایی
وحید قنبری ایرایی May 24, 2020 10:27AM ET
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Si, aumentar el mercado
Simply Wallstreet
Simply Wallstreet May 24, 2020 10:27AM ET
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I like the sarcasm
Robert DZ the patterns
Robert DZ the patterns May 24, 2020 10:27AM ET
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All depends on printer Powell
George Vincent
George Vincent May 24, 2020 10:23AM ET
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Market will sell off once traders return to the floor. Dont be fooled
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Austin Torres
Austin Torres May 24, 2020 10:23AM ET
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as long as nothing escalates with China then I highly doubt it
Pirama Kandaswamy
Pirama Kandaswamy May 24, 2020 10:23AM ET
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Market is ignoring bad news & ealy reopening, possible vaccine development sooner should open up
Pirama Kandaswamy
Pirama Kandaswamy May 24, 2020 10:23AM ET
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Investors diversifyiing bets on pharma sector wll put US-China tensions behind agenda
Robert DZ the patterns
Robert DZ the patterns May 24, 2020 10:23AM ET
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Yes, the vaccine will cure the economy
Tom Jones
Tom Jones May 24, 2020 10:23AM ET
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Tyler Reid  It won’t sell off any differently, it will sell off simply because it’s based on smoke and mirrors valuations and a completely unknown future on both the economic and vaccine fronts.
Noko Malatji
Noko Malatji May 24, 2020 10:22AM ET
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This Corona virus is going to make some people rich while others are getting poorer day by day.
 
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