The Week Ahead

A holiday shortened week will see little activity on the corporate calendar. There will be no Hedge Fund Telemetry Daily Note on Thursday and Friday as I am taking a few days off. I will probably send out some short comments on Friday after the US Jobs report. As always, the sentiment charts will be updated each day after 5pm and accessed on the website for clients.

From an economic calendar will be a little bit more active with US ISM on Monday, Factory orders on Tuesday, FOMC meeting minutes on Thursday and jobs report on Friday. Internationally we will see China PMI out over the weekend, Euro-zone unemployment for May, China Caixin services PMI, on Wednesday morning, and Germany factory orders, and industrial production at the end of the week.

S&P bullish sentiment ended the week at 45% down from 59% from the previous Friday. Tesla is leaking out that they hit their goal of producing 5000 Model 3's and it will likely see a lift but it will be interesting to see if bulls will take profits as we have seen this game before with end of the quarter production burst.

Monday 02-Jul

Economic

US: Markit PMI manufacturing (Jun), Construction Spending (May), ISM Manufacturing (Jun)
Europe: Euro-zone PMI (Jun), Unemployment rate (May); UK PMI manufacturing (Jun)
Asia: (Sun PM / Mon AM) Japan Registered Auto Sales (Jun) China PMI (over the weekend)

Tuesday 03-Jul

Corporate

Pre-open: AYI

Economic

US: Factory orders (May), Vehicle sales (Jun)
Europe: Retail sales (May), PPI (May)

Wednesday 04-Jul

Holiday:

U.S. Markets Closed

Economic

Europe: Germany Services PMI (Jun), Euor-zone Services PMI (Jun), UK Services PMI (Jun)
Asia: (Tues PM / Wed AM) Japan PMI Services , China Caixin Services PMI (Jun)

Thursday 05-Jul

Economic

US: ADP private employment (Jun), ISM non-manufacturing (Jun), FOMC minutes (Jun), Services PMI (Jun)
Europe: Euro-zone Retail PMI (Jun); Germany Factory orders (Jun), Manufacturing turnover (May), Construction PMI (Jun)

Friday 06-Jul

Economic

US: Jobs report (Jun), Trade balance (May)
Europe: Germany Industrial Production (May),
Asia: (Thus PM / Fri AM) Japan Personal Consumption (May), Personal income (May), Fx Reserves (Jun) Trade Balance (Jun)

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