With Greece in the rearview mirror, and no Tier 1 economic updates in the coming week, it is likely that traders will finally head for the beach as summer is peaking and so far everyone wasted it following the third season of the Greek bailout drama. Which means volumes will be more abysmal than ever, which also means no-volume HFT levitation will take the S&P to new all time highs in days if not hours.
For those junior traders who will be tasked to man the desks and supervise the algos, here is a quick preview of what to expect.
- With no data due in the US it’s a reasonably quiet start to proceedings today with just German PPI for June the only notable release.
- Tuesday starts in Japan where we get the Conference Board leading index before we turn over to the UK where we get public sector net borrowing data. It’s quiet once again in the US tomorrow with no data due.
- We kick off the Asia session on Wednesday with the June Conference Board leading indicator out of China. French business and manufacturing confidence and Italian industrial orders follow before we get the Bank of England minutes. In the US on Wednesday we’ve got existing home sales for June along with the FHFA house price index due.
- Turning to Thursday, Japan trade data will be closely watched in the morning while we get UK retail sales and Euro area consumer confidence closer to home. Initial jobless claims, Chicago Fed National activity index, Conference Board leading indicator and the Kansas City Fed manufacturing activity print are all due in the US.
- We end the week on Friday with the flash July PMI indicators for the Euro area as well as regionally in Germany and France. Meanwhile in the US we conclude the week with new home sales for June as well the flash manufacturing PMI for July. With a fairly quiet calendar for data, there will be much focus on earnings where we see 131 S&P 500 companies reporting this week including Apple, Microsoft, Amazon, Verizon, AT&T and Coca-Cola.
And an even simpler chart summary from BofA:
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