Global equities have experienced turbulent trade recently as the impact of the deadly COVID-19 ransacks the market. Most recent reports around the world showed above 80,000 cases of infections in 32 countries with over 2,600 deaths.

With this in mind, let’s have a look at events that will further impact the direction of the market next week.

Monday 2nd March 

AUD: Australian Bureau of Statistics will release Company Operating Profits q/q by 1:30 am. This data measures the change in the total value of profits earned by corporations. The outcome of this data will impact the spending, hiring, and investment decision of corporations in Australia. A positive outcome increases the likelihood of the corporations increasing the workforce through hires as well as re-investing some of the accrued profit.

GBP: Final Manufacturing PMI from Markit by 10:30 am. This data has surpassed expectations in 4 of the last 5 releases and is expected to be slightly better than forecast this time as the Country continues to navigate a slippery path post Brexit. Rishi Sunak, Chancellor of the Exchequer says the country will delay some of the government’s most important decisions with respect to Tax, spending, and borrowing meaning the business climate in the UK will remain the same as the world grapple with the impact of COVID-19.

USD: ISM Manufacturing PMI will be released by the Institute for Supply Management by 4 pm. The PMI data for January grew by 3.1% from the 47.8 reading for December. The data for January showed a positive sentiment for the first time in over 7 months (July 2019). Will the purchasing manager maintain a positive sentiment this time around considering the global worries? 4 pm the answer will be known.

Tuesday 3rd March 

AUD: Building Approvals m/m is expected from the Australian Bureau of Statistics by 1:30 am. Australia is just recovering from the Bush fire around the Month of December. Bush fire rebuilding and recovering exercise are expected to have a positive impact on the building approval statistics. Better than forecast data should be expected.

AUD: Reserve Bank of Australia will release the cash rate by 4:30 am. This data measures Interest rate charged on overnight loans between financial intermediaries. The board of the bank decided to keep the cash rate constant at the last meeting citing a reasonable global economic outlook. They projected a little stronger global growth at that time without being aware of the damage CORVID-19 will wreck on global economies. The board may likely keep rate constant this time but with a lot of dovish inferences considering the position of global economies.

EUR: CPI Flash Estimate y/y from Eurostat will be made available by 11 am. Recent data from the zone is looking encouraging with annual inflation topping 1.4% as the zone recorded a €23.1 bn trade surplus. Although the zone is still well off the inflation target of 2% set by the Eurozone, the little progress recorded could be the necessary booster for the zone.

Wednesday 4th March 

AUD: GDP q/q is set to be released by the Australian Bureau of Statistics at 1:30 am. Australian economy managed a 0.4% growth at the last release, which was short of forecast. The expected date is for the quarter that ended in December, a time the country was grappling with bush fire.

GBP: Final Services PMI will be made available by Markit at 10:30 am. The service sector is the major contributor to the GDP of the United Kingdom pointing to the important nature of this data to the strength of the Cable.

USD: ADP Non-Farm Employment Change will be released by 2:15 pm. There was a positive change in the US Non-Farm Private Sector employment last month as 291000 jobs were created as against 157,000 expected by economists. This set a good precedence for the NFP which came about far above forecast.

CAD: BOC Rate Statement and Overnight Rate from Bank of Canada by 4 pm. The bank maintained the overnight rate at 1.75% at her last meeting citing from stability to the global economy as well as progression in the US and China trade deal. Fast forward to 2020, the stability envisaged by the bank has been far fetched owing to the growing impact of the deadly coronavirus, slow down in the global economy as well as a slump in prices of crude oil (Canada’s main export commodity). Recent data from Canada is depicting a slowing economy as consumer spending as well as business investment is getting lower.

USD: ISM Non-Manufacturing PMI is scheduled to be released by the Institute for Supply Management by 4 pm.

OIL: Crude Oil Inventories will be released by the Energy Information Administration at 4:30 PM. The slowdown in global economies is affecting demand for Crude Oil in the face of the deadly COVID-19. The data supported Oil at the last release as only 0.5 Million Barrels of Crude Oil are held in inventory by commercial firms as against 2.3 Million predicted by economists. The data this week might have little or no impact on the commodity as the deadly coronavirus continues to rattle the global economy.

Thursday 5th March 

AUD: Trade Balance will be released by the Australian Bureau of Statistics by 1:30 am. The forecast has been adjusted lower than the previous forecast as economists priced in the impact of CORVID-19.

OIL: An all-day OPEC meeting set to hold in Vienna. Representatives of 15-Oil rich nations. This meeting is crucial as member nations will discuss a possible way to arrest the current free fall on the commodity.

GBP: BOE Gov Carney Speaks by 6 pm. He is due to speak at University College London. Traders should watch out for subtle clues on the monetary policy of the nation during the speech.

CAD: BOC Gov Poloz Speaks at 6:45 pm. He is due to deliver a speech titled “Economic Progress Report” at the Women in Capital Markets event, in Toronto. As he will provide a situation report on the monetary policy of the country, the speech will affect the strength of the Loonie.

Friday 6th March 

AUD: Retail Sales m/m is set to be released by the Australian Bureau of Statistics. This data is expected to depict some of the early impacts of COVID-19 on the Australian economy.

CAD: Trade Balance, Employment Change and Unemployment Rate slated for 2:30 PM.

USD: Average Hourly Earnings m/m, Non-Farm Employment Change and Unemployment Rate slated for 2:30 PM. These employment data are very crucial to the strength of the Greenback.

* Time is GMT+1