Originally published by Rivkin Securities
US stocks managed to eke out a gain on Friday night as the S&P 500 climbed just 0.1%. Trade is still the main issue on investors minds and the recent tariff war is beginning to hurt shipping companies including Moller-Maersk (the largest container ship operator in the world) whose share price is down 43% over the past year.
Chinese GDP data will be released today which is expected to show a slight reduction in growth compared to the prior quarter. The effects of tariffs may begin to show up as reduced GDP growth for China although for now the Chinese economy is still expected to grow at a 6.7% annualised rate. Although this is below the double digit growth from the 00’s it is still a very health growth rate and is much higher than virtually all developed economies.
Later tonight, US retail sales and Empire State manufacturing index will be released. Retail sales are expected to grow by 0.4% for the month, down from the previous month’s solid 0.8% growth. ASX 200 futures are slightly down this morning.
Data Releases:
- China GDP 12:00pm AEST
- China Industrial Production 12:00pm AEST
- US Retail Sales 10:30pm AEST
- US Empire State Manufacturing Index 10:30pm AEST