This is an edited version of Squawker’s Weekly, which originally appeared on CME Group Market Commentary.
Given what looks to be a quiet week in terms of economic data and central bank meetings, market attention will focus heavily on the Eurogroup meeting today and the G-7 FinMin meeting October 11.
The Eurogroup summit will take place amidst high uncertainty around Greece and Spain. Markets will be keen for some sort of closure on the issues surrounding the troubled eurozone nations. In addition, the U.S. Federal
Reserve and the ECB host a joint conference on bank funding. Early in the day, Germany will release its trade balance figures for September.
From the UK today, we’ll see the release of trade balance and industrial production. On October 10, markets will focus on bond auctions from Italy, Germany and the U.S. Later in the week, the G-7 FinMin meeting will be of key interest, along with the release of the ECB’s monthly bulletin. The IMF and World Bank begin an annual meeting. Economic readings out of the U.S. include the Producer Price Index and the University of Michigan sentiment reading for October. Also next week, earnings season heats up, highlighted by Alcoa, the first company in the Dow Industrial Average to report quarterly results. Technology giant Google reports third-quarter results, followed soon after by Wells Fargo. Investors will have a keen eye on whether the trend of lower earnings and reduced outlooks will continue, particularly as we enter into the business end of earnings season.
Tuesday, October 9
International Energy Agency releases world energy outlook 2012; IMF releases its world economic outlook and growth forecasts; Bank of Japan releases report of recent economic
and financial developments.
Wednesday, October 10
IMF releases global financial stability report; OPEC releases monthly oil market report; European Union economic and monetary affairs committee debate proposals on crisis resolution and banking union; Richard Fisher, President of the Dallas Fed, speaks at a conference.
Thursday, October 11
G-7 FinMin meeting; Bank of Japan publishes minutes of its September 18-19 meeting; EU president Jose Manuel Barroso and Italy Prime Minister Mario Monti attend dinner in Brussels; ECB publishes monthly bulletin; Philadelphia Fed President Charles Plosser speaks on economic outlook.
Friday, October 12
IMF and World Bank begin annual meetings; St. Louis Fed President James Bullard speaks on U.S. economy; Jeffrey Lacker, President of the Richmond Fed, speaks on challenges to economic growth.