In this article we take a look at the key economic news and data releases affecting Australian markets this week.
Australian Economic News This Week
- Sunday 23rd – S&P Global Australia Purchasing Manager Index
- Monday 24th – Australia’s Federal Budget
- Monday 24th – US purchasing activity reports (manufacturing, services sector, and composite)
- Tuesday 25th – Australia’s Consumer Price Index (CPI)
- Tuesday 25th – US housing market and consumer confidence
- Thursday 27th – US initial and four-week average jobless claims
- Friday 28th – US inflation data
On Sunday, the 23rd, the S&P Global Australia Purchasing Manager Index will be released. Australia’s PMI has hovered around the 50 level dividing purchasing activity between contraction and expansion. The PMI for the services sector will also be released., where purchasing activities have also remained slightly above 50. The Composite Index combines purchasing activity in both sectors, also staying constantly slightly above 50.
On Monday, the 24th Australia’s Federal Budget will be released, a potential catalyst for sectors benefiting from provisions in the budget.
Top Australian Brokers
- City Index - Aussie shares from $5 - Read our review
- Pepperstone - Trading education - Read our review
- IC Markets - Experienced and highly regulated - Read our review
- eToro - Social and copy trading platform - Read our review
On Tuesday, the 25th Australia’s Consumer Price Index (CPI) figures will be released, a potential market catalyst in both directions should the data be interpreted by investors as either negative or positive.
On Thursday the 27th In the US, potentially catalytic events begin on Monday the 24th with the release of all three purchasing activity reports – for the manufacturing sector, the services sector, and the composite.
Tuesday the 25th sees the release of a raft of data on the US housing market and consumer confidence.
Thursday the 27th includes data on both initial and four week average jobless claims with the critical inflation data coming out on Friday the 28th.
Don’t Buy Just Yet
You will want to see this before you make any decisions.
Before you decide which shares to add to your portfolio you might want to take a look at this special report we recently published.
Our experts picked out The 5 best ASX shares to buy in 2024.
We’re giving away this valuable research for FREE.
Click below to secure your copy
