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Liam Garrity-Rokous
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My name is Liam Garrity-Rokous and I am currently a sophomore pursuing a Bachelor of Science in Management, with a dual concentration in Finance and Corporate Reporting & Analysis, at Boston College in the Carroll School of Management (CSOM). I have been interested in the stock market for... More
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  • Economic Reports Will Move Financial Markets 0 comments
    Jun 4, 2014 5:59 PM | about stocks: SPY, QQQ, DIA

    Many extremely important economic reports will be released over the next two days, and they should definitely move the major indexes; the S&P 500 ($SPY), the Nasdaq Composite ($QQQ), and the Dow Jones Industrial Average ($DIA).

    A list of the biggest economic reports released over the next two days can be seen as follows:

    (A list of all these reports, a summary of the reports, and the forecasted results of the reports can be found on the Forex Factory website. I found all of this data on that website)

    Thursday:

    7:00am - The Bank Of England (NYSE:BOE) gives its monthly announcement of its "Official Bank Rate"

    Unknown time (probably between 7:00am and 7:45am) - The Monetary Policy Committee (NYSE:MPC) for the Bank Of England (BOE) gives its "Interest Rate Statement"

    7:45am - The European Central Bank (ECB) releases its "Minimum Bid Rate"

    8:30am - Canada releases data indicating the change in the number of "Building Permits m/m"

    8:30am - The US Department of Labor releases the weekly number of "Unemployment Claims" in the US

    10:00am - The Richard Ivey School of Business in Canada releases their data for the Purchasing Managers' Index (PMI). This report is called "Ivey PMI"

    Friday:

    8:30am - Canada releases data indicating "the change in the number of employed people during the previous month." This report is called the "Employment Change" report.

    8:30am - Canada releases data that gives the country's "Unemployment Rate"

    8:30am - The Bureau of Labor Statistics in the US releases the "Non-farm Unemployment Change" report, which is described by Forex Factory as the "Change in the number of employed people during the previous month, excluding the farming industry." This figure is released monthly, and it will give a very good indication of whether or not the recovery in US labor markets is continuing.

    8:30am - The Bureau of Labor Statistics in the US releases the "Unemployment Rate" for the US.

    The most important economic event of the week, a monthly press conference held by the European Central Bank (ECB), will take place early tomorrow morning. The one hour long press conference, scheduled to begin at 8:30am EST, will end approximately when the stock market opens (at 9:30am EST) and it is definitely expected to have a significant impact on financial markets. The ECB has been struggling for quite a while now to combat extremely low inflation levels, and many investors believe that the ECB will announce drastic stimulus measures to spur economic growth and fight low inflation numbers. Such "drastic measures" could include a further reduction of interest rates, and "Because its deposit rate is already at zero, this would include the unusual move of installing a negative rate on overnight bank deposits-effectively charging banks to park funds at the ECB" (WSJ). A few other central banks have already experimented with negative deposit rates, but "the ECB would be the largest to do so" and it would truly be a revolutionary event if the ECB enacts this new policy stance (WSJ).

    The situation was made even more drastic when economic data, released yesterday, revealed that "the annual rate of inflation in the 18 countries that share the euro fell back to its lowest level in more than four years during May, a development that could negatively affect the currency area's weak economic recovery" (WSJ). That data report, which was released only two days before the ECB was scheduled to hold a press conference, made it even more likely that the ECB will adopt an even more accommodative policy stance.

    This week is setting up to be extremely interesting, and I will cover all of these events in my weekly Newsletter (found at: http://liamgarrityrokous.tumblr.com/). For those of you who are more active market enthusiasts feel free to follow me on Twitter (@_LiamGR) because I will be tweeting early tomorrow after information about the press conference is released.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: SPY, QQQ, DIA
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