{"id":650504,"date":"2013-04-04T07:48:56","date_gmt":"2013-04-04T11:48:56","guid":{"rendered":"http:\/\/blogs.reuters.com\/globalinvesting\/?p=8998"},"modified":"2013-04-04T07:48:56","modified_gmt":"2013-04-04T11:48:56","slug":"weekly-radar-q1-earnings-test-as-the-herd-scatters","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/650504","title":{"rendered":"Weekly Radar: Q1 earnings test as the herd scatters"},"content":{"rendered":"

US Q1 EARNINGS START\/DUBLIN EURO GROUP MEETING\/US T-SECRETARY LEW IN BERLIN-PARIS\/US-FRANCE-ITALY GOVT BOND AUCTIONS\/FRANCE NATL ASSEMBLY VOTES ON LABOUR REFORM\/VENEZUELA ELECTIONS<\/strong><\/strong><\/p>\n

World markets have started the second quarter in an oddly indecisive mood given that Q1 turned out to be yet another bumper start to the year, looking to extend record stock market highs on Wall St but lacking the juice of new information to make a decisive break while Europe splutters and emerging markets and commodities head south. Two important pieces of the U.S. jigsaw will likely emerge over the coming week\u00a0 with this Friday\u2019s US employment report and the start of the Q1 corporate earnings season next week.<\/p>\n

But there’s clearly been a more general rethink further afield among global investors given the breakdown in cross-asset and cross-border correlations \u2013 meaning it\u2019s no longer enough to just get Wall St right and adjust your global risk button accordingly. It looks much harder work to get regional or asset allocations and positioning right. As Wall St flirts with new highs and US and Japanese equity funds continue draw hefty inflows, there\u2019s been a pullback from all things Europe surrounding the Cyprus saga and parallel growth disappointments across the region and EPFR data last week showed redemptions from euro stock, bond and money funds continued.<\/p>\n

Euro stocks, as a result, are now flat for the year after two consecutive months in negative territory wiped out all of frothy January. And while you\u2019d have made a cool 10 percent in developed market equities collectively in the first quarter and almost 9 percent on Wall St alone, you\u2019d be in the red in emerging markets and badly burnt in gold, metals and commodities at large. So while the headline equity story suggests a G7 global recovery is underway at last, as the OECD suggested last week, \u00a0that\u2019s not the signal from commodities and the emerging world. Could it really be just be a domestic US recovery story all on its own?<\/p>\n

As a result it’s hard to find a binding theme so far in early April and market pricing this week reflects that somewhat, even though Easter-related holidays in many western markets contributed to the lack of direction. Apart from earnings season starting bell, next week has the euro group meeting in Dublin, \u00a0new US Treasury Secretary Jack Lew in Berlin and Paris and a hefty slate of data and debt auctions everywhere.<\/strong><\/p>\n

GLOBAL<\/span><\/strong>\u00a0DATA\/EVENTS TO WATCH<\/strong><\/span> <\/strong><\/strong><\/p>\n

French govt bond auctions Mon<\/strong><\/p>\n

German Feb industry output Mon<\/strong><\/p>\n

US Q1 earnings Mon: Alcoa<\/strong><\/p>\n

Bernanke speech Mon<\/strong><\/p>\n

ILO regional meeting Mon\/Tues<\/strong><\/p>\n

China March inflation Tues<\/strong><\/p>\n

US Treasury Secretary Jack Lew in Berlin\/Paris Tues<\/strong><\/p>\n

French national assembly votes on labour reform Tues<\/strong><\/p>\n

Swiss March jobless\/inflation\/retail data Tues<\/strong><\/p>\n

German\/French Feb trade reports Tues<\/strong><\/p>\n

UK Feb manufacturing\/industry output\/trade Tues<\/strong><\/p>\n

US 3-yr Treasury auction Tues<\/strong><\/p>\n

China March trade data Weds<\/strong><\/p>\n

Japan March bank lending Weds<\/strong><\/p>\n

France\/Italy Feb industry output Weds<\/strong><\/p>\n

OECD leading indicator Weds<\/strong><\/p>\n

Poland rate decision Weds<\/strong><\/p>\n

Obama meets Republican senators on 2nd<\/sup> term agenda Weds<\/strong><\/p>\n

US 10-yr Treasury auction Weds<\/strong><\/p>\n

SKorea\/Indonesia rate decisions Thurs<\/strong><\/p>\n

Japan Feb machinery orders Thurs<\/strong><\/p>\n

Italy govt bond auction Thurs<\/strong><\/p>\n

German\/French March inflation Thurs<\/strong><\/p>\n

US 30-yr Treasury auction Thurs <\/strong><\/p>\n

Euro zone finance ministers meet in Dublin Fri<\/strong><\/p>\n

Italy March inflation Fri<\/strong><\/p>\n

EZ Feb industrial output Fri<\/strong><\/p>\n

US Q1 earnings Fri: JPMorgan<\/strong><\/p>\n

US March PPI\/retail sales\/April consumer confidence Fri<\/strong><\/p>\n

Bernanke speech Fri<\/strong><\/p>\n

ECOFIN in Dublin Fri<\/strong><\/p>\n

Venezuela Presidential election Sun<\/strong><\/p>\n

\u00a0\u00a0 <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

US Q1 EARNINGS START\/DUBLIN EURO GROUP MEETING\/US T-SECRETARY LEW IN BERLIN-PARIS\/US-FRANCE-ITALY GOVT BOND AUCTIONS\/FRANCE NATL ASSEMBLY VOTES ON LABOUR REFORM\/VENEZUELA ELECTIONS World markets have started the second quarter in an oddly indecisive mood given that Q1 turned out to be yet another bumper start to the year, looking to extend record stock market highs on […]<\/p>\n","protected":false},"author":7385,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-650504","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/650504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7385"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=650504"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/650504\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=650504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=650504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=650504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}