Key Developments This Week: AU Economy, ASX AGMs, and US Employment Data

October 28, 2024 05:39 PM AEDT | By Team Kalkine Media

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Key Developments This Week: AU Economy, ASX AGMs, and US Employment Data — Image source: Shutterstock

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Highlights

Australian data releases on CPI and retail sales may impact inflation outlook.

Key AGMs from ASX companies like CBA and Qantas offer strategic updates.

US unemployment data could influence Federal Reserve's upcoming decisions.

Australia’s economic landscape is under the microscope this week, with critical data releases, including Wednesday's Consumer Price Index (CPI) and Thursday's retail sales and building approvals. With August CPI showing a favorable 2.7% year-over-year rise, down from July’s 3.5%, the Reserve Bank of Australia (RBA) will monitor inflation closely. While a further rate change remains unlikely, these data points will provide insight into inflation trends and consumer spending leading up to the holiday season. Meanwhile, ongoing challenges in the construction sector highlight Australia’s housing shortage as the need for additional homes grows urgent.

ASX AGM Season Highlights

AGM season on the Australian Securities Exchange (ASX) has brought shareholder updates from major companies. Commonwealth Bank of Australia (ASX:CBA) and Qantas led with discussions around financial health and upcoming plans. Qantas aims to resume dividends and reward employees with a $1,000 bonus, showing confidence in its approach. More AGMs are scheduled this week, including Temple & Webster, CSL, Whitehaven Coal, Woolworths, and JB Hi-Fi. Among these, Woolworths faces scrutiny over recent issues, while JB Hi-Fi’s performance will provide insights into the retail sector.

US Employment Data and Market Impact

In the US, economic releases this week culminate with non-farm payroll and unemployment data on Friday. Following September’s rate cut, the Federal Reserve is expected to hold its stance, particularly as the labor market remains stable. With a projected 125,000 job increase and steady unemployment, the data will be a key factor as the Fed navigates policy decisions close to the upcoming election.

These data points offer a comprehensive look at economic trends in Australia and the US, impacting both local and global markets in the weeks to come.

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