The third quarter earnings season kicks off this week, with several major banks reporting. Economic data released this week includes the latest readings on US inflation and consumer and small business sentiment.
publishes its third quarter results on Wednesday, followed by
Bank of America
go friday. Non-bank companies that release their results this week include
Alliance of Walgreens boots
The highlights of the week’s economic data will be the September consumer price index on Wednesday and the September producer price index on Thursday. Consensus estimates that consumer prices will rise 5.3% year over year, continuing a wave of inflation in 2021.
Other notable data released this week included the Census Bureau’s September retail sales report on Friday and a pair of sentiment surveys: the National Federation of Independent Business’s Small Business Optimism Index for September is released Tuesday, followed by the University of Michigan Consumer Sentiment Index. for October on Friday.
Economists and Fed watchers will also pay close attention on Wednesday, when the minutes of the September Federal Open Market Committee meeting are released. Finally, the annual meetings of the World Bank Group and the International Monetary Fund will take place most of the week.
American bond markets are closed on Columbus Day.
Annual meetings 2021 World Bank Group and International Monetary Fund meet mostly in a virtual format. The confab runs until October 17.
Fastenal publishes quarterly results.
The labor office The statistics publish the Survey of Job Openings and Workforce Turnover. The consensus estimate is for 11.1 million vacancies on the last working day of August, slightly more than the July figure, which was a record.
The National Federation of Independent Business releases its Small Business Optimism Index for September. Expectations are for a reading of 99, slightly lower than the August data.
Profit season kicks off with JPMorgan Chase reporting third quarter results. The
KBW banking index
rose 39% this year as Treasury yields rose and the Federal Reserve became more hawkish.
BlackRock, Delta Air Lines and First Republic Bank publish their results.
Medtronic is hosting an investor meeting to discuss its ESG initiatives.
The Federal Free Market The committee publishes the minutes of its September monetary policy meeting.
BLS reports consumer price data for September. Economists are forecasting a 5.3% year-over-year increase, which would match the August reading. Core CPI, which excludes volatile food and energy prices, is up 4%, even with data for August.
Bank of America, Citigroup, Morgan Stanley, US Bancorp, UnitedHealth Group, Walgreens Boots Alliance and Wells Fargo host quarterly earnings conference calls.
Hormel Foods is hosting an investor meeting to discuss its long-term strategy and key initiatives.
BLS outings the producer price index for September. The consensus estimate is for a 0.5% month-over-month rise and for the core PPI to gain 0.4%. This compares to increases of 0.7% and 0.6%, respectively, in August.
Goldman Sachs Group, JB Hunt Transport Services, PNC Financial Services Group, Prologis and Truist Financial report results.
The census office retail expense reports for September. Consumer spending is expected to decline 0.1% from August to $ 618 billion. Excluding autos, retail sales are expected to increase 0.6% month over month after jumping 1.8% earlier.
The University of Michigan releases its consumer sentiment index for October. The consensus call is for a reading of 74.8, two points higher than September’s figure. In August, the index hit a decade low as consumer concerns about inflation escalated.
Write to Nicholas Jasinski at [email protected]