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Week Ahead: October 16-20, 2017

Last week, corporate earnings season kicked off with banks reporting somewhat mixed results. Earnings and profits were in-line for the most part, but FICC revenue had declined across the board. The Fed minutes were also released last week, which seemed to carry a little more dovish tone. The Fed desires a December rate hike, and raising interest rates is definitely what they want to do; however, stagnant inflation is beginning to raise more concerns. The geopolitical scene was once again in focus as diplomatic relations between the U.S. and Turkey continued to deteriorate, and the relationship with Iran could suffer as well as President Trump looks to nullify the recent nuclear deal. In addition, there is also talk of NAFTA collapsing at any moment, though even with all of this geopolitical commotion, global equities continued to push higher.

This week will be fairly quiet regarding new releases of U.S. economic data, but China will be reporting their third quarter GDP, retail sales, and industrial production, which AMB will be watching closely. Leaks about the upcoming data have already pushed Chinese 30-year yields to new highs, which points to stronger than expected figures. This is AMB’s expectation since China continues to inject liquidity into their markets. Many major companies will announce their earnings this week, which should give us a good indication on how this earnings season will play out.

Major Earnings
Announcements for the Week:

Monday | Charles Schwab, Netflix, and CSX
Tuesday | Goldman Sachs, Harley-Davidson, J&J, Morgan Stanley, Progressive, Prologis, United Health, IBM, Lam Research, Navient, and WW Grainger
Wednesday | American Express, eBay, Kinder Morgan, United Continental, United Rentals, Abbot Labs, M&T Bank, Northern Trust, and U.S. Bancorp
| Bank of New York Mellon, BB&T, Danaher, Dish, Dover, Genuine Parts, KeyCorp, Nucor, Phillip Morris, PPG, Textron, Travelers, Verizon, E-Trade, Intuitive, Surgical, Peoples United Financial, and PayPal
Friday | American Airlines, Baker Hughes, Citizens Financial, General Electric, Honeywell, Parker Hannifin, P&G, Schlumberger, SunTrust, Synchrony Financial, and Whirlpool

Economic Calendar/
Market Moving Events:

Tuesday | Import and Export Prices 8:30 AM, Industrial Production 9:15 AM and Housing Market Index 10:00 AM
Wednesday | Housing Starts 8:30 AM
Thursday | Jobless Claims 8:30 AM & Philadelphia Fed Business Outlook Survey 8:30 AM
Friday | Existing Home Sales 10:00 AM