|09-08-2014, 02:51 PM||#1|
U.S. Retail sales and labor data to watch this week, Alibaba prepares for IPO
The economic agenda will be in focus this week, allowing investors to contemplate last week`s European Central Bank`s announcements and U.S. data ahead of major events in the following week, including the Federal Reserve`s monetary policy meeting and the launch of TLTROs.
There are two reports this week that are sure to attract attention.
The JOLTS (Job Openings and Labor Turnover Survey) has been capturing greater significance lately since Fed Chair Janet Yellen guided investors away from the unemployment rate and towards a broader range of metrics.
At the end of the week, the Commerce Department will report retail sales for August. A 0.4% headline is forecasted as the surge in auto sales is kept in check by the fall in gasoline prices. Retail sales excluding auto, gasoline and building materials is seen at 0.4%, after rising 0.1% in July.
The disappointing jobs report last Friday was properly shrugged off by investors, as it is historically subject to significant revisions, and as a signal for economic growth, it showed contrast to most of the other economic data.
The Federal Reserve will conclude quantitative easing next month and a rate hike is still expected at least six months away.
The immediate focus is on the FOMC statement next week, whether the Fed will soften or drop references to interest rates sustained for a "considerable period" of time.
The U.S. dollar is expected to maintain a positive bias this week, with traders not expected any big catalysts to change that.
Alibaba Group Holding Ltd. unveiled plans for an initial public offering that values the company at $155 billion, which would instantly make it one of the largest listed companies in the U.S., and mark one of the biggest stock-market debuts ever.
The Chinese e-commerce company, in papers filed on Friday, value itself just below rival Amazon.com Inc`s $160 billion market capitalization.
However, Alibaba`s worth could rise in the days ahead as the company officially introduces itself to investors in a process called a roadshow, set to begin on Monday in New York.
Shares are expected to start trading on the NYSE the following week, under the symbol "BABA”.
If the company sells the maximum number of shares proposed at the highest price anticipated for now, the deal would raise $24.3 billion for the company; this which would mark the biggest IPO ever, topping the $22 billion raised by the Agricultural Bank of China Ltd in 2010.
Alibaba is a collection of various online marketplaces for consumers and businesses and generates revenues mainly by charging advertising fees to merchants that seek to promote themselves in its chaotic online bazaars that have 279 million active buyers and 8.5 million active sellers.
Another anticipated event for the week will be Apple Inc. launch of the latest iPhones and wearable devices on September 09. CEO Tim Cook is expected to unveil bigger-screen iPhones and a new wearable gadget. The event will start on Tuesday at 1 p.m. ET.
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