Weekly Watch: Economic & company news to be across this week for your investing and trading

Weekly Watch: Economic & company news to be across this week for your investing and trading

Jessica Amir
Market Strategist

Summary:  The US dollar could move higher again if US durable goods orders for January are hotter than expected. Why the Australian dollar could be pressured with this weeks GDP and CPI data. And why China’s PMI release is so important this week. Energy companies are a focus this week, with outlooks from Occidental, Woodside Energy and Canadian Natural Resources on watch. Brewers will be interesting to watch amid the reopening trade. Budweiser Brewing Co in Hong Kong could surprise the market, while the world’s largest brewer Anheuser-Busch InBev listed in NY could gain more attention after options volume rose over 8% last week.

Welcome to Saxo’s Weekly watch  - Covering the economic and company news, you need to be across in the new week; so you can stay on top of your trading and investing. 

Please note days mentioned are in AEST time. 

Firstly let’s look at the weeks economic calendar of releases – to prepare ourselves for what could move equity market and FX rates.

On Tuesday  - traders will be watching US durable goods orders for January. This is a closely watched proxy for business spending – tracking purchases of long-lasting goods, such as vehicles. We know, in December durable goods orders rose 5.6% - marking its biggest gain since 2020. The hot print was driven by transportation equipment orders rising 17%. But somehow now Bloomberg consensus expects durable goods orders to have fallen 3.9%. But we think traders should stay on their toes. We are not sure if orders will fall- or even by that much. Why? Well business activity picked up in February, according surveys of manufacturers and service providers. So you might see the US dollar swing higher, if the data is hotter than expected - as the Fed would have more power to keep hiking rates. Also note the US dollar is continuing to march higher after hotter than expected US inflation read outs from consumer and producer inflation (PCE, PPI, CPI). 

On Wednesday Australian GDP will likely to show fourth-quarter economic growth slowed down to pace of 2.7% YoY -  quashed by higher inflation and interest rates. And monthly CPI should show inflation is cooling. In these instances, that would theoretically pressure the Aussie dollar lower, while the US dollar is continuing to move up  -so that’s something to watch for the AUDUSD pair for example. 

Also Wednesday - China’s PMI surveys are expected to show the recovery is progressing in February. We expect good news - with the services sector driving growth and manufacturing picking up slightly. These will be important signals  - as monthly activity data won’t next be available until mid-March.

Moving to company news to watch for the week ahead 

Energy companies have again reported the best earnings growth this US and Australian corporate reporting season - with increased profits and dividends. Occidental Petroleum’s outlook will be a focus this week, as well as Canadian Natural Resources results later in the week. And Woodside Energy reported early in Australia on Monday. The key is to watch their outlooks.

Occidental is expected to report its highest-ever fourth-quarter net income, with the US energy giant to benefit from high energy prices amid tight supplies. The oil and gas giant generated about $2.8 billion in free cash flow in the period after years of austerity and debt reduction, according to Bloomberg consensus. Investors will closely monitor its 2023 spending and capital-returns outlook with adjusted EPS of $1.79 expected. Occidental's shares are down 6.6% this year.

Australia’s oil and gas giant - Woodside Energy reported profits that more than trebled in 2022 - with bottom line profits up 228% - fuelled by the oil and gas price rallies, but also as it acquired BHP’s oil and gas business. Woodside reported a larger final dividend of US$1.44 a share, up from US$1.05 a share at the same time last year. Its full year pay-out stands at US$4.8 billion thanks to cash flows surging. This sets the tone for energy companies in 2023. Keep in mind at Saxo, we expect the oil price to stay around $80 this quarter and move up to $90 next quarter. 

Brewers will be interesting to watch - amid the reopening trade. Budweiser Brewing Co (1876 HK) which is the distributor is Asia - is due to release results on Wednesday. The FIFA World Cup could have boosted its Q4 revenue – especially as that’s generally its weakest season of the year. Still Bloomberg consensus estimates Q4 net income will dive 75%, as the Covid infection waves in China impacted business. As for its future – some parts of Asia are rising beer tax – so that may deter some beer drinkers . In its outlook - price hikes will likely be a theme, with South Korea raising the tax on beer by 3.6% per litre in April and Budweiser APAC’s brands Oriental Brewery and Hite Jinro likely to raise their prices after the proposed liquor tax hike. 

The world’s largest brewer Anheuser-Busch InBev SA/NV (BUD) may gain more attention when it reports on Thursday. This is the distributor behind Aguila, Becks, Corona, Modelo and Stella Artois. Option volume in Anheuser-Busch InBev rose about 8% in the week before their due to release earnings. Bloomberg consensus its EPS to grow from 1.94 to 3.01

For more - head to analysis.saxo to stay abreast of our daily analysis on company and economic news.

For equity inspiration - check out our Equity Theme Baskets – also note Defence stocks are outperforming year-on-year.

For a global look at markets – tune into our Podcast.

Note: This reported was prepared on Friday, Feb 24 and updated Monday Feb 27. 



The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law.

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.