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Next Week’s News Today: Last Chance For Greece

It is the final, final, final deadline for Greece. The Mediterranean country has submitted a new bailout proposal that will be discussed at a full European Union summit on Sunday. By Monday we should know whether the embattled economy has done enough to convince its EU partners that it should stay in Eurozone.

China watchers can focus on something more substantial than the problems on the Shanghai and Shenzhen stock exchanges next week. The world’s second largest economy is due to report its economic growth rate for the second-quarter on Tuesday. An annual growth rate of around 7% could go some way to calm investor nerves.

Closer to home, Singapore is also due to report GDP numbers for the second quarter. In the first three months of the year, Singapore’s economy expanded at a respectable rate of 2.6%. Growth was driven by the wholesale and retail sectors, which offset a contraction in the manufacturing and finance sectors.

Staying with Singapore, Statistics Singapore will report retail sales for May on Wednesday. In April, the retail sector was buoyed by a jump in car sales and telecom equipment. Food and beverage also did well. More of the same could bode well for the likes of BreadTalk (SGX: 5DA), Tung Lok Restaurants (SGX: 540), Japan Food Holdings (SGX: 5OI) and ABR Holdings (SGX: 533).

There are some key numbers from the US that could provide useful clues as to how the US economy is faring. Retail sales accelerated in May, which could suggest that US consumers are growing in confidence.

Later on in the week, the US Bureau of Labor Statistics will report inflation numbers for June. Last month, the agency said prices were unchanged compared to a year ago. It, perhaps, raises questions as to why the US Federal Reserve would want to increase interest rates.

Singapore doesn’t kick off its earnings season in earnest for a fortnight yet. But the US reporting season is already in full swing. Some potential market movers next week include JPMorgan Chase, Johnson & Johnson, Wells Fargo & Co, Bank of America, Citigroup and Google.

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