Data deluge #1. It’s going to be raining economic data this week in major economies. Central bank meetings in Australia, India, Japan, the UK, Hungary and Brazil. The US jobs reports for July will come out on Friday night, our time (all it needs is 220,000-plus jobs for the month and it’s “rate rise looms” in September), and 36 hours earlier Australia’s unemployment data for the same month will come out (probably no change from around 6% or 6.1%). Then there’s the start of the important Chinese data today (manufacturing activity) and on Saturday (trade) and Sunday (inflation). There’s also lots and lots of company profits for the June 30 period here, in the US, Asia and Europe, with Saint Warren Buffett’s Berkshire Hathaway slipping out its report on Friday night, our time. In addition to the RBA meeting tomorrow, it also releases its updates on economic growth and inflation in the Statement of Monetary Policy on Friday morning. Of course, everyone expects the RBA to sit pat tomorrow, but AMP chief economist Dr Shane Oliver cautions that “it’s a very close call and it wouldn’t surprise me at all if they cut”. — Glenn Dyer

Data deluge #2. Among the hundreds of companies reporting this week, one group in the US stands out — major media companies. These include the biggest in Walt Disney, the Murdoch clan’s 21st Century Fox, Time Warner, Time Inc, Liberty Global, Liberty Media (both controlled by John Malone), CBS, Charter Communications, Cablevision and The New York Times. By the close on Friday we should have a very good idea of just how newspapers and free-to-air and cable TV companies are being hurt by weak ad spending and the continuing rise of mobile rivals such as Twitter and Facebook, and by Netflix stealing eyeballs and subscribers. — Glenn Dyer

Data deluge #3. Local media companies don’t start reporting until next week when News Corp releases its fourth-quarter and full-year figures (watch for big write-downs in education and perhaps print, and mixed figures from Foxtel and Fox Sports, as well as REA Group). A day or so later Fairfax Media reveals its 2014-15 figures — pay attention to Domain’s results. But then there’s a bit of a gap before the others report. APN News and Media, the partly owned associate of News, releases its interim figures on the 20th. But Seven West Media, Nine Entertainment and Southern Cross Austereo all reported on or around August 27. No one is expected to report stunning profit and sales rises. The Ten network balances its full-year figures at the end of August. — Glenn Dyer

Greek news. The ASE (Athens Stock Exchange) reopens tonight, our time (banks reopened July 20). The ASE will have limits on trading for locals (they will only be allowed to buy shares with existing holdings of cash, and won’t be able to draw on their Greek bank accounts), but not foreigners. The big question will be the market value of the country’s banks, especially the big four. Will their share prices reflect the huge drain on their capital and reserves in the past few months? If it does, it will give us an idea how many billion euros will be needed to recapitalise them.

Piraeus Bank shares lost 57% upon the market’s closure on June 29, while shares in Alpha Bank were down 29%. The Athens index has dropped 32% (a fall of 20% is tipped tonight) over the last year. The Greeks are talking about needing 24 billion euros first up to help repay loans to the European Central Bank, the IMF and to start the painful restructuring of the banks. This has to be done, otherwise the country has no future. — Glenn Dyer

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Peter Fray
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