Diary: Australian Jobs, Production, US Earnings, Chinese 2011 Data

Well, after a month off, nothing much has changed.

Europe is still the major sore point (flashpoint?) for investors, as it was in mid-December before the break.

Last Saturday morning's (our time) downgrades of nine eurozone economies, especially France, and more concerns about Greece's future in the zone and recession, have ended the brief feeling that things had stabilised over the break.

So it's really a case of more of the same.

In Australia, the economy is looking a bit tatty according to some economists, especially retailing and financial services.

We get employment data this week which won't make the situation any clearer.

In the corporate area, the week will be dominated by production reports from some of our major miners.

Rio Tinto's 4th quarter and full year production and exploration report is due tomorrow (January 17) and BHP's second quarter and interim production and exploration report the day after.

(BHP reports interim earnings on February 8, Rio's 2011 result is the next day.)

Woodside Petroleum's production report for the 4th quarter and calendar 2011 will be out on Thursday. Woodside's 2011 earnings are out on February 22.

Santos' 4th quarter and 2011 production data is due out on Thursday, with earnings released late next month.

OZ Minerals 4th quarter and full year production report is out on Wednesday (January 18). OZ's 2011 earnings are out on February 15.

Australian meetings (annual and extraordinary) this week include Cellnet Group Ltd, McPherson's Ltd, Aust Pharmaceutical Industries Ltd, Paramount Mining Corporation Ltd, Prosperity Resources Ltd, Synergy Plus Ltd, Shaw River Manganese Ltd, Cudeco Ltd, Moore Australasia Ltd, and Syndicated Metals Ltd.

The labour force data for December, lending finance figures and new car sales figures (both for November) will be made public.

Housing finance figures for November are out later today and the lending finance data tomorrow, also for the same month.

Building approvals for November are also due for release on Wednesday.

The ANZ's job advertisement survey for December and the Melbourne Institute-TD Securities inflation gauge for December are due out today.

The Melbourne Institute/Westpac Banking Group consumer sentiment index for January is out on Wednesday, along with international trade price index data from the ABS for December.

Economists are looking for a 13,000 increase in new jobs in the labour force release, and an unchanged unemployment rate of 5.3%.

In Asia, the Chinese economy seems to be still in a soft landing approach pattern.

Fourth quarter and 2011 GDP and industrial production figures are due out tomorrow.

Inflation eased, car sales were a touch stronger in 2011 and exports again eased in December, although the trade surplus rose.

Retail sales for November and 2011 will also be released, along with urban investment data and updates figures on house prices.

Friday sees HSBC release the so-called 'flash' reading from its January survey of manufacturers on Friday.

In the US the economy is doing better than it was two months ago, judging by recent data releases.

But 2012 is an election year and in Washington, a new debt ceiling brawl looms, as does an extension of payroll tax cuts and employment benefits.

The 4th quarter earnings season is underway and there's growing concern that the big surge in profits seen from 2009 onwards, is running out of steam.

More than 40 S&P 500 firms are due to release 4th quarter report results in the coming week.

A host of major companies are set to reveal results including General Electric, Intel, Google, Microsoft Corp, Amex, Citigroup, Goldman Sachs, Morgan Stanley eBay, Groupon, Delta, Wells Fargo & Co and Bank of America.

Watch for more poor figures from the banks after JPMorgan Chase reported a sharp 23% fall in 4th quarter earnings on Friday.

Bank shares have risen so far in 2012 with Bank of America up 22% on hopes of better results, but that will prove to be more market hype, as it has been for much of the past year.

Fourth quarter overseas sales and profits are likely to be mixed, especially from Europe, while some improvement from domestic operations in America should appear for some companies.

Tech stocks will do it tough with the likes of Intel and Texas Instruments having already warned of weak sales and margins.

Bank stocks will probably once again be a primary focus, as not only will European issues call the group's profit outlook into question, but many key names report results.

US markets will be closed tonight, our time, because it's the Martin Luther King holiday.

Major statistics will include the New York Fed's January manufacturing data, December inflation reports via the Producer Price Index and the Consumer Price Index, industrial production for November from the Fed and December housing starts.

In Europe, the UK December consumer price index data is due for release, as well as the retail price index for the month.

UK earnings data will be released, as well as unemployment rate data for the quarter to January which is on tap.

The ZEW German business confidence survey is due out as well.

December retail sales data is due in the UK on Friday and will confirm what the likes of Tesco have already revealed - that the Christmas New Year period was very tough for British retailers.

The Group of 20 deputy finance ministers meets on Thursday in Mexico City, at the start of a two-day meeting.

The Organisation for Economic Cooperation and Development will hold its 21st global public forum on public debt management in Europe.

And with Europe firmly in the spotlight, attention will be on Friday's meeting between EU Union economics and monetary affairs commissioner Oli Rehn and Hungarian finance minister György Matolscy to discuss Hungary's bailout deal.