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What to watch on the ASX this week

It looks likely to be another busy week on the Australian share market with a number of events having the potential to move the market.

Here are the highlights that I’ll be watching out for:

Monday.

Markets are expected to open almost 1% higher today after a strong end to the week on Wall Street following the release of “Goldilocks” economic data on Friday. Although U.S. non-farm payrolls came in better than expected, wage growth was reasonably subdued. This has lessened the market’s rate hike expectations. Trading volumes may be lower than normal today, however, as there are public holidays in the ACT, South Australia, Tasmania, and Victoria. The shares of Caltex Australia Limited (ASX: CTX) go ex-dividend.

Tuesday.

On Tuesday the National Australia Bank Ltd. (ASX: NAB) Monthly Business Survey will be released giving an update on business conditions and confidence among Australian companies. Elsewhere, the shares of Sims Metal Management Ltd (ASX: SGM) go ex-divided and eligible shareholders of Platinum Asset Management Limited (ASX: PTM) will be paid its interim dividend.

Wednesday.

Overnight on Tuesday U.S. CPI inflation data will be released. The market is expecting core inflation to rise 0.2%, putting the annual rate at 1.9%. This is just short of the U.S. Federal Reserve’s target range of 2% to 3%. Anything higher than forecast could lead to a spot of market volatility on Wednesday. In addition to this, IOOF Holdings Limited (ASX: IFL) shareholders can look forward to receiving its interim dividend in their nominated account.

Thursday.

The latest Australian tourism data will be made available when the Australian Bureau of Statistics releases its Overseas Arrivals and Departures data for January. Tourism shares such as Sydney Airport Holdings Pty Ltd (ASX: SYD) and Crown Resorts Ltd (ASX: CWN) will be worth watching. Eligible shareholders will receive the Event Hospitality and Entertainment Ltd (ASX: EVT) interim dividend in their accounts on Thursday.

Friday.

It looks likely to be a quiet end to the week with no notable events on Friday. Eligbile shareholders of both REA Group Limited (ASX: REA) and SKYCITY Entertainment Group Limited (ASX: SKC) can look forward to receiving their respective interim dividends.

Finally, here are a few top shares I'm tipping to have a strong week and 2018.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited, Event Hospitality & Entertainment, and Sydney Airport Holdings Limited. The Motley Fool Australia owns shares of National Australia Bank Limited and Platinum Investment Management Limited. The Motley Fool Australia has recommended REA Group Limited and Sky City Entertainment Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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