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Markets could be in for a relatively quieter week on the data front. With the US Fed expected to pause hiking rates, inflation moderating in recent months, and US economic growth showing signs of resilience, optimism has been running high in equities.
An AI-fueled frenzy drove the Nasdaq Composite higher as the Dow Jones sank. In the background, solid economic data is feeling Fed rate hikes again, sinking gold and boosting the US Dollar. What is in store for markets ahead?
US debt ceiling talks are likely to dominate sentiment in the coming week after some of the optimism scaled back after reports that debt ceiling talks have hit a roadblock. Fed speak is expected to continue after mixed remarks from officials last week.
Markets will be looking for cues from Fed Powell after hawkish remarks from Fed officials. With more evidence of weakness in China's recovery, worries regarding the US debt ceiling and US banking sector, positive drivers for markets are dwindling.
Key focus in the coming week is on US CPI data, the Bank of England interest rate decision, and China inflation and new yuan loans data. Also, 32 S&P 500 companies are scheduled to report results for the first quarter.