It was a tough week for investors last week in financial markets with global growth concerns starting to increase and hit sentiment. US stock indices struggled most of the week and Friday’s much weaker than expected employment data pushed them even lower in the closing session.
Wall Street is now concerned that the Fed may have left rate cuts too late with elevated borrowing costs already impacting growth prospects too much. The last year has seen a few corrections in markets that have generally come back strongly but rhetoric in the market does feel slightly different this time as does the level of volatility that we are experiencing.
It is a much quieter week ahead in terms of tier 1 data releases and major central bank calls, especially compared with the avalanche of updates we had last week. The antipodes feature heavily on a couple of days with the Reserve Bank of Australia due to update the market on its latest rate decision and some key data is due out of New Zealand, whereas the US and other jurisdictions have much less scheduled.
Here is our highlights table of scheduled risk events in the major economies for the week ahead:
Monday
- Australia – Bank Holiday
- US – Final Services PMI Data
- US – ISM Services PMI Data
Tuesday
- Australia – Reserve Bank of Australia Rate Decision
- Australia – Reserve Bank of Australia Press Conference
- UK – Construction PMI Data
Wednesday
- New Zealand – Employment Data
- Canada – Ivey PMI Data
- US – 10-year Bond Auction
Thursday
- Australia – RBA Governor Michelle Bullock Speaks
- New Zealand – Quarterly Inflation Expectations Data
- US – Weekly Unemployment Claims Data
Friday
- China – CPI and PPI Data
- Canada – Employment Data
