Company / Analytics

Analytics, 15 May 2023

What will drive the markets this week?

The previous week ended with a minor dip in U.S. stocks, primarily attributed to a retreat in Mega Cap shares after their recent rapid rise. This decline was influenced by the unveiling of data showing that U.S. consumer sentiment had hit its lowest point in six months. On the other hand, European shares saw an upturn, buoyed by positive earnings reports from prominent luxury brand Richemont and gains in the energy sector. Investors also scrutinized inflation data from France and Spain to gain insights into the European Central Bank’s stance on potential interest rate increases. Trading in Asia-Pacific markets was a mixed bag, responding to new U.S. data indicating a decrease in inflation.

This week is expected to bring in some crucial updates related to the retail industry and consumer spending. Major retailers like Walmart, Target, Home Depot, and Alibaba are among the companies set to report their earnings. The U.S. Census Bureau will release April’s retail sales data, which will provide insights into consumer spending behavior.

Furthermore, there will be updates on the housing market with the latest information on building permits, housing starts, existing home sales, and the NAHB’s Housing Market Index for May. Additionally, GDP readings from Japan and the eurozone and an inflation reading from Canada are also expected. The 2023 Group of Seven (G7) summit is scheduled to take place in Hiroshima, Japan starting from Friday.

Events expected to move the markets this week

Monday, May 15

Tuesday, May 16

Wednesday, May 17

Thursday, May 18

Friday, May 19

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