Company / Analytics

Analytics, 19 June 2023

What will drive the markets this week?

The previous week concluded with a minor decline in stock markets, signifying the end of a significant week on Wall Street. Investors were pleased with the Federal Reserve’s decision to pause interest rate hikes temporarily and the positive inflation data. European shares reached a three-week high, primarily influenced by luxury and defensive stocks following major central bank policy decisions throughout the week. Across Asia-Pacific markets, Friday witnessed an upward trend as the Bank of Japan maintained its benchmark interest rate at -0.1%. Australia’s S&P/ASX 200 experienced a substantial one-day gain of 1.06%, closing at 7,251.2, marking its most significant increase in about two months.

As we move into the current week, trading will be shortened with U.S. markets closed on Monday for the Juneteenth holiday. Key updates on the housing market are expected, including building permits and housing starts for May, as well as the NAHB’s Housing Market Index for June. Federal Reserve Chair Jerome Powell is scheduled to testify before Congress on Wednesday and Thursday, providing insights on monetary policy during his semiannual testimony. On Friday, S&P Global will release the latest Purchasing Managers’ Index (PMI) reading for June. Notable earnings reports are also anticipated from FedEx, Accenture, Darden Restaurants, and BlackBerry.

Events expected to move the markets this week

Monday, June 19

Tuesday, June 20

Wednesday, June 21

Thursday, June 22

Friday, June 23

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