Company / Analytics

Analytics, 10 July 2023

What will drive the markets this week?

During the previous week, Wall Street’s primary indexes experienced a decline in a volatile session. Investors carefully examined a U.S. jobs report that revealed slower growth than expected, while also anticipating upcoming economic data and corporate earnings in the following weeks. In June, the United States added the fewest jobs in two and a half years, although robust wage growth indicated a labor market that remained tight.

European shares managed to achieve modest gains, as concerns regarding interest rate hikes by the Federal Reserve were alleviated by data suggesting a slowdown in U.S. job growth. However, the main STOXX 600 index recorded its poorest weekly performance in nearly four months.

Asian markets, especially Hong Kong’s Hang Seng index, experienced notable losses following the release of minutes from the U.S. Federal Reserve, which indicated a divided stance on pausing rate hikes in June and predicted a more gradual approach to future hikes.

As for this week, the earnings season commences with reports from some of the world’s largest banks and financial institutions, including JPMorgan Chase, Wells Fargo, Citigroup, and BlackRock. Additionally, we can anticipate results from PepsiCo, Delta Air Lines, UnitedHealth Group, and others.

The most recent inflation data will be released with the June Consumer Price Index (CPI) on Wednesday and the Producer Price Index (PPI) on Thursday. To wrap up the week, on Friday, the University of Michigan will report the preliminary reading of its Consumer Sentiment Index (MCSI) for July, providing a timely update on consumer confidence.

Events expected to move the markets this week

Monday, July 10

Tuesday, July 11

Wednesday, July 12

Thursday, July 13

Friday, July 14

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