Company / Analytics

Analytics, 28 August 2023

What will drive the markets this week?

U.S. equities concluded a tumultuous trading session with gains on Friday, as investors absorbed remarks from Federal Reserve Chair Jerome Powell. Powell indicated that the U.S. central bank might need to further raise interest rates in order to maintain control over inflation.

In Europe, initial gains were relinquished, resulting in a flat close. The euro, at one juncture, reached its lowest point since mid-June due to expectations that the European Central Bank might temporarily halt its tightening measures next month. By day’s end, the euro had recovered some ground, ending down 0.12% at $1.07965. Asian shares exhibited lackluster performance overnight, with MSCI’s comprehensive Asia-Pacific share index falling 1.2%.

In the upcoming week, significant updates are anticipated concerning inflation, employment trends, and housing expenses within the United States. Moreover, various companies, including Pinduoduo, Hewlett Packard, Best Buy, Salesforce, Broadcom, UBS, Dell Technologies, and Lululemon Athletica, are slated to make noteworthy corporate announcements.

The Job Openings and Labor Turnover Survey (JOLTS) report for July is set to be unveiled on Tuesday. Subsequently, Wednesday will witness the release of ADP’s National Employment Report. The week will culminate with the Labor Department disclosing its nonfarm payrolls report for August on Friday.

Turning to the housing sector, the Case-Shiller National Home Price Index for June is scheduled to be published on Tuesday. Simultaneously, Thursday will mark the publication of the Bureau of Economic Analysis (BEA) Personal Consumption Expenditures (PCE) Price Index for July. This particular index carries special significance for the Federal Reserve, serving as their preferred gauge for assessing inflation trends.

Events expected to move the markets this week

Monday, August 28

Tuesday, August 29

Wednesday, August 30

Thursday, August 31

Friday, September 1

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