Company / Analytics

Analytics, 29 October 2023

What will drive the markets this week?

On Friday, global stock markets encountered challenges despite the backing of tech giants, while benchmark Treasury yields and the dollar remained relatively steady. Economic data confirmed that U.S. inflation remained elevated, but it fell in line with expectations. The Dow Jones Industrial Average saw a 1.12% decline, the S&P 500 dipped by 0.48%, and the Nasdaq Composite (.IXIC) managed to secure a 0.38% gain.

In Europe, shares declined to near seven-month lows on Friday, marking the second consecutive week of losses. France’s primary stock index suffered the most significant setback, primarily due to Sanofi’s decision to cancel its 2025 profit forecast.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan concluded the week about 1% higher after hitting an 11-month low on Thursday.

Looking ahead, this week holds great anticipation for earnings reports from major corporations, including Apple, McDonald’s, Pfizer, AMD, Caterpillar, Stellantis, Qualcomm, PayPal, Airbnb, and Starbucks, among others.

Furthermore, central banks worldwide, including the U.S. Federal Reserve, Bank of England (BoE), and Bank of Japan (BoJ), will be gathering to deliberate and decide on interest rates.

Within the United States, we can expect the latest updates on the labor market, including the nonfarm payrolls report for October, along with data on home prices and PMI survey findings. Additionally, Tuesday will bring the release of preliminary third-quarter gross domestic product (GDP) and inflation figures for the eurozone, offering insights into the region’s recent economic performance.

Events expected to move the markets this week

Monday, October 30

Tuesday, October 31

Wednesday, November 1

Thursday, November 2

Friday, November 3

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