Eid Mubarak to our readers, and their families.
Outside of those celebrating Eid this week is very data heavy and three central banks (Fed, BoE and Reserve Bank of Australia) declare rate decisions.
Employment based data out of the US is going to be keenly watched and we have three measures: JOLTS, ADP and Non Farm payrolls to take heed of. With inflation concerns being fuelled by wage costs the significance of these should not be understated however the market believes that existing inflation supports the very highly increase in US interest rates on Wednesday, as does last weeks strong consumer spending numbers from last week.
Outside of the US the other two rate decisions are likely to see increases in UK and Australia as both battle inflation.
Weak , and shocking figures out of Amazon at the end of the week caused a complacent market to reappraise tech stocks and the NASDAQ tumbled.
Overall the issues that have worried markets over the past month remain in fact if anything are getting worse as Beijing heads closer to a lockdown and the Ukraine war edges closer and closer to a Russia vs NATO confrontation neither of which are good for world growth let alone quality of life in those respective countries.
Commodities, outside of energy have weakened as world growth looks anaemic but “bargain” hunters are still happy to collect metals on dips.
Date | Country | Figures | Expected | Previous |
May 02 | EUR | Manufacturing PMI | 55.3 | 56.5 |
| USA | ISM Manufacturing PMI | 57.6 | 57.1 |
May 03 | EUR | Unemployment Rate | 6.7% | 6.8% |
| USA | JOLTS Job Openings | 11.27M | 11.266M |
May 04 | EUR | Retail Sales | 0% | 0.3% |
| USA | ADP | 395K | 455K |
| USA | FOMC Rate Decision | 1% | 0.5% |
May 05 | GBP | Rate Decision | 1% | 0.75% |
| USA | Initial Jobless Claims | 185K | 180K |
May 06 | USA | Non Farm Payrolls | 380K | 431K |
| USA | Unemployment Rate | 3.5% | 3.6% |
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