ECB

Key events: China - GDP (YoY) (Q4) Eurozone - CPI (YoY) (Dec) The stock market saw a reversal on Thursday, with the S&P 500 shedding its earlier gains to close lower. This downturn was fueled by a combination of robust earnings from the banking sector being counterbalanced by a slump in technology stocks, led primarily by Apple. By the end of the session, the Dow Jones Industrial Average had dipped by 68 points, or 0.2%, while the S&P 500 and NASDAQ Composite declined by 0.2% and 0.9%, respectively.

Key events: Eurozone - ECB's Lane Speaks The US stock market faced significant volatility on Friday, with the S&P 500 erasing its 2025 gains following a robust jobs report that stoked fresh inflation fears. This development reinforced expectations that the Federal Reserve will adopt a cautious approach to interest rate cuts this year.

Key events: USA - Core Retail Sales (MoM) (Nov) USA - Retail Sales (MoM) (Nov) The Nasdaq reached a historic high on Monday as technology stocks led the rally ahead of the Federal Reserve's final policy meeting of the year. The NASDAQ Composite surged by 1.1%, closing at a record 20,173.74, while the Dow Jones Industrial Average dipped 0.3%. The S&P 500 managed a modest 0.4% gain.

Key events: UK - GDP (MoM) (Oct) The S&P 500 ended Thursday in negative territory as Treasury yields surged, driven by an inflation report that exceeded expectations. The Dow Jones Industrial Average declined by 234 points, or 0.5%, while the S&P 500 and NASDAQ Composite fell by 0.5% and 0.7%, respectively.

Key events: Eurozone - ECB's Elderson Speaks UK - BoE Gov Bailey Speaks UK - BoE MPC Member Mann Speaks Eurozone - CPI (YoY) (Oct) The S&P 500 closed higher on Monday, supported by a tech-driven rally and Tesla’s sharp gains, ahead of Nvidia’s (NASDAQ: NVDA) earnings release and remarks from multiple Federal Reserve officials. The Dow Jones Industrial Average fell by 55 points, or 0.1%, while the S&P 500 rose 0.4%, and the NASDAQ Composite outperformed with a 0.6% gain.

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Key events: USA - OPEC Monthly Report USA - FOMC Member Kashkari Speaks USA - Fed Waller Speaks On Friday, the Dow Jones and S&P 500 closed at record highs, with the latter surpassing the 5,800 mark for the first time, buoyed by JPMorgan’s strong earnings performance. The S&P 500 rose 0.4% to close at 5,814.75, while the NASDAQ Composite added 0.3%, and the Dow surged 409 points, or 1%, ending the day at a new high of 42,863.86.

Key events: UK - CPI (YoY) (Aug) Eurozone - CPI (YoY) (Aug) USA - Crude Oil Inventories USA - FOMC Economic Projections USA - FOMC Statement USA - Fed Interest Rate Decision USA - FOMC Press Conference US stocks remained mostly unchanged on Tuesday, despite an upbeat retail sales report that eased concerns about a significant economic downturn ahead of the Federal Reserve's upcoming policy meeting.

Key events: Switzerland - PPI (MoM) (Aug) Eurozone - ECB's De Guindos Speaks Eurozone - Wages in euro zone (YoY) (Q2) Eurozone - Trade Balance (Jul) Eurozone - ECB's Lane Speaks USA - NY Empire State Manufacturing Index (Sep) Wall Street’s major indices finished the week on a positive note, with investors focused on the possibility of a larger interest rate cut from the Federal Reserve in the upcoming week. Small-cap stocks, which are more sensitive to rate changes, led the market gains.

Key events: USA - Labor Day Eurozone - HCOB Eurozone Manufacturing PMI (Aug) UK - S&P Global/CIPS UK Manufacturing PMI (Aug)  The S&P 500 ended higher on Friday, wrapping up August with its fourth consecutive monthly gain, as fading economic concerns fueled a strong rebound in stocks following an earlier selloff.