ECB

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.

Key events: USA - Fed Chair Powell Speaks USA - New Home Sales (Jul) On Thursday, the S&P 500 ended in the red, weighed down by rising yields as investors took a cautious approach ahead of Federal Reserve Chairman Jerome Powell's upcoming speech at Jackson Hole. The Dow Jones Industrial Average dropped 177 points, or 0.4%, while the S&P 500 decreased by 0.8%, and the Nasdaq Composite saw a larger decline of 1.6%.

Key events: USA - NY Fed 1-Year Consumer Inflation Expectations Switzerland - SNB Chairman Thomas Jordan speaks Despite a robust rally on Friday, the S&P 500 snapped a two-week winning streak as a stronger-than-expected jobs report failed to catalyze a significant increase in wages, instilling hope for a gentle economic transition.

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Key events:  Australia - Building Approvals USA - FOMC Member Harker Speaks The week concluded with the S&P 500 and Nasdaq achieving record closes, propelled by a decline in Treasury yields and a surge in chip stocks led by Nvidia. Tech sector quarterly results continue to reflect a growing demand for artificial intelligence.

Key events: Eurozone - German GDP (QoQ) (Q4) Eurozone - ECB's Schnabel Speaks Eurozone - ECB's Supervisory Board Member Jochnick Speaks Investors propelled the S&P 500 and Dow Jones Industrial Average to historic closing highs on Thursday, driven by a surge in interest in growth and technology stocks. This came on the heels of Nvidia (NASDAQ: NVDA), a prominent figure in artificial intelligence, reporting impressive earnings and providing an optimistic outlook.

Key events: UK - CPI (YoY) (Jan) USA - Crude Oil Inventories Japan - GDP (QoQ) (Q4) On Tuesday, the Dow experienced a substantial decline, marking its most significant daily loss since March 2023. This downturn was triggered by a surge in Treasury yields, propelled by an inflation report that exceeded expectations. The report dampened hopes for an earlier and more aggressive Federal Reserve rate-cutting cycle.

Key events: USA - Core PCE Price Index (MoM) (Dec) USA - Core PCE Price Index (YoY) (Dec) The S&P 500 achieved consecutive record closes for the fifth day, with positive corporate earnings and optimistic economic growth offsetting concerns about inflation, leading to a decline in Treasury yields. The Dow Jones Industrial Average rose by 242 points (0.6%), while the S&P 500 reached a record of 4,894.92, closing 0.5% higher. The Nasdaq Composite also ended 0.2% higher.