China & EU

Key events: Japan - GDP (QoQ) (Q2) Canada - Employment Change (Aug) Canada - Unemployment Rate (Aug) On Thursday, global stock indices predominantly experienced declines, notably the S&P 500 and Nasdaq, which registered drops attributed to Apple's (NASDAQ: AAPL) performance. Concurrently, the US dollar gained ground following the release of US jobless claims data that fell short of expectations.

Key events:        

Key events:         UK – CPI (YoY) (Mar) Eurozone – CPI (YoY) (Mar)   USA – Crude Oil Inventories On Tuesday, Wall Street closed almost flat as investors evaluated statements from US Federal Reserve officials. While the CBOE Volatility Index (VIX) hit its lowest level since January 2022 at just under 17, stock prices failed to respond positively. This indicates that investors may be holding onto cash amid uncertainty surrounding the Federal Funds rate peak.

Key events:         China – Industrial Production (YoY) (Feb) UK – Spring Statement      USA – Core Retail Sales (MoM) (Feb) USA – PPI (MoM) (Feb)   USA – Retail Sales (MoM) (Feb) USA – Crude Oil Inventories   New Zealand – GDP (QoQ) (Q4) The U.S. consumer inflation report was the most important statistical release of the week. According to data released on March 14 by the U.S. Department of Labor:

Key events:         Australia – GDP (QoQ) (Q4) 0.5% UK – Manufacturing PMI (Feb)   UK – BoE Gov Bailey Speaks      USA – ISM Manufacturing PMI (Feb) USA – Crude Oil Inventories After a very favorable beginning of the year, with two consecutive months of gains, European markets performed surprisingly well amid a sharp rise in interest rates. In contrast, U.S. markets closed lower, giving up some of their January gains.

Key events:       UK – Average Earnings Index +Bonus (Nov) UK – Claimant Count Change (Dec) Canada – Core CPI (MoM) (Dec) Since the US markets were closed yesterday due to Martin Luther King Day celebrations, European markets have pulled out modest gains, helped by a further weakening European natural gas prices, which fell to their lowest level in 16 months.

Key events: Eurozone – ECB President Lagarde Speaks      USA – Initial Jobless Claims European markets continued their third consecutive day of declines yesterday amid concerns over weak economic data and a tighter inflation outlook, while the U.S. markets also continued their losing streak with the S&P 500 index closing lower for the 5th consecutive day.

Key events: UK – Construction PMI (Nov) Canada – Ivey PMI (Nov) Australia – RBA Rate Statement      USA – EIA Short-Term Energy Outlook   U.S. stocks fell while bond yields jumped after the release of positive ISM service sector data suggesting that the most important part of the U.S. economy, where sticky inflation lives, is not close to collapse.

Key events: US - Initial Jobless Claims