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Key events: USA - Average Hourly Earnings (MoM) (Jun) USA - Nonfarm Payrolls (Jun) USA - Unemployment Rate (Jun) On Thursday, the Dow closed with a decrease as strong job market data prompted expectations of additional Federal Reserve rate hikes. This led to a surge in Treasury yields, causing concerns in the market. The Dow Jones Industrial Average dropped by 1.1% or 366 points, while the Nasdaq and the S&P 500 both experienced declines of 0.8% and 0.80% respectively.

Key events: USA - Fed Chair Powell Speaks USA - GDP (QoQ) (Q1) USA - Initial Jobless Claims USA - Pending Home Sales (MoM) (May) On Wednesday, the Nasdaq experienced a modest increase, supported by the performance of large-cap stocks. However, the S&P 500 and the Dow closed lower following remarks from US Federal Reserve Chair Jerome Powell. Powell indicated the likelihood of additional rate hikes and expressed skepticism that inflation would reach the central bank's target rate "this year or next year."

Key events:      Eurozone - ECB President Lagarde Speaks                         USA - Building Permits      USA - Core Durable Goods Orders (MoM) (May)      USA - CB Consumer Confidence (Jun)          USA - New Home Sales (May)                             On Monday, US stocks concluded the day with a decline as investors exercised caution in their approach towards riskier assets due to uncertainties surrounding the outcome of the disrupted mutiny in Russia over the weekend.

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Key events: USA - Building Permits (May) USA - FOMC Member Bullard Speaks USA - Housing Starts (MoM) (May) USA - FOMC Member Williams Speaks Eurozone - ECB McCaul Speaks Eurozone - ECB's De Guindos Speaks On Monday evening, stock futures slightly declined after a public holiday, as investors anticipated significant speeches from Federal Reserve (Fed) officials and members of the Federal Open Market Committee (FOMC) throughout the week.

Key events: USA - Juneteenth Eurozone - ECB's Lane Speaks Eurozone - ECB's Schnabel Speaks The S&P 500 closed lower on Friday due to the influence of market heavyweights like Microsoft, following comments from two Federal Reserve officials that dampened optimism regarding the central bank's imminent completion of aggressive interest rate hikes.

Key events: UK - GDP (MoM) (Mar) UK - GDP (YoY) (Q1) UK - GDP (QoQ) (Q1) UK - Manufacturing Production (MoM) (Mar) UK - Monthly GDP 3M/3M Change (Mar) Both European and US markets had mixed sessions yesterday, with concerns over a slowdown in the Chinese and US economies leading to a selloff in commodity prices. This, in turn, had a negative impact on the basic resources and energy sectors.

Key events: UK - BoE Interest Rate Decision (May) UK - BoE MPC Meeting Minutes USA - Initial Jobless Claims USA - PPI (MoM) (Apr) UK - BoE Gov Bailey Speaks The softer-than-expected US Consumer Price Index (CPI) data released on Wednesday has increased confidence in the market that a US Federal Reserve (Fed) rate hike pause in June is likely. The YoY CPI for April rose 4.9%, slightly lower than expectations of a 5.0% increase, while the monthly CPI in April rose 0.4% after gaining 0.1% in March.

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Key events:         Australia – RBA Meeting Minutes      UK – Average Earnings Index +Bonus (Feb) UK – Claimant Count Change (Mar) USA – Building Permits (Mar)    Canada – Core CPI (MoM) (Mar) Last week risky assets received a decent boost for growth in the form of inflation data. However, this data did not influence much the dynamics of risk instruments – a small cautiousness of market participants is noticeable. So how will the situation be in reality now?