This week, there are several key events to keep an eye on in the world of business and finance. On Tuesday and Wednesday, the U.S. Federal Reserve will be meeting, with Fed Chair Jerome Powell’s comments on potential policy easing later in 2024 being closely watched. While rate action is unlikely, Fed futures markets now predict some easing in 2024, down from earlier expectations.
Two of the “Magnificent Seven” megacaps, Amazon and Apple, will be reporting their results this week. While Amazon’s shares have performed well this year, rising 18%, Apple’s shares have lost some of their luster, tumbling over 10% in 2024. Other tech giants like Tesla and Meta Platforms have also shown mixed performance.
Euro zone inflation and economic growth data will be released on Tuesday, potentially leading to speculation about the European Central Bank lowering its deposit rate in June. Economists expect euro zone GDP to have expanded by just 0.1% in the first quarter year-on-year. Policymakers are not expected to make rapid moves after the potential rate cut.
In addition, China’s PMI index and the Caixin/S&P Global manufacturing PMI survey are also expected to be released this week. Positive data could provide relief to policymakers working to boost growth, while global investment houses have become more bullish on Chinese stocks. However, Beijing is facing challenges with its currency, as the yuan has been sliding against the dollar.
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