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April 22-27 Events: Earnings, Inflation, PMI & More

Plus500 | Monday 22 April 2024

While April may be nearing its end, its financial and economic events are far from over. This week, key events are set to take place, reflecting the state of the global economy and the financial markets. From the US to the Eurozone, here are this week’s main events:

An illustration of global economic data releases

Key US Data

Data from the world’s largest economy are set to be released this week on Tuesday, Wednesday, and Thursday.

PMIs

On Tuesday, April 23, the US Purchasing Managers Index (PMI), a measure of the manufacturing and services industries’ health, is scheduled to be reported. Given the fact that manufacturing and services hold a significant part of the US economy, many traders and investors may want to keep tabs on Tuesday’s data to see where the economy is headed.

In addition to the US, on the same day, PMIs will be released from France, Germany, the Eurozone, and the UK. It will be interesting to see what the results will reveal and if they will have an effect on the markets.

GDP

Thursday, April 25, also marks a crucial day for the US economy, since US Q1 Gross Domestic Product (GDP) results will be reported. 

GDP is a gauge of the monetary value of goods and services within a country’s borders. As such, weaker GDP figures can indicate a weaker economy and vice-versa. 

According to some analysts, the upcoming GDP is likely to reflect an annualised growth of 2.1%. If this projection comes to fruition, it would indicate a drop from the previous quarter’s 3.4% rise.

Interestingly, the results can also leave an impact on the Forex market, in general, and the US dollar, in particular. 

PCE

On Friday, April, 26, US Personal Consumption Expenditures (PCE), widely regarded as the Federal Reserve’s favourite inflation gauge, will be published.  This measures consumer spending and is often used by the Fed to determine interest rates.

Therefore, Friday’s data should be monitored closely by those seeking further information about the US central bank’s future trajectory, especially because uncertainty regarding the potential of rate cuts this year is looming larger. 

Some projections suggest that core PCE will likely increase by 0.3% to land at 2.6%. If this projection materialises, it would mark a rise from the previous 2.8%, acting as a “small but positive step in the right direction.” On the other hand, it will also indicate that inflation remains elevated.

Eurozone Update: ECB Events & Releases

Besides the US, traders, analysts, and consumers alike may want to keep tabs on the upcoming data releases from the Eurozone to get a better understanding of the global economy’s health.

In addition to the Eurozone PMI release on Tuesday, April 23, the European Central Bank’s (ECB) President Christine Lagarde is scheduled to speak on Monday, April 22. The speech comes ahead of the ECB’s monetary policy meeting on June 6, 2024, whereby the EZ’s central bank is expected to cut rates. 

Accordingly, Lagarde’s comments will either bolster or weaken these expectations and can also impact the value of the Euro.

Furthermore, the ECB will publish its Economic Bulletin and Consumer Expectations Survey Results on Thursday (April 25) and Friday (April 26), respectively. 

Corporate Earnings in Focus 

After a week of drops in some leading Wall Street indices, driven by weaker tech performance and revised interest rate worries, stock traders may want to monitor this week’s earnings reports to see if the fortunes will turn for the better any time soon.

Here are some of the main earnings of the week:

Tuesday, April 23, 2024:

Wednesday, April 24, 2024:

Thursday, April 25, 2024:

Friday, April 26, 2024:

Conclusion

This week is set to be eventful, with key global economic data and corporate earnings releases taking place, reflecting both the state of the economy and the stock market. What will the results reveal?


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