Economic data and US-China trade talks in focus this week | IFCM Germany
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Economic data and US-China trade talks in focus this week

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    2023/02/27
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Earnings reports drove global markets last week, with technology shares advancing as industrials fell dragging stock indexes lower. The S&P 500 rebounded 1.2% to an all-time high as the GDP report revealed the US economy grew at an above expected annual rate of 3.2% in the first quarter, and the ICE US dollar index gained 0.7% while hitting two-year high last week.

Three out of six major developed market stock indexes ended lower last week. Nasdaq was the top performer: it rallied 1.9%. All major currencies maintained previous week’s dynamics against the US dollar, while the range of their fluctuations widened slightly. The Australian dollar was the leader in terms of percentage change: it fell 1.6% against the US dollar.

This week investors will have no shortage of data including US inflation report Monday jobs market report Friday to gauge world economy’s growth pace, while companies including Apple, Alphabet, GE and Pfizer report first quarter earnings. The Bank of England is expected to leave interest rates unchanged on Thursday as it updates its economic forecasts. And US Trade Representative Lighthizer and Treasury Secretary Mnuchin travel to Beijing to continue trade talks. China and the US hope to conclude a deal by early May.

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