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Trends & Analysis
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Broadcom’s stock jumps on profit beat, stock split

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Crude oil reverses trend on US data

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Is Apple’s bull run just getting started?

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Oracle shares spike despite FQ4 earnings miss

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EUR/USD plunges after parliament elections

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Is a big move coming for AMD?

Trends & Analysis
News

Broadcom’s stock jumps on profit beat, stock split

News

Crude oil reverses trend on US data

News

Is Apple’s bull run just getting started?

News

Oracle shares spike despite FQ4 earnings miss

News

EUR/USD plunges after parliament elections

News

Is a big move coming for AMD?

Weekly Market Preview

Week Ahead Preview:

6th of May

 

Friday, May 03, 2024

The Federal Reserve, as widely anticipated, opted to maintain interest rates unchanged, and the remarks made by the Fed’s Chairman aligned with expectations, emphasizing the data dependency to guide any potential adjustments in interest rates throughout the year and that the FOMC members will require approximately two months or more worth of data confirming sustained decline in inflation levels before considering any rate cut. The US jobs report for April is seen as one of the initial datasets reflecting this trend, revealing a drop in the YoY average hourly wages to 3.9% from March’s 4.1%, alongside an addition of 175 thousand jobs to the US economy, falling short of the expected 238 thousand jobs. Following the release of this data, risk appetite increased, leading to a decline in the US dollar’s value.

Turning to the economic calendar for the current week, it features fewer data releases but highlights meetings of major central banks. The week starts with the Reserve Bank of Australia’s interest rate decision, expected to maintain the current interest rates at 4.35%, given Australia’s inflation levels at 3.6%, still distant from the 2% target. Consequently, the Australian Central Bank is likely to await the CPI report of the second-quarter due in the third quarter before considering any adjustments to interest rates, making a change before the August meeting unlikely.

Investors are also anticipating the Bank of England’s meeting this week, with expectations of unchanged interest rates at 5.25%. However, attention will be on the voting pattern of the Monetary Policy Committee members, as an increase in votes supporting rate cuts may indicate a potential reduction in the June meeting, potentially impacting the pound sterling’s prices. It’s notable that prevailing market sentiment leans towards interest rate cuts at the August meeting.

 

Economic Data Highlights (As per UAE time) 

 

Monday 6th of May
  • CNY- Services PMI (Apr)
  • EUR- Services PMI (Apr)
  • Fed Williams speech
Tuesday 7th of May
  • RBA rate decision
  • RBA Press conference
  • Fed Kashkari speech
Wednesday 8th of May
  • US Crude oil inventories
Thursday 9th of May
  • Bank of England rate decision
  • Gov Bailey speech
Friday 10th of May
  • GBP- GDP (Q1)
  • GBP- Industrial production (Mar)
  • USD- Michigan consumer sentiment (May)

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