Macroeconomic/ geopolitical developments
- European Central Bank (ECB) raised interest rates 0.25% on Thursday in a dovish hike.
- US inflation was higher than expected, but markets were not overly concerned.
- A softening US labour market and the Fed’s desire to downshift meets challenges from incoming data.
- Tech was impacted by an underwhelming Apple new product launch, but an upbeat Arm IPO
- China data was mixed but showing positives.
Global financial market developments
- US index futures had a mixed week, an erratic rally reversed on Friday.
- US and global yields ended the week higher, with USTs close to or at recent multi-year peaks.
- The US Dollar Index pushed higher again to new multi-month highs.
- Gold futures moved lower and then rebounded, despite the USD strength.
- Oil futures have pushed still higher to sustain bullish forces.
Key this week
- Central Bank Watch: Four major Central Banks in play, including the Swiss National Bank and Bank of England (both Thursday) and the Bank of Japan (Friday), but the key spotlight will be on the FOMC interest rate decision, monetary policy statement and economic projections on Wednesday.
- Macroeconomic data: Key data will be the EU, Canadian and UK CPI on Tuesday and Wednesday, the global S&P Global Flash PMI released Friday.
| Date | Key Macroeconomic Events |
| 09/18/2023 | No events of note |
| 09/19/2023 | RBA meeting minutes, EU CPI, Canadian CPI |
| 09/20/2023 | UK CPI report, FOMC interest rate decision, monetary policy statement and economic projections |
| 09/21/2023 | Swiss National Bank interest rate decision and monetary policy assessment, Bank of England interest rate decision and monetary policy summary |
| 09/22/2023 | Bank of Japan interest rate decision and monetary policy statement, UK Retail Sales, global S&P Global Flash PMI |
