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Week ahead: GDP, FED Decision. Markets Recap

Week ahead: GDP, FED Decision. Markets Recap

It has been a turbulent week for the markets and social stability. The markets extend their risk on rally during protests around the world for the death of George Floyd and a surprising 2.5m jobs that were created for non-farm employment. This is your week ahead.

The SP500 has gapped higher at the start of each trading week

All dates are in NZDT.

Japan’s GDP Annualized – Today, 8th June

Japan is an example of a nation that has returned to a relativel normal without fully squashing the curve. This is slowly showing the cracks of their method of not officially entering a lockdown, as the daily number of average cases grow. With an aging population and slowing pre-coronavirus GDP rate, a growing Coronavirus case may not bode well for the long-term view of Japan’s GDP. Analysts forecast a drop in the growth rate by -2.3%.

 

Euro GDP Growth Rate Year over Year – Tuesday 9th June

With Italy and Spain opening their borders after a brutal Coronavirus period for both countries, citizens are looking forward to a relatively familiar normal. With the EU’s GDP predicted to shrink by 8.7%, Christine Lagarde led a charge for the ECB to inject an extra $1 Trillion into the economy. There have been 6.8M Coronavirus cases confirmed, with just under 400k deaths.

Federal Reserve Interest Rate Decision – Thursday 11th June

A turbulent week for the United States with protests over George Floyd’s death engulfing the public with rage. However, markets seemed to ignore the unrest, rallying on unexpected news such as the 2.5m Jobs non-farm jobs gained – a far cry from the anticipated 13.3 million job loss. Analysts predict Federal Reserve Chairman Jerome Powell to keep rates steady at 0.25%. However, investors may be interested in Jerome Powell’s Economic Projections on the same day for market-moving statements. 

United Kingdom’s GDP Year over Year – Friday 12th June 

Suffering one of the highest death rates for the Coronavirus at around 14.17%, the UK government has had many controversies with regards to their response to the pandemic. Finance ministry officials predict that the government deficit could swell to over 337 Billion pounds this year from just 55 Billion in March. GDP YOY Growth is expected to drop by 22.3%.

Market recap

  • Protests continue for a 16th straight day over the death of George Floyd by former policeman Derek Chauvin 
  • ECB unveils $1T extra stimulus
  • OPEC+ agrees to extend cuts till the end of June, Brent and WTI futures both above $40
  • US continues its rally after NFP posts 2.5m jobs gained