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Welcome to your guide to the week ahead in the markets. Remember you can now find all the key events affecting the markets in our new Events Calendar in the platform.

European Central Bank rate decision

Last week ECB president Christine Lagarde allegedly told EU leaders during a private video summit that the bloc could be facing a drop in GDP of up to 15%, and that their efforts to contain the outbreak have been both too little and too late. Monetary policy can only go so far, but the ECB does still have room to manoeuvre. Expansion of QE will likely be the first port of call if policymakers decide more needs to be done, but minutes from the March 18th meeting show that cutting rates was floated, too.

FOMC decision – has the Fed got any ammunition left?

What’s left for the Federal Reserve to do? Rates have been slashed to zero, and that’s where futures markets see them staying well into 2021 at least. And it’s hard to announce more QE when you’ve already committed to unlimited asset purchases. The key question is what the FOMC has left in reserve in case its vast stimulus measures aren’t enough. Will policymakers set negative rates? Will they buy corporate stocks? Will they explicitly target yields on government bonds? Markets will be looking for reassurance that policymakers still have plenty of ammunition left. 

Bumper week of earnings with Apple, Alphabet, Facebook reporting 

Netflix has already reported earnings, but this week sees the rest of the FAANG group offering up their quarterly figures. Tesla and Microsoft are also amongst the heavy hitters providing updates this week. 

US, Eurozone GDP 

We’ve seen piecemeal evidence of the impact COVID-19 has had on the US and Eurozone economies thanks to industrial data, PMIs, and business sentiment figures. But now it’s time to get the full picture, as the US and Eurozone will both publish estimates of Q1 growth. It was initially believed that moderate growth in January and February would have softened the blow from social distancing and widespread lockdowns that went into effect in March. Now the consensus is that the recession expected in Q2 arrived much earlier. Estimates vary wildly, but no matter how dire the results, the figures for Q2 are likely to be way worse.

Heads-Up on Earnings

After-Market  28-Apr  Alphabet – Q1 2020  
After-Market  29-Apr  Microsoft – Q3 2020  
After-Market  29-Apr  Facebook – Q1 2020  
After-Market  29-Apr  Tesla – Q1 2020  
After-Market  30-Apr  Apple – Q2 2020  
After-Market  30-Apr  Amazon – Q1 2020 

Key Events

03.00 UTC  28-Apr  BOJ Rate Decision & Outlook Report  
07.00 UTC 28-Apr Spanish Unemployment Rate Q1 
14.00 UTC  28-Apr  US CB Consumer Confidence  
01.30 UTC  29-Apr  Australia Quarterly CPI  
12.00 UTC  29-Apr  Germany Preliminary CPI  
12.30 UTC  29-Apr  US Advance GDP QoQ  
14.30 UTC  29-Apr  US EIA Crude Oil Inventories  
18.00 UTC  29-Apr  FOMC Rate Decision  
09.00 UTC  30-Apr  Eurozone Flash GDP  
11.45 UTC  30-Apr  ECB Rate Decision and Statement  
12.30 UTC  30-Apr  US Initial Jobless Claims  
14.30 UTC  30-Apr  US EIA Natural Gas Storage 

Latest news

Australia’s BHP bids $38.8 billion for Anglo American in mining megadeal

Wednesday, 24 April 2024

Indices

BHP bids $38.8 billion for Anglo American in copper megadeal

Japanese yen falls to 155 vs dollar, weakest since 1990

Wednesday, 24 April 2024

Indices

Japanese yen hits 155 per dollar, weakest level since 1990

Tesla stock jumped in after-hours trading despite a 48% drop in Q1 profits

Wednesday, 24 April 2024

Indices

Tesla stock pops after hours despite 48% drop in Q1 profits

Australia interest rate cut hopes for 2024 end as Q1 inflation hotter-than-expected

Tuesday, 23 April 2024

Indices

Q1 inflation ends Australia interest rate cut hopes for 2024

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