The first trading week of May 2024 is expected to be eventful, with several key economic releases and events on the horizon. Traders and investors will be closely monitoring these developments, which have the potential to significantly impact the global economy.
One of the key events to watch is the FOMC meeting scheduled from April 30 to May 1. Market participants will be eagerly awaiting any changes to the pace of the US Federal Reserve's quantitative tightening program. This decision will have implications for monetary policy and could influence market sentiment [8a058523] [a9044637].
In addition to the FOMC meeting, there are several other important events to watch in the first week of May. The central bank of Pakistan and Norges Bank will announce their monetary policy decisions, which will provide insights into the direction of their respective economies. Singapore will report the first quarter of 2024 Labour Market Advance Release, and the Monetary Authority of Singapore will release money supply and bank loans data for March. Taiwan and Hong Kong will also release their 1Q2024 GDP data, which will give an indication of the economic performance of these regions [8a058523] [a9044637].
The US will have a packed data docket in the first week of May. Key releases include consumer confidence, manufacturing data, factory orders, and the Labour Market Report. These data points will provide valuable insights into the health of the US economy and could impact market expectations. Additionally, several US firms will report their earnings, which will be closely watched by investors [8a058523] [a9044637].
On May 17, 2024, the economic calendar includes the following events: E-Commerce Retail Sales, Fed's Waller Speech at 12:15 PM, and Fed's Daly Speech at 1:00 PM. The Baker-Hughes Rig Count will also be released [9c344e2f].
On the political front, the Kuala Kubu Bharu (KKB) by-election in Malaysia will be taking place on May 11. This by-election follows the demise of its incumbent, Lee Kee Hiong from DAP, on March 21 due to cancer. Candidates from Pakatan Harapan and Perikatan Nasional will be contesting the seat, and the outcome of this by-election could have implications for the political landscape in Malaysia [8a058523] [a9044637].
These key economic releases, events, and political developments will shape market expectations and influence monetary policy decisions. Traders and investors will also continue to monitor the December non-farm payrolls report, Eurozone inflation data, the Bank of Japan's stance on negative interest rates, and developments in China's economy. Overall, the first trading week of May 2024 promises to be eventful and will provide valuable insights into the global economic outlook for the year ahead [124f183b] [06c1d079] [6595cfd0] [3078f1ac] [260f05c0] [8c438bc8] [c189f204] [581e9acf] [962ce5ee] [8a058523] [a9044637] [bae6e063] [7764977d].
The week of June 3-9, 2024, will also be significant for the global economy. Wall Street experienced losses due to higher Treasury Fedspeak, causing some unwinding of the recent earnings-induced rally. The global inflation fight remains a concern, with little comfort from higher-than-expected readings in Germany and Australia [1dd34a1f].
One of the key events to watch during this week is the US personal consumption expenditures (PCE) inflation data, which will offer insights into US inflation control. This data will be closely monitored by traders and investors as it could influence market sentiment and expectations regarding future monetary policy decisions [1dd34a1f].
Other events to watch in the week of June 3-9, 2024, include China's Caixin manufacturing and services PMI, Australia's Q1 GDP growth rate, the European Central Bank (ECB) interest rate decision, and the US non-farm payrolls report. These releases will provide valuable insights into the health of the global economy and could impact market sentiment [1dd34a1f].
Investors will be closely watching U.S. retail sales data for May to assess the impact of higher interest rates on the economy. Several Federal Reserve policymakers, including John Williams, Neel Kashkari, Mary Daly, and Thomas Barkin, will be speaking during the week. China will release a deluge of economic data, including home prices, industrial output, urban unemployment rate, and retail sales. The Bank of England will hold its policy setting meeting, with expectations of no rate cut before July 4. The Eurozone will release the latest purchasing manager indexes for June, and oil prices are expected to be influenced by forecasts for solid demand and supply deficits [5858f24c].
Lawmakers in Malaysia will table a pair of bills this week that will facilitate the merger between economic aviation regulator Malaysian Aviation Commission (Mavcom) and its technical counterpart Civil Aviation Authority of Malaysia (CAAM). The Malaysian Aviation Commission (Repeal) Bill 2024 and the Civil Aviation Authority of Malaysia (Amendment) Bill 2024 are expected to be tabled for first reading when Dewan Rakyat sits on Monday. Malaysia’s May inflation data is scheduled to be released on Tuesday, with expectations of a small uptick in the Consumer Price Index (CPI) to 1.9% year on year (y-o-y) from the previous month’s 1.8%. Bank Negara Malaysia is releasing its international reserves data as at June 14 on Monday. The Philippine central bank (BSP) meeting on Thursday is unlikely to result in any change to the 6.5% benchmark rate. Vietnam will be the first Asian economy to release its 2Q2024 gross domestic product data on June 29. China will host the World Economic Forum’s annual meeting of the new champions 2024 in Dalian from Tuesday to Thursday. The US will release the latest annual banking industry stress test results this week. The hearing of SRC International Sdn Bhd’s civil suit against Datuk Seri Najib Razak over a RM4 billion Kumpulan Wang Persaraan (Diperbadankan) (KWAP) loan continues on Monday. Three companies, Well Chip Group Bhd, EPB Group Bhd, and Kucingko Bhd, will be launching their initial public offering (IPO) prospectuses this week. Gamuda Bhd and Astro Malaysia Holdings Bhd will be announcing their quarterly financial results.
Looking ahead to July, the focus will be on the US Federal Reserve's monetary policy decision and the release of the US non-farm payrolls report. These events will provide insights into the state of the US economy and could impact market expectations. In addition, the Eurozone will release inflation data, and the Bank of Japan will announce its monetary policy decision. Traders and investors will also be monitoring developments in China's economy, including the release of GDP data. Overall, the coming months will be crucial for central bank decisions and market sentiment, as economic indicators and geopolitical events continue to shape the global economic outlook [f7578c16].
The article also provides a diary of the top economic events scheduled to take place until August 30. Some of the key events include participation by ECB board members in various conferences and forums, the release of minutes from central bank meetings, interest rate announcements, and speeches by central bank officials. The article mentions the rise of the euro after France's first-round vote and the expectations of a US rate cut. The diary includes dates, locations, and GMT timings for each event [6cf8748f] [caa0dc0f].