Coffee break

The US consumer will be in the spotlight as retail sales figures alongside preliminary results from the University of Michigan Consumer Sentiment survey will be released. This will offer a window into American household spending behaviour and confidence.

The Fed and Jerome Powell’s press conference will be in the spotlight. Markets expect no change in rates, but any shift in tone – especially regarding inflation risks tied to the US trade policy – could jolt expectations for H2 2025.

The Chinese Politburo gathering is expected to provide more insight on potential stimulus and exemptions measures to support its economy. After Alphabet and Tesla this week, keep an eye on ongoing MegaCap Tech earnings (s.a. Amazon, Meta, Microsoft).

Markets will continue to scrutinise growing tensions in DC as US President Trump took aim at Federal Reserve Chair Jerome Powell noting that his "termination can't come soon enough."

Monetary policy decisions from the European Central Bank, Bank of Canada, and Bank of Korea, and reactions to trade tensions and currency disruptions will be high on the agenda.

Markets will digest the latest news on tariffs and China’s retaliatory measures. Consumer Sentiment and Consumer inflation expectations will provide early signals on upcoming household spending trends, and potential Fed policy shifts.

The US reciprocal tariffs will be announced, following weeks of market volatility. A 25% tariff on imported cars is already set to take effect, which could have significant economic and trade implications, notably on Europe, Japan and South Korea.

Early global economic data on manufacturing and services will offer insights into demand trends in March, potential sector weaknesses, and regional divergence, shaping market expectations.

Central banks will be in focus as the Fed, the BoE and the BoJ are meeting. US rates are expected to hold steady but the quarterly FOMC projections update will offer insight into the committee’s outlook.

Domestic challenges in the US will be in the spotlight as a government funding deal to avoid a shutdown and preliminary readings of the Michigan survey will provide insights into current consumer sentiment and inflation expectations will be scrutinised.

US President Trump's address to a joint session of Congress and the potential start of 25% tariffs on Canada and Mexico along with additional 10% tariffs on China will be in focus.

Investors will digest the results of the German general election. Forming a new coalition is expected to last into April.

European investors will digest the conclusions from the Munich Security Conference and the progress made on Ukraine ceasefire talks.

Fed Chair Jerome Powell will testify before Congress as part of the Semi-annual Monetary Policy Report, addressing inflation, interest rates, and economic risks. Markets will closely watch for clues on future policy.

Both the nonfarm payrolls report and preliminary Michigan Sentiment Index will offer insights into the strength of the US consumer at the start of the year.

The Fed and the ECB will take centre stage. The first is expected to hold rates steady but the latter is likely to cut rates. The press conferences will provide additional insights. The Q4 earnings season will gather speed as Microsoft, Meta, Tesla, and Apple will report, dominating the tech sector.

Donald Trump is being sworn in as the 47th US president in the most high-profile part of the transition of power between government leaders in Washington, DC.

Markets will focus on inflation as the US PPI, CPI and retail sales will provide crucial insights into inflation trends and consumer spending. Both are pivotal in consolidating the expected skip from the FOMC in January, while upside strength would further lower the probability of a March cut.

The US December jobs report is due. Clues on the unemployment rate will be given by the preceding JOLTS report and the ADP employment data.

Central bank meetings will be in the spotlight with the Fed, the Bank of Japan, the Bank of England and the People’s Bank of China scheduled. Fed chair Powell's remarks will focus on the central bank's economic projections for the next quarters.

Investors will digest the US job report and the 227K payroll gains, confirming that the labour market remains solid but is not heating up.

The US job report for November will offers key insights for the Fed's December 18 monetary policy decision.

Inflation will be in the spotlight with the US October PCE, the Fed’s preferred inflation gauge, and personal income. The euro zone flash November CPI’s and the Tokyo CPI will complete the picture.

Nvidia will publish its quarterly financial results, potentially impacting the sector’s performance, as the earnings season is winding down.

Markets will digest the US election result and its likely policy implications. In the euro zone, the estimated GDP growth rate as well as preliminary data on employment change will keep the focus on the region’s fundamentals.