Coffee break

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.

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.

The long-awaited and highly commented on US elections take place. Even though Donald Trump recently gained some momentum over Kamala Harris, the race is still expected to be very tight.

The Q3 earnings season gathers full steam, with notably five of the "Magnificent 7" reporting this week: Amazon, Apple, Google, Meta and Microsoft.

The US earnings season will feature reports from Meta, Tesla, Microsoft, and Amazon. Global Flash PMI will provide a snapshot of economic activity in manufacturing and services. Besides the early insight into economic trends, this data allows for a valuable international comparison.

The euro zone will be in the spotlight with an ECB interest rate decision to support the faltering economy. In the US, preliminary building permits and housing starts, mortgage applications, and speeches by various FOMC members will keep investors focused on the next monetary policy move. In China, data on the house price index, the GDP growth rate, retail sales and the unemployment rate are likely to start reflecting soon a recovery in consumer confidence. The third-quarter earnings season for S&P 500 companies kicks off, with Johnson & Johnson, Taiwan Semiconductor Manufacturing Company and big US banks, set to announce their results.

China is due to release a series of data covering inflation, vehicle sales, balance of trade with imports and exports, as expectations of a recovery in consumer confidence are rising.

The US job report will give insight into the health of the US labour market, consumer confidence and spending, both highly linked to employment levels and the trajectory of upcoming Fed cuts.

Global Manufacturing and Services Flash PMIs will offer a snapshot of business activity in key sectors, addressing the strength of industrial output.

All eyes will be on the Federal Reserve Bank meeting. A rate cut is as good as done and the Fed can surprise with a dovish stance but it cannot surprise with a hawkish one.

The ECB is expected to ease monetary policy by further 25bp as both prices and activity are cooling.

The next US job report is the key set of data that will determine the rate path in the near term, starting with the size of the September Fed funds cut.

The spotlight for investors will be on Nvidia's results while options imply a 10% move in either direction.

In the US, several data points such as retail sales, consumer sentiment and inflation data will provide further insight into the US economy’s resilience.

The earnings season continues, featuring reports from Zalando, Walt Disney, and Super Micro Computer, as the market digests the weaker-than-expected labour market.

The earnings season continues with publication from L’Oréal, Microsoft, Meta, Apple, Procter & Gamble, Marriott.

US president Joe Biden will address the US nation as he is not seeking reelection and is officially endorsing VP Kamala Harris. While it will carry weight with delegates at the Democratic convention, it is not binding.

In the UK, the King's Speech will introduce legislation for independent fiscal forecasts, reinforcing the Labour party's commitment to fiscal discipline, which should whet investors’ appetite. The Republican National Convention begins in Milwaukee, where Donald Trump is set to announce his vice-presidential pick.

In addition to the start of the Q2 earnings season, the US consumer will remain in the spotlight with publications on the CPI and preliminary sentiment survey results.