What will drive the markets this week?
Last week, most global equities ended in the reds with most of the major indices around the world ending in weekly losses. Stocks in the US fell to two-month lows after closing lower on Friday. Warnings from FedEx on an impending global slowdown were a major influencer in the downtrend in US equities.
In Europe and Asia, markets also traded lower amid economic growth fears, growing expectations of hawkish moves by the Federal Reserve, and continued volatility in the energy market.
Monetary policy will be in the spotlight this week, as global central banks including the U.S. Federal Reserve, Bank of England (BoE), and Bank of Japan (BoJ) are expected to conduct monetary policy meetings, with interest rate decisions expected.
August housing starts and building permits will also be released, along with existing home sales, providing further updates on the U.S. housing market. S&P Global will release the flash estimate of its Purchasing Managers’ Index (PMI) for the U.S. and eurozone on Friday, gauging the recent performance of the manufacturing and services sectors across both economies. Earnings reports will come from AutoZone, General Mills, Trip.com, Costco, Accenture, FedEx, and Darden Restaurants, among others.
Monday, September 19
- AutoZone (AZO), Legend Biotech (LEGN), NextDecade Corp. (NEXT) and Azure Power Global Ltd. (AZRE) report earnings
- NAHB Housing Market Index (Sep)
Tuesday, September 20
- Neogen Corp. (NEOG) and Apogee Enterprises Inc. (APOG) report earnings
- Housing Starts (Aug)
- Building Permits (Aug)
- Day 1 of September FOMC Meeting
- ECB President Lagarde Speech
Wednesday, September 21
- General Mills (GIS), Lennar Corp. (LEN), and Trip.com (TCOM) report earnings
- Existing Home Sales (Aug)
- Day 2 of September FOMC Meeting; Interest Rate Decision and Press Conference
- FOMC Economic and Interest Rate Forecasts Issued
- Bank of Japan (BoJ) Policy Meeting; Interest Rate Decision
Thursday, September 22
- Costco (COST), Accenture (ACN), FedEx (FDX), FactSet Research Systems (FDS), and Darden Restaurants (DRI) report earnings
- Kansas Fed Composite Index (Sep)
- Bank of England (BoE) Policy Meeting; Interest Rate Decision
Friday, September 23
- S&P Global Composite PMI - U.S. - Flash Estimate (Sep)
- S&P Global Composite PMI - Eurozone - Flash Estimate (Sep)
- Fed Chair Powell Speech