What will drive the markets this week?
Stocks rebounded on Friday as the rise in bond yields steadied, as investors continued to rotate out of big technology shares and into the cyclical sectors that tend to thrive in a recovering economy.
Energy was the best performing sector, helped by the surprising news that OPEC+, the coalition of oil producers, was continuing its production cuts for another month. Meanwhile, meme stocks had a mixed week, with GameStop returning 35.3% while previous favorites such as Koss (KOSS) and BlackBerry (BB) fell.
This week, investors will be looking at the US Job Openings and Labor Turnover Survey (JOLTS) results from January, which is released this upcoming Friday, and valuable to understanding the current labor market; the European Central Bank monetary policy announcements; and the UK’s trade balance and manufacturing production from January (the first month after its Brexit deal).
Events that will drive the market this week
Monday, March 8:
- German Industrial Production (January).
- Japanese Gross Domestic Product (GDP) (Q4).
- Japanese Household Spending (January).
- U.K. British Retail Consortium (BRC) Retail Sales Monitor (February).
Tuesday, March 9:
- German Trade Balance (January).
- French Nonfarm Payrolls (Q4).
- U.S. Energy Information Administration Short-Term Energy Outlook.
- Chinese Consumer Price Index (CPI) and Producer Price Index (PPI) (February).
Wednesday, March 10:
- U.S. CPI (February).
- Bank of Canada Interest Rate Decision.
Thursday, March 11:
- Market Holiday in India for Maha Shivaratri.
- Brazilian CPI (February).
- European Central Bank (ECB) Interest Rate Decision and Press Conference.
- U.S. Job Openings and Labor Turnover Survey (JOLTS) Job Openings (January).
- Japanese Large Manufacturing Business Sentiment Index (BSI) (Q1).
Friday, March 12:
- U.K. Trade Balance (January).
- U.K. Manufacturing Production (January).
- Germany CPI (February).
- French CPI (February).
- Indian CPI (February).
- U.S. PPI (February).
- Brazilian Retail Sales (January).
- Canadian Unemployment Rate (February).
- U.S. Preliminary Michigan Consumer Expectations and Sentiment Indexes (March).