Hopeful market awaits Powell statement | – #Hopeful #market #awaits #Powell #statement
From Ankur Banerjee Europe and an outlook on the day ahead in global markets
Investors found an appetite for risk assets at the start of a crucial week, brushing off disappointment from China, which set a modest target for economic growth this year. Europe shares will carry momentum.
Posting its best weekly performance since the start of the year, the continental STOXX could hit another record high as traders brace for the Eurozone january bear retail sales data of the day they wait at the end.
Meanwhile, the market’s attention is Fed Chairman Powell USA two days of testimony in front of Congress (Tuesday and Wednesday) and USA focused on the February jobs report (to be released on Friday) that will dictate the central bank’s path for the foreseeable future. .
While investors have accepted (sort of) that the Fed will keep interest rates higher for longer, there are renewed fears that strong economic data will lead the central bank to higher hikes again.
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Hawkish rhetoric from Fed speakers continued over the weekend, Federal Reserve Bank of San Francisco President Mary Daly said inflation gave the latest warning about the danger.
The market largely expects Powell to be hawkish this week, but given that his statement came ahead of the jobs report, he will likely aim to keep all options open.
When the country’s leadership in China started the annual session of the National People’s Congress, analysts called it conservative and pragmatic.
In the corporate world, Italian state lender CDP is competing with a bid from US firm KKR for the fixed-line network of former telephone monopoly Telecom Italia. offer gave.
Reuters graphics
Key developments that could affect markets on Monday:
Economic events: Eurozone January retail sales, Germany, France and February S&P Global PMIs for the Eurozone
Speakers: ECB Chief Economist Philip Lane
Reporting by Ankur Banerjee; Edited by Edmund Klamann
Our standards: Thomson Reuters Trust Principles.
2023-03-06 10:12:31
Source – reuters
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