Global AI stocks fall as industry chiefs call for slowing development
Riskier instruments such as oil and many shares have mostly made gains so far this week while yields from major nations’ bonds have declined. This is a major week of news for markets, with a wide range of releases from most major countries except the UK. This preview of weekly data looks at XAUUSD and EURAUD ahead of the critical meetings of the Fed and ECB.
Last week wasn’t very active among major central banks although Russia hiked 1% and Turkey 2.5%. Now the focus shifts onto the Fed and the European Central Bank, both of which are likely to call for single hikes. The Bank of Japan on Friday is expected to hold at negative 0.1%. The likelihood of a single hike by the Fed to 5.25-5.5% is around 99.8% according to CME FedWatch Tool, so traders’ attention will be on the press conference after the statement for possible clues on a continuation of hiking in the fourth quarter.
Regular data this week include inflation from Australia on Wednesday morning GMT, inflation and flash/preliminary GDP from and various European countries on Friday, German consumer confidence plus personal consumption expenditure from the USA. Despite the usual expectation for low volume in high summer, various markets could be quite active this week given the volume of important releases.
Wednesday 26 July
- from 18.00 GMT: statement and press conference of the Federal Open Market Committee
Thursday 27 July
- 12.30 GMT: American quarterly GDP growth (advance, Q2) – consensus 1.7%, previous 2%
- 12.30 GMT: American monthly durable goods orders (June) – consensus 0.7%, previous 1.7%
Friday 28 July
