The delivery of first-quarter results from S&P500 companies continues, with the financial sector being the main focus so far.

1) Publication of Global Activity Figures

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The resilience of the global economy, particularly the service sector, will once again be put to the test this week as we learn about April PMI data. Investors are watching closely to see if the sector continues its broad-based acceleration across regions of the world and if manufacturing activity improves in Europe and Japan. In the US, the first version of first-quarter GDP will be released, with expected growth of 3.4%. Positive figures continue to provide room for strong performance in risk assets.

2) US Earnings Season
The delivery of first-quarter results from S&P500 companies continues, with the financial sector being the main focus so far. The consensus suggests forecasts of aggregate earnings growth for the index of less than 4% for the period, while attention will once again be on the “Big Tech” companies and whether the divergence between these AI-linked firms and the rest of the companies will persist. Tesla, Meta, Alphabet, and Microsoft will report next week.

3) Impact of Geopolitical Risks on Inflation
Concerns about further escalation in the Middle East have negatively impacted stock markets. On the other hand, potential additional increases in oil prices could continue to delay the deflation process, thus postponing the start of interest rate cuts by the US Federal Reserve. Expectations have been adjusted, and currently, between one and two rate cuts are expected for this year, starting in September.

4) Continuing to Shift from Deposits, Taking Advantage of Interest Rates
The volatility in market interest rates over the past few weeks opens up new entry points to lock in a high rate for a longer period in fixed income instruments. A smart idea could be moving out of money market funds and term deposits as the investment horizon allows, and diversifying into funds investing in longer-duration bonds.