Next week's macro outlook: The Middle East situation plunges back into an uncertain black hole, and the U.S. stock market enters earnings season

ME News Report, April 12 (UTC+8), this week’s dramatic shift in geopolitical sentiment caused sharp fluctuations in energy and metal markets. For most of the week, the dominant narrative was the easing of panic following the tentative ceasefire agreement between the US and Iran. Crude oil became the biggest casualty of the cooling narrative. Gold also felt pressure, retreating after breaking through $4,850. The US dollar index fell below 100 this week, and US stocks rebounded strongly after the ceasefire news. Below are the key points the market will focus on in the new week (all times Beijing time):
Tuesday 20:30, US March PPI Year-over-Year, US March PPI Month-over-Month
Wednesday 01:00, Philadelphia Fed President Harker, Richmond Fed President Barkin, Boston Fed President Collins, and Federal Reserve Board Member Bal at a fireside chat during the Federal Reserve Board’s work forum
Wednesday 00:45, Federal Reserve Board Member Bostic delivers opening remarks at the work forum hosted by the Federal Reserve Board
Wednesday 04:30, US API Crude Oil Inventories for the week ending April 10
Wednesday 17:00, Eurozone February Industrial Production Month-over-Month
Thursday 01:40, Federal Reserve Board Member Bowman speaks at the International Finance Forum
Thursday 02:00, Federal Reserve releases the Beige Book on economic conditions
Thursday 17:00, Eurozone March CPI data
Thursday 20:30, US initial jobless claims for the week ending April 11, April Philadelphia Fed Manufacturing Index
Thursday 21:15, US March Industrial Production Month-over-Month
Thursday TBA, European Central Bank releases minutes from the March 19 policy meeting
Thursday TBA, G20 Finance Ministers and Central Bank Governors Meeting
Compared to previous weeks, next week’s data calendar appears relatively light. Additionally, next week marks the start of the 2026 Q1 earnings season for US stocks, with major banks such as Goldman Sachs, JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and Morgan Stanley scheduled to report earnings first, followed by firms like BlackRock and Johnson & Johnson. Tech giants like TSMC, ASML, and Netflix will also release data sequentially. (Source: PANews)