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

ME News report, April 12 (UTC+8). This week, a dramatic shift in geopolitical sentiment caused sharp fluctuations across the energy and metals markets. For most of the week, the dominant logic was the easing of panic following US and Iran’s tentative ceasefire agreement. Crude oil became the biggest casualty under the cooling narrative. Gold also felt the pressure, giving back after breaking through $4,850. The US dollar index fell below the 100 level 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, a fireside chat at the Federal Reserve Board’s work forum featuring Federal Reserve Board member Bostic, Philadelphia Fed President Harker, Richmond Fed President Barkin, Boston Fed President Collins, and Federal Reserve Board member Bal

Wednesday 00:45, Federal Reserve Board member Bal 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, the 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, and April Philadelphia Fed Manufacturing Index

Thursday 21:15, US March industrial production (month-over-month)

Thursday TBA, the European Central Bank releases the minutes of the March 19 policy meeting

Thursday TBA, the G20 Finance Ministers and Central Bank Governors Meeting

Compared with the past few weeks, next week’s economic calendar looks relatively light. In addition, next week marks the start of the Q1 earnings season for US stocks. Major banks such as Goldman Sachs, JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and Morgan Stanley will report results first, and firms such as BlackRock and Johnson & Johnson will also roll out earnings around the same time. Then tech giants such as TSMC, ASML, and Netflix will continue to publish data. (Source: PANews)