Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Following the latest inflation and jobs data we consider the next moves for central banks. We focus on European defence spending which reaches new records. Tesla, a member of the ‘Magnificent Seven’ has become the worst performer in S&P 500 in 2024. In commodities, Copper has seen a rally that may just be starting.
The key events for this week are the policy rate decisions from a number of major central Banks; Bank of Japan (Tuesday), US Federal Reserve (Wednesday), Swiss National Bank and the Bank of England (Thursday). There are also key Chinese technology and consumer earnings from Xiaomi, Tencent, PDD, and Meituan. For developed markets the big earnings day is on Thursday with earnings releases from Nike, FedEx, Lululemon, and Accenture. Tech focus will be turning to the Nvidia GTC conference this week where new flagship chips are expected to be launched.