The week beginning May 1 is packed with important national and global macroeconomic data releases that could have an impact on trading on Dalal Street.
The coming week will see India's Manufacturing and Services purchasing managers index (PMI) for April, along with final monthly PMI readings from key economies such as the US, UK, Eurozone and China.
The latest unemployment reports will also be out from the US and the Eurozone in the coming week. The Eurozone inflation data for April is scheduled for release, while global markets are also waiting for the US Fed (May 3) and the European Central Bank’s (ECB) decision (May 4) on interest rates.
Let's take a look at the key economic data releases in the upcoming week:
May 1 (Monday)
India S&P Global Manufacturing PMI (April)India Manufacturing Purchasing Managers’ Index (PMI) rose from 55.3 in February to a three-month high 56.4 in March.
Other important data releases on Monday: US Manufacturing PMI (April), China Caixin Manufacturing PMI (April).
May 2 (Tuesday)
Eurozone CPI (April)According to the preliminary figures published on April 19 by Eurostat, the statistical office of the European Union, the euro area annual inflation rate was 6.9 percent in March 2023, down from 8.5 percent in February.
Other important data releases on Tuesday: UK Manufacturing PMI (April and Eurozone Manufacturing PMI (April).
May 3 (Wednesday)
India Services PMI (April)India's services sector expanded in March, although the PMI fell to 57.8 from February's 12-year high of 59.4.
Eurozone Unemployment Rate (March)
In February 2023, the Euro area seasonally-adjusted unemployment rate was 6.6 percent, compared with January 2023 and down from 6.8 percent in February 2022.
US Fed Interest Rate Decision
The Federal Reserve announced 25 basis point interest rate hike on March 22, making the benchmark rate the highest it’s been since 2007. The Fed increased its funds target rate to a range of 4.75-5 percent.
Other important data releases on Wednesday: US Services PMI (April), China Caixin Manufacturing PMI (April)
May 4 (Thursday)
ECB Interest Rate Decision (May)The European Central Bank's 50 bps increase last on March 16 was its sixth in a row and it signalled a potentially dovish turn, dropping language about the need to raise rates "significantly" going forward.
Other important data releases on Wednesday: UK Services PMI (April), Eurozone Services PMI (April), China Caixin Services PMI (April)
US Trade Balance (March)
The US goods and services trade deficit increased from $68.7 billion in January (revised) to $70.5 billion in February.
May 5 (Friday)
India Bank Loan and Deposit GrowthAs of April 7, bank credit growth of commercial banks was at 15.7 percent YoY to Rs 138.5 lakh crore. In absolute terms, credit offtake expanded by Rs.18.8 lakh crore to Rs. 138.5 lakh crore. The growth in deposits at Rs.184.5 lakh crore was 10.2 percent YoY.
US Unemployment Rate (April)
On April 7, the US unemployment for March showed the unemployment rate had dropped to 3.5 percent, down from 3.6 percent in February. The report also revealed that the US economy had added 236,000 jobs in March.
Earnings Watch
Week ahead earnings calendar in India and the USIndian companies that will announce Q4FY23 results during the next week include Ambuja Cement, Tata Steel (May 2); Titan, Cholamandalam Finance, Havells, Tata Chemicals, (May 3); Bluestar, Bombay Dyeing, Dabur, HDFC, Hero Moto Corp, TVS Motor, Tata Power, Mindspace (May 4); Blue Dart, Equitas Small Finance Bank, Federal bank, Marico, Tata Investment Corp (May 5).
Global earnings season continues with key reports expected from Global Payments, Zoominfo Technologies, Logitech, BlackRock Capital, Blackstone Minerals (May 1), Uber, Ford Motor, First Capital, Pfizer, HSBC Holdings, Starbucks, (May 2), Bed Bath & Beyond, Qualcomm, TripAdvisor (May 3), Apple, Moderna, Motorola, (May 4), Kellogg, Lyft, GoDaddy (May 4), among others.
(With inputs from Agencies)
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