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In the absence of any real economic data prints last week, markets latched onto the hidden hand of monetary policy as the main driver of price action. In the US, lower than expected jobs numbers contributed to optimism that the Federal Reserve might finally have the ammunition it needs to justify a lower interest rate target. On the other side of the Atlantic, several board members of the Bank of England and the European Central Bank openly stated that the prerequisites for an interest rate cut had already been achieved. The larger crowd, favouring no action for the time being, drowned out their voices, but the sentiment is slowly beginning to emerge.
Stocks on both side of the pond reacted favourably. In the US, the Dow Jones Industrial Average added 2.16% to its market cap by the end of the week, the S&P 500 climbed 1.85% over the same period and the Nasdaq Composite brought up the rear with a 1.14% gain. In the UK, the FTSE 100 clocked in a new record high after surging 2.68% on the week, now up over 1,000 points from its yearly lows. Similar story for the German DAX, which gained over 4% to reach fresh highs of its own.
Absolutely nothing on the economic calendar today, but on Tuesday Fed Chair Jerome Powell will deliver a speech at an event in the Netherlands. Wednesday delivers a slew of US inflation data followed by jobless claims the following day. Finally, on Friday we have a few important data prints out of China before tuning in to comments from the ECB.
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