Data that investors need to pay attention to in the week of May 9-May 13: US wholesale inventories in March, US API and EIA crude oil inventories, US initial jobless claims for the week ended May 7, US April PPI etc. data. In terms of events, it is necessary to pay attention to the minutes of the Bank of Japan's March monetary policy meeting. This week also needs to pay attention to the speeches of the Fed and Bank of England officials for their latest views.

Monday (May 9) Keywords: U.S. wholesale inventories in March, Atlanta Fed President Bostic, minutes of the Bank of Japan's March monetary policy meeting

Wholesale inventories in the United States rose 2.5% in February, compared with a forecast for a 2.1% increase. High wholesale inventories indicate that unsold goods are piling up, suggesting retailers are facing lagging consumer demand and reluctance to buy. As the epidemic continues, U.S. wholesale inventories are expected to remain relatively high.

On May 9, investors also need to pay attention to the speech of Atlanta Fed President Bostic. He previously predicted that in order to control inflation, the Federal Reserve Open Market Committee (FOMC) will raise the benchmark interest rate 6 times in 2022 and 2 times in 2023. That figure was below the at least seven rate hikes most Fed officials forecast in last week's dot-plot.

The Bank of Japan kept interest rates and asset purchases unchanged in March, in line with all economists' expectations. The bank also downgraded its assessment of the economy, just two months after the previous upward revision. On May 9, the Bank of Japan will announce the minutes of its March monetary policy meeting, where investors can get more details.

Tuesday (May 10) Keywords: Eurozone May ZEW Economic Sentiment Index, Bank of England member Saunders

The euro zone's April ZEW economic sentiment index was announced at -43, while the market had expected -38.7; Germany's ZEW economic sentiment index recorded -41, better than the market's previous expectation of -48.5. Given the decline in inflation expectations, a poor performance in the Economic Sentiment Index could mean a temporary lack of hope; however, the outlook for stagflation over the next six months remains noteworthy. On May 10, the relevant data for May will be released, and the data in the euro zone may continue to perform poorly.

On May 10, Bank of England member Saunders delivered a speech on the policy outlook of the Bank of England, which is expected to provide guidance for the central bank's future interest rate and sterling trends. Investors need to pay attention.

Wednesday (May 11) Keywords: U.S. API and EIA crude oil inventories, Atlanta Fed President Bostic

API crude oil and refined oil inventories fell in the week to April 29, and the decline was much larger than expected. API crude oil inventories unexpectedly fell by 4.784 million barrels, after analysts had forecast a decline of 1.167 million barrels. API gas and oil inventories unexpectedly fell by 4.5 million barrels, the market expected a decrease of 250,000 barrels.

Data released by the U.S. Energy Information Administration (EIA) showed that U.S. inventories rose last week, while distillate inventories fell. U.S. crude inventories rose by 1.3 million barrels to 415.73 million barrels in the week ended April 29, compared with expectations for a drop of 800,000 barrels. National crude oil inventories, which include commercial inventories and oil in the SPR, fell by 1.8 million barrels in the week ended April 29. This is the 34th consecutive week of SPR declines and is expected to continue to decline in the future.

On May 11, Atlanta Fed President Bostic participated in a dinner discussion at the Atlanta Fed Financial Markets Conference on the theme of "Monetary Policy and the Economy." In addition, Cleveland Fed President Mester attended the Atlanta Fed Financial Markets Conference. Investors also need to pay attention to the speech of the two Fed officials.

Thursday (May 12) Keywords: U.S. initial jobless claims for the week ended May 7, U.S. April PPI, Atlanta Fed President Bostic

The number of people applying for unemployment benefits in the United States in the week to April 30 recorded 200,000, a new high since the week of February 12, 2022. It is expected to be 182,000, and the previous value was 180,000. The latest data as of May 7 will be released on May 12. As the epidemic continues, it is expected to remain relatively high.

The U.S. PPI in March increased by 11.2% year-on-year, the largest year-on-year growth rate since the agency's statistics in November 2010, 10.6% higher than the market expectation and 10% higher than the previous value. It rose 1.4% month-on-month, also the highest value on record, expected 1.1%, and the previous value of 0.8%. The U.S. PPI surged at a record pace in March, indicating that U.S. inflation may be far from its peak, and investors should pay attention to April data released on May 12.

On May 12, 2024 FOMC votes Atlanta Fed President Bostic to speak on the U.S. economy and monetary policy. Investors also need to pay attention to the monthly crude oil market reports from OPEC and the IEA.
Friday (May 13) Keywords: U.S. April import price index, Minneapolis Fed President Kashkari

The US March import price index recorded a monthly rate of 2.6%, the highest since April 2011. The import price index may have an impact on future inflation. If the production enterprises cannot digest the rising prices of imported goods, it will eventually push up the ex-factory price of the products, which will be transmitted to the final consumer sector, pushing up inflation. However, due to the long process from import prices to final consumer prices, the impact on the market is relatively small.

Minneapolis Fed President Kashkari expects the central bank to raise interest rates seven times this year and believes the economy may remain vulnerable to a new wave of the coronavirus. Investors also need to pay attention to his speech on May 13 for his latest views.

In addition to the above data and major events, investors also need to pay attention to the development of the epidemic and the situation in Ukraine this week, which may also have an impact on the financial market.

Trade

Market

Platform

Community

Tools

Education

Company

Others

Boost Your Trading with Exciting Bonus Rewards!