KFVG - Weekly Market Outlook: U.S. PCE GDP And Earnings Expected To Drive Volatility

2024-07-20 00:15:00 ET

Summary

• This week, markets were influenced by trade war fears, US political developments, and a global cyber outage.
• In Asia, the Japanese yen weakened, and Chinese authorities remained silent on economic goals despite weak data.
• Next week, US PCE and GDP data, along with Euro Area and UK PMI data, and potential Chinese economic measures will be key drivers of market volatility.
• The Nasdaq 100’s weekly chart shows a potential evening star candlestick pattern, hinting at further downside.

By Zain Vawda

Week in Review: Trade War Fears and Softening US Data

The week is concluding on an intriguing note, with markets grappling with several issues. Early in the week, news that the US was considering additional sanctions on chipmakers doing business with China reignited trade war fears. Meanwhile, the US Presidential election gained momentum with the Republican National Convention (RNC), bolstering former President Trump's position....

For further details see: