Stock digest Wednesday 17.04.24

The onset of the financial results season for the first quarter of 2024 on Wall Street heralds a pivotal period for investors. Last Friday saw a flurry of activity as investors delved into reports from several leading American banks. As the week unfolds, anticipation builds around forthcoming reports from industry giants like Netflix and TSMC. Furthermore, market watchers eagerly await the release of key macroeconomic indicators from the United States, Canada, and China. This week's spotlight is on #US500, #USDCAD, and #CHNcash.

#US500:

Last week marked the commencement of financial disclosures, with major American financial institutions taking the lead in unveiling their performance for the initial three months of the year. While financial sector updates will continue to dominate the calendar, attention will also shift to results from diverse sectors. Of particular note are the scheduled Thursday releases from Netflix and TSMC. Additionally, scrutiny will be on the performances of six Dow Jones index constituents: Goldman Sachs (Monday), Johnson & Johnson (Tuesday), UnitedHealth Group (Tuesday), Travelers (Wednesday), Procter & Gamble (Friday), and American Express (Friday).

#USDCAD:

Amidst the flurry of financial disclosures, the currency market braces for potential fluctuations. The #USDCAD pair warrants close observation in the days ahead, given the impending release of crucial data from both the USA and Canada. Highlights include March's retail sales figures from the USA (Monday, 14:30) and industrial production data (Tuesday, 15:15), along with Canada's CPI report for the same period (Tuesday, 14:30). In recent days, buoyed by the vigor of the US dollar, #USDCAD has scaled its highest levels in nearly five months.

#CHNcash:

After an initial surge in Chinese indices at the year's outset, momentum tapered off by mid-March, leading #CHNcash into a lateral trend. Despite murmurs of potential stimulus measures, sentiment towards the Chinese stock market remains cautious, with lingering concerns over the nation's economic health. These apprehensions will be put to the test this week with the release of China's first-quarter GDP figures on Tuesday at 4:00. Projections hint at robust growth of 1.4% quarter-on-quarter. Alongside GDP, Tuesday will see the unveiling of March's economic activity indicators, encompassing retail sales and industrial production reports.