The Market Screener Marketscreener

While oil prices move up and down, bond yields wake up and metals prices go through the roof, equity markets remain resilient. Nevertheless, they need a new catalyst to keep pace with the Nasdaq rocket. That's pretty much the mood at the start of the week ahead of the release of Nvidia. Today, investors will also focus on speeches from many central bankers, who will perhaps try to lower their expectations.

Last week was eventful in the financial world, and this week is shaping up to be exactly the same. It will be less focused on inflation and corporate results, and more on macro data. Earnings season may be drawing to a close, but there's one large cap left, releasing its results in the next few days: Nvidia. As usual, there's no escaping monetary policy, with a series of speeches from central bankers on the agenda.

Every time the momentum slowed on the market over the past six weeks, something happened to give it another boost. Yesterday, it was weaker-than-expected inflation data, which made rate cuts more likely.

The focus of investors is on US inflation data this week, as well as corporate results. The Nasdaq 100 hit a new record close yesterday, surpassing March 24 by 3 points. The index is a mirror of the tech sector, but also of investors' appetite for risk. It has increased its gains to 8.9% since January 1. Elsewhere, many indices are exploring or approaching uncharted territory, which reinforces overall confidence.

Investors once again believed in a Fed rate cut in September. Doubts about the slight upturn in inflation were dispelled by a series of weak economic indicators. Today's producer price data was too mixed to have any impact on their thinking.

Global markets have, for the most part, returned to the record highs set earlier in the year. Doubts about the evolution of US monetary policy, which led to a drop in indices in April, were eased by the robust earnings of major listed companies and the cooling of certain US economic indicators.