Americas

In the US, markets will observe a holiday-shortened trading week due to Good Friday, with both stock and bond markets closed on Friday. Investor focus will be intense as earnings season kicks into high gear, particularly with attention on forward guidance amid ongoing economic uncertainty. Earnings reports from Goldman Sachs, Bank of America, Citigroup, Johnson & Johnson, Abbott Laboratories, American Express, Blackstone, UnitedHealth Group, and Netflix will be on the spotlight. In parallel, markets will be closely watching comments from Fed officials, including Chair Jerome Powell, who is scheduled to speak at the Economic Club of Chicago, looking for clues on the Fed’s policy outlook for the remainder of the year. On the economic data front, retail sales for March are expected to show a strong 1.3% monthly gain, the biggest increase since January 2023. Industrial production, however, is projected to fall 0.3%, breaking a three-month streak of gains. Housing starts are seen easing to 1.41 million units after February’s surge. Additional data releases include import and export prices, business inventories, the NAHB Housing Market Index, the New York Empire State and Philadelphia Fed surveys. Elsewhere, the Bank of Canada is widely expected to hold interest rates steady after delivering 225 basis points in cuts since June 2024. Market participants will also assess Canadian CPI figures and housing starts.

Europe

In Europe, all eyes are on the European Central Bank's April 17th policy meeting, with markets widely expecting another interest rate cut - its seventh since June -as President Trump’s sweeping tariff measures stoke fears of a recession across the eurozone. In Turkey, the central bank is anticipated to keep its key interest rate steady at 42.5%, following a surprise move in March to raise the overnight lending rate to 46% in a bid to curb inflation and stabilize the lira. On the data front, Germany’s ZEW Economic Sentiment Index is forecast to decline to a seven-month low, reflecting deteriorating investor confidence amid the trade tensions. Eurozone industrial production is also expected to have contracted in February. In the UK, a batch of key macroeconomic data will provide further insight into inflation and labor market dynamics. Headline CPI is expected to ease to 2.7% in March, with core inflation projected to drop to 3.4%, both marking three-month lows. The unemployment rate is likely to remain steady at 4.4%, while wage growth is seen moderating slightly. Other notable releases include Germany’s producer and wholesale price indices, Italy’s trade balance, retail sales data from the British Retail Consortium, and Switzerland’s trade figures.

Asia and Australia

In China, a busy week of economic data will follow tariff increases and stimulus pledges after the US-China trade war escalated. The second Chinese data dump of the year is expected to show that the GDP grew over the 5% target in Q1 and industrial production, retail sales, and fixed-asset investment extended this year's growth in March, while the unemployment rate likely edged lower. Markets also await March trade data for the extent of front-loading ahead of trade war risks and key credit aggregates for more insights on the absorption of stimulus measures. Trade data and inflation rates will also be the focus in both Japan and India. Elsewhere, the Bank of Korea is expected to deliver a third rate cut this cycle to provide support for its economy despite the plunge in the won. Also, Singapore's Q1 GDP is expected to have contracted. In Australia, job growth in March is set to be robust, while minutes from the RBA's latest hold will provide insights on how the central bank balances growth, inflation, and trade risks.