Next week's macro outlook: The Middle East situation plunges back into an uncertain black hole, and U.S. stocks enter earnings season

MeNews · 2026-04-12T07:00:29+00:00

This week's geopolitical developments caused fluctuations in energy and metal markets, with crude oil and gold under pressure. The US dollar index fell below 100, and the US stock market recovered. Next week, attention will be on US PPI, European Central Bank meeting minutes, and earnings reports from major banks; overall, the economic calendar is relatively light.

MeNews

2026-04-12 07:00:29

Abstract generation in progress

ME News, April 12 (UTC+8): This week’s dramatic shift in geopolitical sentiment led to sharp fluctuations in the energy and metals markets. For most of the week, the dominant logic was the easing of panic after the US and Iran reached a tentative ceasefire agreement. Crude oil became the biggest casualty of the cooling narrative. Gold also felt pressure and gave back gains after breaking through $4,850. This week, the US Dollar Index fell below the 100 level, and US stocks rebounded strongly following the ceasefire news.

Below are the key points the market will focus on in the new week (all times are Beijing time):
Tuesday 20:30, US March PPI year-over-year, US March PPI month-over-month
Wednesday 01:00, Philadelphia Fed President Harker, Richmond Fed President Barkin, Boston Fed President Collins, and Federal Reserve Board Member Barr at a fireside chat at the Federal Reserve Board’s work forum
Wednesday 00:45, Federal Reserve Board Member Barr delivers opening remarks at the work forum hosted by the Federal Reserve Board
Wednesday 04:30, US API crude oil inventories for the week ending April 10
Wednesday 17:00, Eurozone February industrial production month-over-month
Thursday 01:40, Federal Reserve Board Member Bowman speaks at the International Finance Association forum
Thursday 02:00, the Federal Reserve releases the Beige Book on economic conditions
Thursday 17:00, Eurozone March CPI data
Thursday 20:30, US initial jobless claims for the week ending April 11, April Philadelphia Fed Manufacturing Index
Thursday 21:15, US March industrial production month-over-month
Thursday TBA, the European Central Bank releases minutes from the March 19 policy meeting
Thursday TBA, the Group of Twenty (G20) meeting of finance ministers and central bank governors is held ((G20))

Compared with the past few weeks, next week’s data calendar looks relatively light. In addition, next week marks the start of the Q1 2026 earnings season for US stocks. Large banks such as Goldman Sachs, JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and Morgan Stanley will report first. BlackRock, Johnson & Johnson, and others will also step in at the same time. After that, tech giants such as TSMC, ASML, and Netflix will release data one after another. (Source: PANews)

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