Look ahead: Global PMIs, UK public sector net borrowing; Tesla; Novartis; GM
Wall Street is looking to pull itself back from a week where Middle East geopolitical risk caused the VIX index to spike. Tuesday is packed with earnings from Novartis, Associated British Foods, and General Motors.
Tesla’s earnings come a day after the EV maker said it would cut prices on some of its vehicles around the globe amid fierce competition, especially from its Chinese rivals.
(AI Video Summary)
Global PMIs incoming this week
In today's "Look ahead" overview of Tuesday, 23 April, Angeline Ong highlights a busy earnings week paired with significant economic data releases, including manufacturing and services PMIs across Japan, the eurozone, the UK, and notably, the US. The US dollar is gaining momentum amid anticipations of a Federal Reserve rate cut possibly in autumn, influenced by global central banks' decisions. Key reports such as UK's public sector net borrowing and US new home sales and oil inventories are expected, with oil markets closely watching Middle Eastern tensions.
Earnings reports expected
Major earnings reports from companies including General Motors, Visa, and Tesla will offer insights into various sectors, with Tesla's price cuts and competition challenges under special scrutiny. IG client sentiment shows a strong bullish lean on Tesla. The commentary encapsulates critical economic and corporate events with implications for global financial markets.
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