Global risk appetite improved this week, according to Jin10. In equities, the S&P 500 and Nasdaq both climbed to fresh recent highs, while South Korean stocks also strengthened. The KOSPI rose 11.5% over the week, ending a seven-week losing streak and returning to technical bull-market territory.
In precious metals, spot gold briefly climbed near a two-month high in the middle of the week, touching an intraday peak close to $4,450 per ounce. It later fell back toward $4,320 as traders took profits, then recovered again on Friday, marking a second consecutive weekly gain.
Key macro events for the coming week
The following releases are the main items on the market calendar for the coming week, all listed in Beijing time:
- Tuesday 20:15 — U.S. weekly change in ADP employment for the week ending Aug. 1
- Tuesday 21:15 — U.S. July industrial production, month over month
- Wednesday 14:00 — U.K. July CPI, month over month; U.K. July retail price index, month over month
- Wednesday 17:00 — Euro zone July CPI final, year over year; Euro zone July CPI final, month over month
- Thursday 02:00 — Federal Reserve releases minutes from its monetary policy meeting
- Thursday 20:30 — U.S. initial jobless claims for the week ending Aug. 15; U.S. August Philadelphia Fed manufacturing index
- Thursday 22:00 — U.S. July Conference Board leading indicator, month over month
- Friday 15:15 — France August manufacturing PMI flash
- Friday 15:30 — Germany August manufacturing PMI flash
- Friday 16:00 — Euro zone August manufacturing PMI flash
- Friday 16:30 — U.K. August manufacturing PMI flash; U.K. August services PMI flash
- Friday 21:45 — U.S. August S&P Global manufacturing PMI flash; U.S. August S&P Global services PMI flash
- Friday 22:00 — Euro zone August consumer confidence preliminary reading
Hormuz shipping developments remain in focus
Jin10 said the most important geopolitical variable for global markets next week remains whether the Strait of Hormuz can move from progress in shipping arrangements to a real resumption of commercial shipping.
Target and Walmart earnings draw attention
The earnings spotlight in U.S. stocks will fall on retail. Target (TGT) is scheduled to report before the U.S. market opens next Wednesday, Eastern Time. Walmart (WMT) is due before the open next Thursday.
Management guidance from the two companies on consumer demand and the back-to-school season is being treated as a key sample for judging the resilience of U.S. consumption. The report said that with the labor market softening and tariff pass-through not yet fully visible, commentary from leading retailers often offers an earlier read than macro data on how underlying demand is holding up.