This week might start with additional volatility, as the market digests the news of US, UK and French missile attacks on plants in Syria suspected of producing chemicals used in warfare. The real issue is whether Russia will retaliate in any way, and what strategy (if any) Trump has for this contingency. This may overshadow the US/China trade tensions unless/until more gas is thrown on that fire.
US earnings will also be in focus with the bar set high, as companies benefit from the corporate tax breaks. Around 12% of the S&P 500 will be reporting this week. Instead, on the data front, we get employment data in Australia, NZD CPI, China data; UK employment, inflation and retail sales; US Retail Sales, Cad Retail Sales, CPI & Bank of Canada decision are the North American highlights.
The Loonie was the top performer last week in the FX market and remains at the top of the list this week. Crude Oil and FTSE are other markets that appear poised for further gains, but we need to see where the markets sit after the weekend news is digested.
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