The crypto market is bracing for new economic data. Four financial events, in particular, are the subject of fervent speculation.
GDP figures for the US will come out. So will economic figures for the Eurozone. The Bank of Japan’s interest rate decision will be made public on Friday, April 28. And leading S&P companies, including Big Tech’s movers and shakers, will roll their earnings at various times.
Economic Data on the Way
Global economic data and indices coming out this week could have an impact on the crypto markets. Not to mention central bank decisions.
Some of the main financial events include the US Q1 Gross Domestic Product (GDP), employment cost index (ECI), core Personal Consumption Expenditures (PCE), and consumer confidence figures are highlighted, with the Fed blackout period ahead of next week’s Federal Open Market Committee meeting.
In Europe, GDP and Consumer Price Index (CPI) figures for Germany and France and GDP for the Eurozone will become public, along with sentiment gauges for the bloc. GDP growth in the Eurozone was revised down from 0.1% to 0% in the fourth quarter. European economies, in particular, have been stuck in stagnation since the war in Ukraine.
On Friday, April 28, Japan expects its Bank of Japan (BoJ) interest rate decision and lots of key economic data, including Tokyo CPI, labor market, retail sales, and industrial production indicators. The BoJ decision will come in for scrutiny, as it marks Kazuo Ueda’s first meeting as central bank governor.
Big Tech’s Earnings Reports
This week, 178 S&P companies, which do not all have a tech focus but which do include including the most closely watched tech mega-caps, are in the process of reporting Q1 results. Accounting for about 40% of the index earnings.
Big Tech companies such as Microsoft, Alphabet, Meta, and Amazon will report this week. Other notable tech firms reporting their figures include Texas Instruments, SK Hynix, Intel, and Sony. Many of these companies drove the S&P 500’s gains during the first quarter.
Other companies such as Credit Suisse, UBS, Novartis, AstraZeneca, Sanofi, Eli Lilly, AbbVie, Merck, Bristol-Myers Squibb, McDonald’s, Chipotle, PepsiCo, Coca-Cola, Domino’s, Mondelez, Hilton, BYD, Mercedes-Benz, and GM will also report earnings.
Across the board, investors will be looking for any signs of recession in the global economy. Among tech reports, observers will be eager to spot signs that AI has begun to make an impact on balance sheets.
Until the launch of ChatGPT last year, Big Tech had been cautious on the AI front. Big Tech is now in a race to dominate the technology that will likely shape the future.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
