Global markets head into a shortened week with focus firmly on Middle East developments, as tensions around the Persian Gulf and delayed US action continue to cloud the global growth outlook. Elevated energy prices remain a dominant theme, keeping investors alert to any signs of de-escalation.

In the US, the spotlight will be on the Nonfarm Payrolls (March Jobs Report), along with the Unemployment Rate and Average Hourly Earnings. Additional key releases include the ISM Manufacturing PMI, Retail Sales, JOLTs Job Openings, and the Trade Balance, all of which will offer insights into how rising energy costs are impacting economic activity. Other data such as ADP Employment, Case-Shiller Home Prices, and Chicago PMI will also be closely tracked.

Across Europe, attention will center on Euro Area CPI (Inflation), along with national inflation prints from Germany, France, and Italy. Labour market indicators including the Euro Area Unemployment Rate and Germany’s Unemployment Data will provide further economic cues. Additional releases such as Germany Retail Sales, France Industrial Production, and the EU Business Survey will also shape sentiment.

In Asia, investors will monitor China’s NBS Manufacturing and Services PMI and S&P Global PMI, expected to signal slowing momentum. Japan will release the Unemployment Rate, Industrial Production, Retail Sales, and Tokyo CPI, alongside the BoJ Summary of Opinions. Australia’s key data includes the Trade Balance, Building Permits, and the Ai Group Industry Index, along with the RBA Meeting Minutes.

With crucial data such as PMIs, CPI, jobs reports, and trade data lined up globally, alongside policy insights from the BoJ, RBA, and BoC, markets are set for a volatile stretch where macro data and geopolitical developments will jointly steer sentiment.

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