U.S. Jobs Data, Fed Powell Speech, Eurozone CPI, RBA Meeting: Macro Week Ahead

Stock markets succumbed to selling pressure last week, roiled by renewed worries about incoming U.S. tariffs and their disruptive potential for economic growth. President Donald Trump has talked up August 2 as the date “reciprocal” trade barriers would go into effect, amounting to a sharp and broad-based rise in import costs.

The bellwether S&P 500 fell 1.7% while the tech-oriented Nasdaq 100 shed 2.5%. Treasury yields fell sharply at the end of the week after struggling to balance anti-risk demand with interest rate cut speculation, to seemingly resolve the impasse in favor of dovish mythmaking. Gold prices tellingly surged to a record high. The U.S. dollar weakened modestly.

Against this backdrop, here are the key macro waypoints to consider in the days ahead.