Markets are kicking off the final full week of April with a mix of optimism and caution. From global PMI data to earnings season and inflation surprises, investors are bracing for a potentially volatile ride.

Monday (April 21)

U.S. markets are open and back in focus following the Good Friday closure. Most international exchanges remain shut in observance of Easter Monday, resulting in thin global liquidity to start the week.

Tuesday (April 22)

• Eurozone Consumer Confidence:
  Economists expect consumer sentiment in the Eurozone to weaken further, with April’s index projected to decline to -15.0 from -14.5 in March—its lowest reading since December 2024. This data will be closely watched as the European Central Bank (ECB) continues its aggressive easing cycle, recently cutting interest rates to 2.25%, marking the seventh cut in a year. A weaker print may reinforce concerns over economic stagnation, while a surprise to the upside could offer the euro some temporary relief.

Wednesday (April 23)

• Global PMIs – UK, Eurozone, U.S.:
  It’s PMI day. These "soft indicators" will offer a critical early read on global business activity across manufacturing and services. With global supply chains under stress and the U.S.-led trade war reshaping trade dynamics, April’s PMI releases will serve as a vital health check for the world economy. Markets are likely to react swiftly to any surprises, as investors reassess central bank paths and risk appetite based on the data.

Thursday (April 24)

• U.S. Core & Durable Goods Orders + Weekly Jobless Claims:
  March durable goods orders are expected to rise 1.5% MoM, potentially reflecting a front-loading effect as companies rushed to purchase equipment ahead of new U.S. tariffs introduced earlier this month. While the headline may show strength, concerns remain that tariffs could weigh on investment going forward by increasing costs and creating supply disruptions. Markets will be dissecting this release for clues about the underlying trend in business spending.

Friday (April 25)

• Tokyo Core CPI:
  Japan's inflation story continues to evolve. March’s core CPI came in hot at 2.4% YoY, fueled by surging food prices, especially rice. April's reading is expected to accelerate further to 3.2%, potentially raising pressure on the Bank of Japan (BOJ) ahead of its policy meeting on April 30–May 1. Despite rising inflation, the BOJ remains cautious due to external headwinds—including the impact of U.S. tariffs—and may hesitate to tighten policy further until more clarity emerges.

Market Themes to Watch

• The U.S. dollar is testing levels last seen in April 2022, suggesting strength in risk-off sentiment and potential follow-through if the macro backdrop supports it.
• The S&P 500 is facing strong resistance below the 5,400 mark. A failure to break higher could trigger a consolidation phase or even a pullback, particularly if earnings disappoint.
• Gold continues its record-breaking run, posting new highs week after week. Investors are flocking to safe-haven assets amid geopolitical tensions, inflation concerns, and central bank uncertainty.

Earnings Spotlight

With 117 S&P 500 companies reporting this week, earnings will be in sharp focus.

Heavy-hitters from the ‘Magnificent Seven’—including Alphabet, Tesla, and Intel—are due to release results, alongside sector leaders such as Merck, GE, 3M, and Boeing.

Analyst expectations are slightly muted this quarter, which raises the stakes. Disappointing numbers could spark renewed volatility and push indices toward retesting early-April lows.

Disclaimer:
This content is for informational purposes only and should not be considered financial or investment advice. Market conditions are subject to change, and all trading involves risk. Always conduct your own research or consult with a financial advisor before making investment decisions.