What to Watch for this Week
This week the normal calendar will focus on housing news and inflation data. The February non-farm payroll came in at 313,000, which was well above the expected value of 242,000, according to briefing.com. There were also two upward adjustments for January and December 2017. This increase in jobs indicates that the economy is humming along. With a solid labor market, the wage growth is modest. Automation of jobs could be contributing to this scenario.
President Donald Trump advised the world last Friday night, through the South Korean Security Advisor, that he was going to accept the offer to meet the leader of North Korea, Kim-Jung Ill, at a date in May 2018 as long as North Korea continues to meet the demands of the west. If this works out, could this mean a Nobel Peace Prize for the President?
All markets increase in lock step last Friday. The NASDAQ ended the week up 4%. While glancing at the NASDAQ futures chart, I noticed a cup and handle pattern has just completed forming. Technicians will think this is good news and the market could continue it run up on Monday. Look out for a turnaround Tuesday.
A Hail Mary on North Korea. Much of the world — and likely even Pyongyang itself — was shocked to learn that U.S. President Donald Trump had accepted an invitation to meet his North Korean counterpart, Kim Jong Un.
The “Real Friends” List. On the same day that the remaining members to the Trans-Pacific Partnership signed a globe-spanning trade agreement, the United States invited global outrage by formalizing hefty steel and aluminum tariffs that are set to take effect later this month.
Beijing’s Bargain With the Vatican. Recent comments from Chinese officials indicate that negotiations between China and the Vatican are making headway, with a deal expected within months.
Assertive Turkey, Nervous Arabs. Turkey has hinted that it could wrap up its military offensive against Kurdish militias in Afrin in northern Syria by the end of May, while also alluding to a new operation in northern Iraq.
Renegotiating Iran. Pyongyang is no doubt questioning U.S. trustworthiness in negotiations as it watches the White House’s handling of the Iran nuclear deal.
Venezuela’s Loyal Opposition. Henri Falcon, a former member of the ruling United Socialist Party of Venezuela, is likely going to run against President Nicolas Maduro in the May 20 presidential vote.
Here is a list of the U.S. economic events happenning this week.
Last Weeks Numbers
Review Last weeks numbers here.