Markets and U.S. Policy: Trade deals, the Fed and more

Stocks have been boosted by a variety of factors, including the Iran-Israel ceasefire and progress on a U.S.-China trade deal, says Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas. And he says the likely passage of the Republican spending bill could also be supportive: "It is a ‘zoom out’ version of fiscal spending from the government that should be really positive for risk-on.”

U.S. labour-market data are likely to take precedence in the week ahead, Deepak says. He also notes that the second-quarter earnings season, which kicks off the following week, is likely to show some softness compared with the start of the year. “The focus is going to be on big tech, as it always is when it comes to U.S. earnings”, Deepak says, though he also notes that markets will be looking for guidance in the reports about how companies have been coping with the disruptive impacts of tariffs.

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