STORY: Here’s what’s coming up in the world of business and finance in the week to May 20.
Investors will be glued to Elon Musk’s Twitter feed every day of the week,
after he shelved his $44-billion deal to buy the social platform, sending shares plunging.
Musk said the deal was “temporarily on hold” pending data on just how many accounts are fake.
The Fed is all but certain to hike interest rates in the coming week by 50 basis points,
Fresh data will show whether it adds up to a hard landing for the U.S. economy.
On Tuesday (May 17), retail sales and earning reports from the likes of Walmart are out,
followed by home sales figures on Friday (May 20).
They may point to how consumers are being pinched, and whether the housing market is cooling.
Crypto investors will be hoping for good news after a currency meltdown.
Bitcoin is headed for a record losing streak, as crypto assets are swept up by concern over rate hikes.
Whether stablecoins can maintain their dollar peg will be key.
And look out for fresh figures from Asia in the coming week.
Data on growth, sales, wages and more is due from the likes of China, Japan and Australia.
It should give some clues as to just how bad the spending squeeze is globally.