ASX sees gains following tech surge on Wall Street

This week in the markets is set to be an eventful one, with a number of key economic indicators and events on the horizon.

The highlight of the week will be the Federal Reserve’s May rates meeting, with Chair Jerome Powell expected to address the media in the early hours of Thursday morning (AEST). While it is unlikely that the Fed will make any changes to the current target range of 5.25-5.5 per cent, Powell may provide insights on inflation and monetary policy that could impact market sentiment.

In the US, all eyes will be on the jobs data set to be released on Friday. Strong payroll numbers, low unemployment rates, and a slight increase in wages are expected, which could provide further clarity on the state of the economy.

Meanwhile, in Australia, March retail sales data is due on Tuesday, with expectations of a slight decrease following a surge in February fueled by the Taylor Swift effect. The CoreLogic home price series will also be released on Wednesday, with predictions of a 0.6 percent rise in home prices across the eight capital cities.

On Thursday, the trade balance and building approvals data will be released, with the trade surplus expected to increase thanks to a decrease in imports. Building approvals, however, are expected to remain at 10-year lows, reflecting the ongoing challenges in the construction sector.

Overall, it promises to be a week filled with market-moving events and data releases that will provide valuable insights into the state of the global economy. Stay tuned for updates and analysis as the week unfolds.