Several important events took place last week. Nvidia beat already elevated expectations by a wide margin for the second time in a row. The Federal Reserve reiterated in no uncertain terms its intention to keep interest rates ‘higher for longer’. And the BRICS group added six new countries and now represents almost a third of global GDP.
Despite all this, the markets didn’t move that much. We expect markets to remain somewhat lacklustre for some time, with increased focus on upcoming growth and employment data.