Weekly Macro Outlook: SpaceX IPO Imminent, Potential Acceleration of US CPI to Trigger Market Turbulence
BlockBeats News, June 7th. Following the release of much stronger-than-expected non-farm payroll data on June 5th, market expectations for a Fed rate hike within the year have significantly increased. Spot gold prices have fallen for the fourth consecutive week, with Deutsche Bank lowering its gold price target to $4800 per ounce. The US Dollar Index has surged to just above the 100 level. Non-US currencies have generally maintained narrow fluctuations against the dollar, with the Japanese Yen under pressure. The USD/JPY pair has repeatedly touched near 160, leading the market to once again focus on whether the Japanese authorities will intervene.
The upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) reports for June, scheduled to be released next Wednesday and Thursday respectively, are highly anticipated by the market. Forecasts indicate that both the US nominal and core CPI year-on-year growth rates will further accelerate, reaching an estimated 4.2% (the highest level since June 2023) and 3% respectively. This outcome is expected to trigger significant shockwaves in the global financial markets.
Meanwhile, SpaceX is set to debut on the NASDAQ on June 12th under the ticker symbol 'SPCX.' The company's IPO price is set at $135 per share, aiming to raise $75 billion. SpaceX's IPO has attracted around $150 billion in investor subscriptions, double the fundraising target, setting a new global IPO record. An overview of key macro events and data for the week is as follows:
Monday
US May New York Fed 1-Year Inflation Expectations
US ADP Employment Change for the week ending May 23rd
Tuesday
US April Wholesale Sales MoM
US API Crude Oil Stock Change for the week ending June 5th
China May CPI YoY
Wednesday
US May Unadjusted CPI, US May Seasonally Adjusted Core CPI MoM
Bank of Canada Interest Rate Decision as of June 10th
US EIA Crude Oil Stock Change, Cushing Crude Oil Stock, US EIA Strategic Petroleum Reserve for the week ending June 5th
Oracle to announce Q4 FY2026 earnings after hours
Thursday
Eurozone ECB Deposit Facility Rate, Main Refinancing Rate as of June 11th
US Initial Jobless Claims for the week ending June 6th
US May PPI
US EIA Natural Gas Stock Change for the week ending June 5th
Adobe to release Q2 FY2026 earnings report after hours
Friday
SpaceX IPO
U.S. June Core CPI Initial Value
U.S. June University of Michigan Consumer Sentiment Index Preliminary Value
