Focus on the week: from geopolitics to macro data — what awaits the markets

Low Moody's US rating — futures fall

The week starts with sell-offs: S&P 500 futures demand 1.1%, Nasdaq 100 — 1.4%, Dow — 0.8%. Moody's downgraded the US credit rating from Aaa to Aa1, citing unmanageable growth of debt ($36.2 trillion) and deficit. Treasurer Bessent called the ratings a "lagging indicator". US Treasury yields revealed.

Trump promotes new tax law

The bill regulating tax breaks from 2017 passed the key committee. The package includes a reduction in taxes on tips, an increase in defense and communications spending. Conservatives give green light despite risks of increasing debt by $3-5 trillion.

Nvidia steps on the gas in AI: presentation in Taipei

Jensen Huang New AI servers, personal supercomputers, NVLink Fusion platform and software for robots are presented. Nvidia will provide an ecosystem for other chips - the next step in the development of AI infrastructure. Partners: Acer, Marvell, Qualcomm, Gigabyte and others.

Oil falls - China did not inspire

Brent -0.5% ($65.10), WTI -0.5% ($61.65). Strong industrial production in China did not compensate for the weakness of consumer demand. News from Moody's is also putting pressure - investors are cautious.

On the financial radar of the week:

— Trade talks and geopolitics will be the focus of market participants in the coming week.

— Monday morning's China data set sets the tone for risk appetite at the start of the week

— Today — UK Dynamics and Retail Sales report (impact on the pound)

— Thursday — UK and US Eurozone Preliminary PMIs for May

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