Next Week's Macro Outlook: The U.S. Federal Reserve will announce its interest rate decision on Thursday, followed by a press conference by Fed Governor Waller.

The past week saw two shifts in market focus. Early in the week, U.S. chip and AI-related stocks rebounded from a sharp sell-off, with funds rotating into healthcare and financial sectors. After Meta unveiled a massive capital expenditure plan on Wednesday, concerns over AI valuations and returns reignited. On Thursday, the sell-off spread across the entire tech sector, with safe-haven flows pouring into U.S. Treasuries and the Japanese yen. On the same day, Houthi attacks on Saudi energy facilities pushed Brent crude to a five-month high. Below are the key market focus points for the coming week (all times Beijing Time): - Thursday 02:00: Federal Reserve FOMC announces interest rate decision - Thursday 02:30: Fed Chair Waller holds monetary policy press conference - Thursday 20:30: U.S. Q3 real GDP annualized quarterly rate preliminary, U.S. September core PCE price index YoY, U.S. September PCE price index YoY, U.S. initial jobless claims for the week ended Oct 24, U.S. September personal spending MoM rate - Thursday 21:15: European Central Bank (ECB) announces interest rate decision - Thursday 21:45: ECB President Lagarde holds press conference - Friday: Bank of Japan (BOJ) announces interest rate decision - Friday 14:30: BOJ Governor Ueda holds press conference U.S. stocks will enter the busiest week of the current earnings season, with around one-third of S&P 500 components reporting results. Microsoft and Alphabet will kick off the earnings releases after U.S. market close next Wednesday, followed by Amazon after Thursday’s close.