Inflation Fears and Earnings Cheers Shake the Markets (April 6- 10, 2026, Recap)

The week of April 6–10, 2026, featured a busy lineup of major economic releases and corporate earnings, offering fresh insight into the health of the global economy and financial markets. From US inflation and growth data to New Zealand’s rate decision and Canada’s labor market report, investors closely tracked signs of slowing momentum, persistent price pressures, and shifting policy expectations, while earnings and commodity moves added to overall market volatility.

Major Economic Indicators and Events in Review

Monday, April 6

17:00 – USA: ISM Services PMI (USD)

The ISM Services PMI showed the US services sector continued to grow in March, though at a slower pace. The headline index slipped to 54.0 from 56.1 in February, while business activity also cooled. Still, new orders strengthened to their highest level since February 2023, suggesting demand remains solid.

A key detail was the Supplier Deliveries Index rising to 56.2, which means deliveries slowed further, often a sign of stronger demand but also ongoing supply chain pressure. Price pressures also jumped sharply, with the Prices Index climbing to 70.7, driven by higher oil, fuel, and materials costs. Employment was the weak spot, falling into contraction at 45.2, showing companies were more cautious on hiring even as overall services activity stayed in expansion.

EUR/USD ticked 0.21% higher on the day.

Wednesday, April 8

05:00 am – New Zealand: Official Cash Rate (NZD)

The Committee decided to leave the OCR unchanged at 2.25%, noting that the recovery is still in its early stages and continues to need support from accommodative policy. Members said tightening too soon could slow growth and cause inflation to fall short of the target, though they also recognized the risk that keeping policy too loose for too long could allow inflation to stay elevated.

Overall, the Committee expects inflation to move back toward the midpoint of the target range over time, helped by spare capacity in the economy, modest wage growth, and contained core inflation. For now, the view is that monetary policy should remain supportive, with any gradual normalization likely to come only once the recovery is on firmer ground.

NZD/USD gained 1.69% on the day.

Thursday, April 9

15:30 – USA: Core PCE Price Index m/m (USD)

US personal income edged down 0.1% in February, while disposable personal income also fell 0.1%. Despite that, consumer spending remained firm, with personal consumption expenditures rising 0.5%, driven by gains in both goods and services spending. The decline in income was mainly due to lower dividend income and reduced government transfer receipts.

Inflation remained sticky, with both the headline and core PCE price indexes rising 0.4% on the month. On an annual basis, headline PCE inflation was 2.8%, while core PCE came in at 3.0%. The release was delayed by 13 days from its original March 27, 2026, schedule due to the US government shutdown.

EUR/USD moved 0.31% higher on the day.

15:30 – Final GDP q/q

US real GDP rose at an annualized 0.5% in Q4 2025, slowing sharply from 4.4% in Q3. Growth was driven by consumer spending and investment, though weaker government spending and exports limited the gain.

The estimate was revised slightly lower due to weaker investment. By industry, private services led growth, while government and goods-producing sectors declined. The release was delayed from its original March 27, 2026, release date due to the US government shutdown.

USD/JPY increased by 0.26% on the day.

Friday, April 10

15:30 – Canada: Employment Change (CAD)

Canada’s labor market was broadly steady in March, with employment up just 14,000 and the unemployment rate unchanged at 6.7%. Hiring was mixed across industries and provinces, while wage growth remained solid, with average hourly pay rising 4.7% from a year earlier, suggesting labor market conditions stayed soft but stable.

USD/CAD gained 0.19% on the day.

15:30 – USA: CPI m/m (USD)

US inflation accelerated sharply in March, with CPI rising 0.9% on the month and 3.3% from a year earlier. The jump was driven mainly by energy prices, especially gasoline, while shelter also continued to rise. Core CPI, which excludes food and energy, increased 0.2% on the month and 2.6% annually.

Food prices were flat overall, as lower grocery prices offset a modest rise in dining-out costs. The report suggests headline inflation picked up notably, largely because of energy, while underlying price pressures remained more contained.

EUR/USD rose 0.22% on the day.

Commodities

• Crude Oil
  Crude oil prices decreased by 14.66% over the past week
• Brent Oil
  Brent was up 13.71% compared to the previous week
• Gold
  The precious metal Gold (XAUUSD) concluded the week on Friday with a 1.56% weekly increase
• Silver
  XAGUSD increased by 4.02% from last week

Stock Market

1. S&P 500 increased by 3.99%
2. DJIA was up 3.37%
3. NASDAQ 100 increased by 5.04%

Top Gainers

1. U Power Limited (UCAR) 331.48%
2. Beasley Broadcast Group, Inc. (BBGI) 270.98%
3. Cue Biopharma, Inc. (CUE) 183.56%

Top Losers

1. One and one Green Technologies. Inc (YDDL) -66.36%
2. Rich Sparkle Holdings Limited (ANPA) -61.12%
3. Inno Holdings Inc. (INHD) -61.11%

Company Earnings (April 6 – 10)

Tuesday, April 7: LEVI (Levi Strauss & Co.)

Wednesday, April 8: DAL (Delta Air Lines, Inc.)

Wednesday, April 8: STZ (Constellation Brands, Inc.)

Levi Strauss posted a strong quarter, with revenue rising 14% to $1.74 billion and adjusted EPS coming in at 42 cents, beating expectations. The company also raised its full-year guidance, now forecasting adjusted EPS of $1.42 to $1.48 and sales growth of 5.5% to 6.5%, while direct-to-consumer sales topped half of total revenue for the first time.

LEVI shares jumped 20.37% over the past week.

Delta Air Lines reported a solid Q1 2026 earnings beat, with EPS of $0.64 topping expectations of $0.61 and revenue rising 9.4% year over year to $14.20 billion, also ahead of forecasts. The results point to continued business strength, with earnings projected to grow another 8.5% next year from $7.63 to $8.28 per share.

DAL shares gained 1.59% during the past week.

Constellation Brands reported mixed Q4 2026 results, with EPS of $1.90 beating expectations of $1.71, while revenue fell 11.3% year over year to $1.92 billion but still came in above forecasts. Despite the sales decline, earnings are expected to grow nearly 7% next year, from $13.50 to $14.44 per share.

STZ shares rose 9.89% over the past week.

Conclusion

In summary, the week’s data painted a mixed picture of the global economy, with growth holding up in some areas but clear signs of slowing momentum and persistent inflation pressures remaining in focus. Markets also reacted to central bank caution, stronger-than-expected earnings, and sharp moves across commodities and equities, reinforcing the view that uncertainty and volatility are likely to remain key themes in the near term.