Markets Navigate Inflation Pressure and Mixed Earnings Signals (April 20- 24, 2026, Recap)

Overview

Last week’s market focus was on inflation, consumer spending, business activity, commodities, and major corporate earnings. Key economic data showed mixed signals across major economies, with inflation pressures rising in several regions while retail sales and business activity varied by country. Currency markets reacted to these releases, while commodities saw sharp moves, led by a strong rebound in crude oil and a pullback in precious metals. In equities, major U.S. indices ended mixed, and earnings from companies such as Tesla, Intel, GE Aerospace, AT&T, American Express, and Blackstone gave investors fresh insight into corporate performance and outlooks.

Major Economic Indicators and Events in Review

Monday, April 20

15:30 – Canada: CPI m/m (CAD)

Inflation rose faster in March, with consumer prices up 2.4% from a year earlier, compared with 1.8% in February. The main reason was higher energy costs, especially gasoline, partly linked to the Middle East conflict.

However, when gasoline is excluded, inflation slowed to 2.2%, suggesting price increases were less widespread. On a monthly basis, prices rose 0.9% in March, or 0.5% after seasonal adjustment.

USD/CAD was down 0.32% on the day.

Tuesday, April 21

01:45 am – New Zealand: CPI q/q (NZD)

Consumer prices rose 0.9% in the March 2026 quarter. The increase was mainly driven by higher petrol prices, a sharp rise in pharmaceutical product prices, and more expensive confectionery, nuts, and snacks.

These increases were partly offset by lower travel-related costs. International airfares fell 7.0%, while overseas accommodation prepaid in New Zealand dropped 4.0%, helping to reduce the overall rise in inflation.

NZD/USD edged down 0.017% on the day.

15:30 – USA: Retail Sales m/m (USD)

US retail sales rose strongly in March 2026, increasing 1.7% from February to $752.1 billion. Sales were also 4.0% higher than a year earlier, showing that consumer spending remained solid.

For the first three months of 2026, total sales were up 3.7% compared with the same period last year. Online and other nonstore retailers saw especially strong growth, rising 10.1% from March 2025, while sales at restaurants and bars increased 2.4%.

EUR/USD fell 0.4% on the day.

Wednesday, April 22

09:00 am – UK: CPI y/y (GBP)

UK inflation rose in March 2026. CPIH, which includes owner occupiers’ housing costs, increased to 3.4% from 3.2% in February, while the main CPI rate rose to 3.3% from 3.0%.

Prices also increased on a monthly basis, with CPIH up 0.6% and CPI up 0.7% in March. Higher motor fuel prices were the biggest reason inflation rose, while lower clothing prices helped limit the increase. Core inflation eased slightly, suggesting some underlying price pressures cooled even though headline inflation moved higher.

GBP/USD edged down 0.014% on the day.

Thursday, April 23

10:30 am – Germany: Flash PMI (EUR)

Germany’s private sector slipped back into contraction in April, with the Composite PMI falling to 48.3 from 51.9 in March. The decline was mainly driven by a sharp drop in services activity, while manufacturing continued to grow but at a slower pace.

Businesses reported weaker demand, rising uncertainty from the Middle East war, and higher energy, fuel, transport, and materials costs. As a result, firms raised prices at the fastest pace in more than three years. Business confidence also weakened, and employment continued to fall slightly.

EUR/USD slipped 0.18% on the day.

11:30 am – UK: Flash PMI (GBP)

UK private sector activity picked up in April, with the Composite PMI rising to 52.0 from 50.3 in March. Growth improved in both services and manufacturing, helped partly by customers placing orders early because of worries about rising prices and supply shortages.

However, businesses faced much higher costs, especially for raw materials, fuel, transport, and wages. Firms raised their own prices at the fastest pace since February 2023, while business confidence weakened due to inflation concerns and uncertainty linked to the Middle East war. Employment also continued to fall, though at a slower pace.

GBP/USD declined 0.24% during the session.

Friday, April 24

09:00 am – UK: Retail Sales m/m (GBP)

UK retail sales volumes rose 1.6% in the first quarter of 2026 compared with the previous quarter, supported by stronger sales at non-food stores and online retailers. Cosmetics, toiletries, and art sales performed well, helped by new product launches.

In March, retail sales volumes increased 0.7% after falling in February. Fuel sales rose sharply as motorists stocked up while prices climbed. Excluding fuel, sales were up a smaller 0.2%, with clothing, computer, telecoms, and online retailers seeing gains.

GBP/USD gained 0.47% on the day.

Commodities

1. Crude Oil
   Crude oil prices rose by 12.95% over the past week
2. Brent Oil
   Brent was up 8.13% compared to the previous week
3. Gold
   The precious metal Gold (XAUUSD) concluded the week on Friday with a 2.52% weekly decrease
4. Silver
   XAGUSD decreased by 6.32% from last week

Stock Market

1. S&P 500 increased by 0.52%
2. DJIA was down 0.40%
3. NASDAQ 100 increased by 2.32%

Top Gainers

1. Akanda Corp. (AKAN) 245.48%
2. Enveric Biosciences, Inc. (ENVB) 176.92%
3. Trio-Tech International (TRT) 134.33%

Top Losers

1. Chanson International Holding (CHSN) -92.41%
2. HUB Cyber Security Ltd. (HUBC) -75.87%
3. zSpace, Inc. (ZSPC) -67.03%

Company Earnings (April 20 – 24)

Tuesday, April 21: GE (GE Aerospace)

Wednesday, April 22: TSLA (Tesla, Inc.)

Wednesday, April 22: T (AT&T Inc.)

Thursday, April 23: INTC (Intel Corporation)

Thursday, April 23: AXP (American Express Company)

Thursday, April 23: BX (Blackstone Inc.)

GE Aerospace reported a strong Q1, with revenue up 29% and EPS rising 25% to $1.86. Strong orders, aftermarket demand, and a large backlog supported the results, though Middle East disruptions and supply constraints could weigh on future service delivery.

GE shares fell 6.42% over the past week.

Tesla reported Q1 2026 revenue of $22.38 billion, broadly in line with expectations, while adjusted EPS came in at $0.41, slightly above the $0.37 expected. Gross margin improved strongly to 21.1%, helped partly by one-time automotive benefits related to warranty and tariffs.

However, the results were mixed. Vehicle deliveries missed expectations, inventory built up, and energy storage deployments fell sharply from the previous quarter. Overall, Tesla beat earnings expectations, but questions remain about the quality of the profit improvement and the strength of demand.

TSLA shares dropped 6.07% during the week.

AT&T reported solid quarterly results, led by strong fiber and fixed wireless growth, higher revenue, EBITDA, and EPS, plus strong free cash flow. Management also reaffirmed its outlook and capital return plans, though legacy business declines remain a near-term drag.

T shares fell 1.17% over the last week.

Intel reported a stronger-than-expected Q1, with revenue of $13.6 billion, EPS of $0.29, and a 41% non-GAAP gross margin. AI-related businesses were a key driver, now making up 60% of revenue and growing 40% year over year.

Product ramps are improving, supported by new Xeon and Core chips, but the foundry business remains a challenge, with limited external revenue and a large operating loss. Cash flow was also weak, and rising costs could pressure margins later in the year.

INTC stock climbed 20.50% last week.

American Express reported a strong Q1, with revenue up 11% and EPS rising 18% to $4.28. Growth was supported by premium card demand, strong international spending, and healthy credit trends, though travel disruptions and higher investment spending could limit near-term upside.

AXP shares fell 5.31% over the past week.

Blackstone reported a strong quarter, with distributable earnings up 25% to $1.8 billion and fee-related earnings rising 23%. Fundraising remained robust, lifting assets under management to a record above $1.3 trillion.

The firm is also expanding its AI-related data-center investments, though its private credit fund BCRED faced net outflows amid retail investor pressure.

BX shares moved 5.76% lower over the week.

Conclusion

Overall, the week highlighted a market still balancing solid consumer demand and resilient corporate earnings against rising inflation pressures and geopolitical uncertainty. Stronger oil prices added to concerns about future price growth, while mixed equity performance showed that investors remain selective. Looking ahead, markets are likely to stay focused on inflation trends, central bank signals, energy prices, and whether companies can maintain earnings momentum in a more uncertain environment.