US stockmarkets rebounded last week, supported by solid economic data, lower oil prices and hope that the pace of the Fed’s rate hikes will slow after the next Federal Open Market Committee (FOMC) meeting.

After trading to a seven-week low early last week, the ASX200 spring-boarded into the weekend to close 1 per cent higher, supported by the rebound on Wall Street, a solid June quarter GDP print and a dovish tilt from the Reserve Bank.

Here are the top five things to watch in markets this week:

1. Aussie  jobs report for August

The market is looking for a 50,000 rise in employment and the unemployment rate to hold at a record low of 3.4 per cent, despite an increase in the participation rate to 66.7 per cent.

2. Australian consumer confidence to rebound

Last month, the Westpac-Melbourne Institute of Consumer Sentiment fell for the ninth month in a row as surging prices and higher interest rates weighed.

A fourth 50-basis points rate hike from the RBA last week will likely keep the index at depressed levels.

3. Kiwi economy set to recover

Following a 0.2 per cent contraction in Q1 as Omicron ripped through the country, the reopening of international borders allowing the return of overseas tourists and students is expected to bring a 1.6 per cent rise in GDP in Q2.

4. US Consumer Price Index

The rapid fall in oil prices is expected to cause headline inflation in August to fall by 0.1 per cent month on month, and the annual rate to slow to 8.1 per cent (from 8.5 per cent).

Core CPI, which excludes volatile food and energy prices, is expected to increase by 0.2 per cent month on month, taking the annual rate higher to 6.1 per cent from 5.9 per cent last month.

5. Fed speakers offline until September FOMC

After a barrage of unrelenting hawkish Fed speak during the past two weeks, the Fed has entered a blackout period ahead of the September FOMC meeting, removing a potential headwind for equities over the next fortnight.

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