US sharemarkets fell more than 5 per cent for a second consecutive week as central banks responded even more aggressively to spiralling inflation.

Meanwhile, $200 billion was wiped off the market capitalisation of the ASX200 last week as fears of a recession grew, leading to falls in commodity prices and the big banks’ share prices.

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

1. Fed Chair Powell’s Congressional testimony

The Fed Chairman Jerome Powell will sound hawkish and reiterate the Fed’s commitment to aggressively hike interest rates until inflation pressures subside.

2. RBA meeting minutes and RBA governor speech on Tuesday

The RBA meeting minutes and a speech by RBA Governor Phillip Lowe will sound hawkish and reiterate Governor Lowe’s message from last week that it is “reasonable” to expect the cash rate to reach 2.5 per cent and that he expects inflation to reach 7 per cent by year end.

3. UK inflation to climb again

The annual inflation rate in the UK jumped to 9 per cent in April, the highest level since 1982.

Inflation is expected to increase again in April on its way to a little above 11 per cent by October.

4. Bitcoin to $10,000?

Bitcoin fell 30 per cent last week to below $20,000 following rumours regarding the liquidity of Celsius, a major crypto borrow/lend platform.

In addition to this, there were unconfirmed reports that the $10 billion Three Arrows Crypto crypto fund missed a margin call and is insolvent.

Can Bitcoin rebound, or is it heading towards $10,000?

5. Will the oil price collapse continue?

The price of crude oil tumbled more than 10 per cent last week, closing near $108.00 per barrel as the dollar rallied and global recession fears grew.

Should the price of crude oil ease again this week it would likely bring motorists some welcome relief at the bowser.

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