The S&P 500 in the US fell 1.4% last week, after five consecutive weekly gains that saw the index rise to its highest level since April 2022 at the end of the previous week. Most other global sharemarkets were softer as well, including the local market. After a strong rally, markets lost a bit of steam as the reality of higher interest rates and slower economic activity sets in. More aggressive moves from central banks in the likes of Australia and England have been a reminder that rates could still rise further in some regions, and they might not fall as quickly as some had hoped. The key releases in the week ahead will include fresh inflation readings in the US and Europe, as well as activity indicators from China as investors consider how further stimulus might develop as economic activity continues to languish. The European Central Bank is holding a central banking forum in Portugal, which will feature a panel of key central bank representatives. The Federal Reserve will also release the results of its annual bank stress tests, which will be very interesting given the failure of several US regional banks earlier in the year. Closer to home, it'll be a relatively quiet week here in New Zealand, with the key release likely to be the ANZ Business Outlook for June.