Despite a positive showing for the ASX late last week, weekend futures suggest the local market may drop when trading resumes this morning. A growing chorus of warnings about the economic outlook from business figureheads in the US is weighing on sentiment, but inflation data and the RBA meet will be the week key barometer.

Economic calendar and news

Keep an eye on the latest Reserve Bank of Australia meeting, which is scheduled for tomorrow. Australia central bank is all but certain to lift interest rates for the second month running. 

Although a number of economists have kept the door open to a hike of 40 to 50 basis points, Governor Philip Lowe has previously voiced support for more conventional 25 basis point increases.

With the Fair Work Commission also set to announce its minimum wage decision later this month, and the government backing a 5.1% increase for certain workers, that may prompt the RBA to wait before enacting more aggressive monetary policy tightening. Although such a wage increase would be targeted at lower-income workers, wages defined in many award and enterprise bargaining agreements are tied to said decisions, let alone public service negotiations. 

All eyes will be trained on the latest inflation data out of the US, which is due Friday US-time. There could be some respite from selling pressure if inflation data shows signs the growth in prices across the US economy has peaked, or is nearing such a point. 

On the other hand, a higher inflation reading could unsettle the market, and with energy prices taking off last month, the market could have a dilemma on its hands.

The European Central Bank is also set to convene this week. Many economists have been urging the central bank to take action as inflation readings reset records. Some pundits are tipping a 50 basis point hike when members meet on Thursday, European-time.

Stocks on watch

As an energy crisis engulfs the nation, the sector will continue to attract a barrage of coverage as various players take on developing roles in addressing supply constraints. After Origin Energy (ASX: ORG) last week took an axe to its earnings guidance, and AGL (ASX: AGL) demerger plans were thrown into disarray, energy producers and exporters are now in the limelight.Over the weekend, Santos (ASX: STO) and Beach Energy (ASX: BPT) announced plans to bring another drilling rig online in the Cooper Basin. The duo will drill the wells as they seek to introduce new gas supply to the domestic market in just a few weeks time. The move comes at a time where observers have been speculating about the risk of LNG export restrictions and price controls, and the government weighing an overhaul of the nation gas trigger'. At the same time, oil prices once again gained ground heading into the weekend, topping US$120 per barrel on crude supply concerns. That backdrop is providing a windfall for the likes of Woodside Petroleum (ASX: WPL), BP (NYSE: BP), Exxon (NYSE: XOM), Chevron (NYSE: CVX), Occidental Petroleum (NYSE: OXY), and Devon Energy (NYSE: DVN).Meanwhile, coal stocks could gain a footing this week, at least in terms of trading volumes, after Resources Minister Madeleine King effectively endorsed coal to help address the market current energy shortcomings. The coal industry is being encouraged to address outages and shutdowns, and ramp up output in order to help put some downward pressure on energy prices. With coal futures hitting records last week, names like Whitehaven Coal (ASX: WHC) and New Hope (ASX: NHC) have been storming higher, hitting multi-year highs.   Overseas, Tesla (NASDAQ: TSLA) shares ended last week on a sour note, sinking 9.2%. Elon Musk has gone on record with his warning about the state of the US economy, while Reuters broke the news that the electric vehicle manufacturer is cutting as much as 10% of its workforce in response to the deteriorating state of the economic outlook. Tesla shares enter the new trading week down around 42% from last year all-time high.What Musk views of the economy mean for the outlook of his Twitter (NYSE: TWTR) acquisition remains to be seen. Shares in the social media platform are now trading more than 25% below Musk takeover bid, suggesting the market has some doubts as to whether the transaction proceeds. 

Rounding things out, there are four IPOs scheduled for the ASX this week, including:

• Uvre (ASX: UVA) - uranium explorer, scheduled listing Tuesday, June 7

• Kingsland Minerals (ASX: KNG) - copper, uranium and gold explorer, scheduled listing Wednesday, June 8

• Southern Palladium (ASX: SPD) - platinum group minerals explorer, scheduled listing Wednesday, June 8

• Cavalier Resources (ASX: CVR) - gold and nickel explorer, scheduled listing Friday, June 10