Wall Street wrapped up the first three months of the year in fine form with the S&P 500 clocking its biggest first quarter rise since 1998.

Here’s what to watch in the coming days as the June quarter gets under way.

Turkey elections

Ahead of crucial local elections on Sunday, Turkish markets were in turmoil while its currency, the lira, weakened as president Recep Tayyip Erdogan and his party, Justice and Development Party (AKP), remain eager to retain control over some of the country’s biggest cities.

“Polling suggests the People’s Alliance may lose some key areas like Ankara and, less probably, Istanbul to the Nation Alliance,” note strategists at TD Securities. “A poor showing may result in more unorthodox, pro-growth policies that maintain uncertainties over Turkey.” The AKP formed an alliance with the Nationalist Movement party (MHP) in 2018, which has been dubbed the People’s Alliance.

US-China trade

The US and China wrapped up a lightning round of trade talks in Beijing on Friday and next week, Liu He, Beijing’s top trade negotiator will travel to Washington for more trade discussions.

Donald Trump suspended tariff increases on Chinese imports that had been scheduled to take effect on March 1, in the hopes he and Chinese president Xi Jinping could nail down a final agreement by the end of the month. However, the time table for a deal has been fuzzy as Larry Kudlow, Mr Trump’s top economic adviser, said “If it takes a few more weeks, or if it takes months, so be it . . . We have to get a great deal . . . that works for the United States. That’s our principal interest.”

Brexit

UK prime minister Theresa May suffered a defeat in a third attempt to pass her Brexit deal through the House of Commons on March 29, originally scheduled as Brexit day.

Had Members of Parliament approved her treaty the UK would have left the EU on the revised date of May 22, but the UK now risks leaving on April 12, without a deal.

MP’s are now set to hold another series of so-called indicative votes on alternative plans to Mrs May’s Brexit deal on Monday.

US jobs

Hiring in the US is widely expected to have rebounded in March after nearly grinding to a halt the previous month. Non-farm payrolls are estimated to increase by 170,000, while the unemployment rate is expected to remain unchanged at 3.8 per cent. Average hourly earnings are also expected to remain at a cyclical high of 3.4 per cent year-on-year.

The US jobs report comes after the Federal Reserve moved in March to ditch rate rises this year and investors are likely to play close attention to wage figures in Friday’s report.