Support
Asian markets steady, commodities mixed
U.S. economic releases, including ISM Manufacturing and JOLTs Job Openings reports, will provide key insights into the country's economic outlook.
European markets are focused on manufacturing PMIs and Eurozone inflation data
Gold has rebounded due to geopolitical tensions
Oil prices remain stable at $68 per barrel
Economic Calendar
Markets today are closely watching a series of major economic releases, with focus split between Europe and the United States.
European markets are seeing the release of manufacturing PMIs, while the Eurozone's inflation data is set to play a critical role in determining the next steps of the European Central Bank. Across the Atlantic, the U.S. will reveal ISM Manufacturing and JOLTs Job Openings reports, which are expected to provide valuable insights into the broader economic health of the country. Additionally, central bank speeches could shed light on evolving economic strategies.
Asian Market
In Asia, markets continue to perform positively. Chinese markets, however, are closed for Golden Week until October 7. Japan's business sentiment remains stable, with the large manufacturers’ index holding at +13, while non-manufacturers saw a minor rise to +34. Japan's Manufacturing PMI remained in contraction at 49.7, reflecting sluggish output and new orders.
In contrast, Australia's retail sector has shown resilience, with August retail sales climbing 0.7%, beating forecasts. The Australian dollar responded by gaining 0.25%, trading at $0.6930.
Commodities
Gold: After a brief correction, gold has regained momentum, driven by heightened geopolitical risks in the Middle East and expectations of further U.S. interest rate cuts. Gold prices remain supported by hopes that China's economic stimulus will boost demand for physical gold. However, hawkish remarks by Fed Chair Jerome Powell have tempered expectations for aggressive rate cuts, giving the U.S. dollar a modest lift.
Oil: Crude oil prices have stabilized, with West Texas Intermediate (WTI) trading around $68 per barrel. Oil remains under pressure as markets anticipate a rise in supply and sluggish global demand, despite concerns about potential disruptions related to ongoing conflicts in the Middle East.
