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Weekly Market Preview
Friday, 25th of October 2024
Markets are closely monitoring a series of key economic reports this week, beginning with preliminary data on the US GDP for the third quarter. Bloomberg anticipates that US growth will stabilize at 3%, matching the second quarter’s figures. Additionally, markets are awaiting the preliminary inflation data for Europe in October, with forecasts showing a rise from 1.7% in September to 1.9%, driven by higher energy costs. However, the focus remains on core inflation (excluding energy and food), which stood at 2.7% in September and remains above the 2% target. A decrease in core inflation could prompt investors to maintain their expectations of three consecutive rate cuts of 25 basis points each between this year and next.
This week, the Bank of Japan will announce its interest rate decision, with expectations for rates to remain unchanged. Investors will look for further insights into future monetary policy from the Bank of Japan’s press conference, particularly regarding the timing of a potential rate increase. By the end of the week, the US jobs report for October will be released, with an anticipated increase of approximately 135,000 jobs and stable unemployment at 4.1%. If these figures exceed expectations, it could bolster Federal Reserve confidence in the US economy, reducing urgency to cut rates. This may support the US dollar while potentially weighing on major US stock indices.
Monday, 28th of October
Tuesday, 29th of October
Wednesday, 30th of October
Thursday, 31th of October
Friday, 1st of November
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