Markets Week Ahead: Gold, oil surge as conflict fears intensify
Rene Anthony
Geopolitics and conflict in the Middle East remain at the forefront for market participants, particularly as the US earnings season enters a pivotal phase.
Economic Calendar and News:
This week’s spotlight is on the release of local jobs data. With the anticipation of 15,000 jobs being added in September, the unemployment rate is projected to remain at 3.7%.
Attention is also on the forthcoming minutes from the Reserve Board of Australia. Speculation is rife on whether the board might lean towards recommencing its rate hike campaign.
Over in the US, Tuesday will bring with it the Census Bureau’s data on US retail sales. With six months of consecutive rising sales in the forecast, it’s a metric many will be watching closely.
Fresh updates from the US housing market are also on the horizon, which include sentiment metrics and data points that act as indicators of new home construction.
Stocks on Watch:
Global dynamics have seen a surge in gold prices to US$1,933 per ounce due to escalating Middle Eastern tensions. This has cast a favorable light on stocks such as Northern Star Resources (ASX: NST), Evolution Mining (ASX: EVN), and others in the sector.
With the Iran-Israel-Hamas conflict equation causing ripples, crude oil futures rose by 6%, making stocks like Woodside Energy (ASX: WDS) and Beach Energy (ASX: BPT) key points of focus.
Major global companies like Tesla (NASDAQ: TSLA), Netflix (NASDAQ: NFLX), and Goldman Sachs (NYSE: GS) are set to release their reports, which the US market will be keenly observing.
Back home, Origin Energy (ASX: ORG) preps for its annual general meeting this Thursday. The impending Brookfield and EIG Partners takeover, recently greenlit by the ACCC, is expected to be a hot topic of discussion.
Lastly, the commodities sector will see giants like BHP (ASX: BHP) and Whitehaven Coal (ASX: WHC) releasing their quarterly updates.
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