Markets Week Ahead: Will petrol prices force an RBA rethink?
Rene Anthony
Key takeaways:
The US struck a last-minute deal to avert a government shutdown, but key economic data over the coming days will shape monetary policy decisions
Economic Calendar and News
Greetings Investors! Let’s delve into the notable economic events and stock updates this week.
The Reserve Bank of Australia is attracting considerable attention. Interest rates are anticipated to hold firm at the upcoming October meeting. However, the implications of rising oil and fuel prices on inflation are under close examination. It’s vital insight for anyone with an interest in economic trends.
Turning our gaze internationally, fresh insights on the US jobs market are due to emerge. This information is pivotal, influencing consumer spending and the Federal Reserve’s stance on interest rates. The initial data suggests a potential addition of 155,000 nonfarm payrolls in September and a possible decrease in the unemployment rate to 3.7%.
Moreover, the Job Openings and Labor Turnover Survey from the US is on the horizon, with projections indicating around 8.8 million job openings. Also, the Manufacturing Purchasing Managers’ Index for September, and its Services equivalent, are noteworthy.
Closer to home, the Reserve Bank of New Zealand is expected to maintain the prevailing rates, and speeches from the heads of the US Federal Reserve and European Central Bank are eagerly anticipated.
Stocks on Watch
Endeavour Group (ASX: EDV) remains a focal point due to the ongoing discord between the main shareholder and the Board regarding the current strategies.
Lithium stocks, such as Argosy Minerals (ASX:AGY), Lake Resources (ASX:LKE), and Allkem (ASX:AKE), are also under the spotlight with Argentina’s potential policy changes. Iron ore’s rally is creating a favourable environment for Rio Tinto (ASX: RIO), BHP (ASX: BHP), and Fortescue Metals (ASX: FMG).
Finally, we await several US earnings announcements this week, including those from McCormick (NYSE: MKC), Constellation Brands (NYSE: STZ), Conagra Brands (NYSE: CAG), Lamb Weston (NYSE: LW), and Levi Strauss (NYSE: LEVI).
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