Global Weekly Economic Preview: Markets brace for Fed minutes, OPEC and key data in market focus
This week brings a busy mix of geopolitical, monetary-policy and economic catalysts, with developments around the US-Iran conflict and the reopening of the Strait of Hormuz remaining a key driver for global markets. Rising government bond yields will add another layer of uncertainty, while investors will also assess the FOMC minutes, US services activity and consumer sentiment for clues on the Federal Reserve?s next steps. The OPEC meeting, India?s monetary policy decision and Brazil?s presidential election will also be closely watched, alongside inflation, trade and employment data across major economies.
US:Attention in the US will centre on the FOMC minutes and speeches from Federal Reserve officials as markets look for confirmation of the central bank?s policy direction. The ISM Services PMI and preliminary University of Michigan consumer sentiment will provide fresh signals on activity and household confidence, while August trade data are expected to show a wider deficit. Final S&P Global Services PMI, consumer credit and wholesale inventories are also due. Corporate earnings from PepsiCo and Delta Air Lines will add to the week?s agenda, while Brazil?s presidential election and September inflation data will remain important for wider market sentiment. Canada and Mexico will also release key employment, trade, inflation and confidence figures.
Europe: The European calendar will be led by the ECB?s account of its latest policy meeting, following September?s rate increase. Germany will provide a broad set of indicators, including factory orders, industrial production and trade figures, while Eurozone PPI and retail sales will offer further clues on inflation and demand. Investors will also track industrial output in France, Italy and Turkey, alongside services PMI readings from Spain and Italy. Turkey?s inflation data, Poland?s rate decision and UK housing and construction indicators will round out the regional calendar.
Asia Pacific: Japan will feature prominently with releases covering wages, household spending, consumer confidence, current account and machine tool orders. China?s markets will remain shut for the Golden Week holiday through October 7. In India, the RBI?s monetary policy decision will be a major regional event, with markets watching its response to renewed inflation pressures. Australia will release consumer confidence and inflation expectations, while Taiwan, Thailand and the Philippines will publish inflation data. Trade figures from Taiwan, unemployment data from the Philippines and Malaysia, and PMI readings from Singapore and Hong Kong will provide additional signals on regional economic momentum.
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