A roundup of key economic events happening this week
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This week is packed with major economic events that will undoubtedly influence global markets. Oil, retail, housing, and manufacturing data are all on deck, with many companies reporting earnings and 11 Federal Reserve officials giving speeches. It’s a busy week for those tracking the pulse of the economy. Here’s a breakdown of what’s coming and why it matters, with an eye on the numbers and market implications. OPEC monthly report and Fed speaker event Kicking off the week is OPEC’s monthly report. Oil markets are always watching closely, and this one’s no different. Last month, OPEC noted a small increase in global oil demand, with prices sitting near $90 per barrel. Investors are curious about whether OPEC will revise production targets. If global economic conditions show weaker demand, we could see production cuts. That could push prices up further, especially given the geopolitical tensions affecting supply. OPEC’s report will also shed light on future oil price trends. For crypto investors, this matters more than you might think. Higher oil prices usually increase inflationary pressures, which in turn might drive more people to seek inflation hedges like Bitcoin. Though the market has gotten seriously unpredictable this year. Throughout the week, 11 Federal Reserve officials are speaking, including Chair Jerome Powell. Key points to listen for include any signals on how long rates will stay elevated and what officials think about inflation trends. Retail sales and Philly Fed manufacturing data Retail sales data for September will drop on Thursday. Last month, retail sales rose by 0.6%, suggesting that U.S. consumers still have money to spend despite inflation eating into their wallets. Economists are predicting a more modest 0.3% increase for September, driven mainly by back-to-school shopping and a bump in online sales. Retail sales are a major part of the U.S. GDP.…
Filed under: News - @ October 13, 2024 5:05 pm