Market Overview: October 15, 2024
Today’s market sees a variety of releases from the UK, Europe, and North America. Here’s a summary of key movements and economic data for today.
Key Data to Watch
- UK Employment Data: UK employment showed a strong increase of 373K. This was well above expectations. The Claimant Count Change increased by 27.9K. This uptick in claimants signals some softness in the labor market. Meanwhile, average earnings (excluding bonuses) remained unchanged at 4.9%.
- Eurozone Inflation (Sep): The Consumer Price Index for September is anticipated to hold steady at 1.5%. The Harmonized Index of Consumer Prices is expected to remain at 1.7%. These figures reflect ongoing inflationary pressures in the Eurozone.
- ZEW Surveys (Oct): Both the ZEW Current Situation and Economic Sentiment surveys are expected later today. These will offer insight into German and Eurozone business sentiment amid ongoing concerns about global economic growth.
- Canada’s Inflation (Sep): CPI data from Canada is expected to show a slight month-on-month decline of -0.2%, with the year-on-year figure likely to rise to 1.8%. These inflation readings are important for the Bank of Canada’s monetary policy outlook.
Energy Markets
- Crude Oil: Oil prices continue to slide, with Crude Oil down by 3.76%, trading at $71.05 per barrel. Brent is similarly down 3.71%, trading at $74.59 per barrel. This decline reflects market concerns about global demand.
- Natural Gas: Natural Gas is down 1.21%, trading at $2.46 per MMBtu, and has experienced a sharp 9.85% drop for the week.
Currency Movements
- EUR/USD: The euro is down by 0.17%, trading at 1.0890, reflecting weaker sentiment ahead of the ZEW survey results and industrial production figures.
- GBP/USD: The pound is down 0.14%, trading at 1.3048 as UK labor market data reveals mixed signals, with a strong employment increase but rising claimants.
- AUD/USD: The Australian dollar is down 0.21%, trading at 0.6710, with weakness attributed to ongoing concerns around commodity demand.
- NZD/USD: The New Zealand dollar is similarly down by 0.20%, trading at 0.6078, as it faces pressure from weaker commodity prices.
Commodities Overview
- Gold: Gold remains relatively stable at $2,644.80 per ounce, down slightly by 0.17%. The metal continues to serve as a hedge amid market uncertainties.
- Silver: Silver is down by 0.63%, trading at $31.03 per ounce. The metal has seen a modest weekly gain of 1.17%.
- Copper: Copper has dropped by 1.33% today, trading at $4.31 per pound, as global economic uncertainties weigh on the industrial metal.
Gold price by GoldBroker.com
Things to Watch Out For
- ZEW Surveys: Look out for the ZEW Current Situation and Economic Sentiment surveys for Germany and the Eurozone. These will provide valuable insights into business sentiment and economic outlook.
- Canada’s CPI Data: Inflation figures from Canada will be critical for assessing the Bank of Canada’s next moves on interest rates.
- U.S. Monthly Budget Statement: The U.S. budget statement for August will be released later today, offering insight into the country’s fiscal health.
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