#KnowGreater Weekly Market Recap (August 26, 2024)
Stay Ahead with OnePlatform Asset Management's Weekly Financial Insights. Here are key market news and updates for the coming week:
Recent News Recap
???Powell Says 'Time Has Come' for Rate Cuts
Jerome Powell, Chair of the Federal Reserve, indicated in a speech at the Jackson Hole conference that the Fed is ready to begin cutting interest rates due to cooling inflation and a softening job market. He emphasized that the timing and pace of the cuts will depend on upcoming economic data.
???Bank of China President Resigns Amidst Leadership Changes
Liu Jin, the President of the Bank of China, announced his resignation for personal reasons effective August 25, 2024. The bank's chairman will serve as the acting president during this transition, which may impact the bank's strategic direction and market confidence.
???Potential for Increased Oil Prices
The escalation of military tensions in the Middle East, particularly involving Hezbollah and Israel, raises concerns about stability in the region, which could lead to fluctuations in global oil prices. Investors are closely monitoring the situation, as conflicts in this area historically impact oil supply and prices due to geopolitical risks.
?What to Watch This Week
?? Nvidia Earnings Report
Chipmaking giant Nvidia is set to release its earnings report on Wednesday, August 28, 2024. As a key player in the AI boom, Nvidia's performance and future guidance could significantly impact market sentiment, especially given its stock's 150% year-to-date surge.
??? U.S. Inflation Data
The Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, will be released on Friday, August 30. This data will be crucial in shaping expectations for potential interest rate cuts in the near future.
?? Eurozone Inflation Figures
The Eurozone will publish its August inflation data on Friday, August 30. This report will be pivotal in influencing the European Central Bank's upcoming interest rate decisions, particularly as traders have recently increased their expectations for rate cuts.
?? Australian Inflation Update
On Wednesday, August 28, Australia will release its July inflation numbers. There's anticipation that these figures might show headline inflation returning to the Reserve Bank of Australia's 2-3% target range for the first time in three years.
References
Powell Says ‘Time Has Come’ for Fed to Cut Interest Rates
Bank of China Appoints Ge Acting President After Liu Resigns
What to know about the barrage of rockets fired between Israel and Hezbollah
Iran Update, August 25, 2024
Top 5 things to watch in markets in the week ahead
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