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🔥 The week that ended was very hot on economic events. In recent days we have learned about:
✅ Oil rises to 3-week highs as OPEC+ agrees to deep cuts
✅ Elon Musk revives the deal to buy Twitter at the original price
✅ AUD/USD remains vulnerable around 0.6400 as hawkish Fed bets soar
And others!
But so far let’s take a look at the economic news digest of the week ⚡ After all, these events can change the vector of financial markets in the near future 🚀
Markets revive but can they survive the NFP and CPI figures?
The week has illustrated a strong “risk on” market so far with most assets in the medium and high-risk category seeing an increase. This includes stocks, oil, and cryptocurrencies. However, most economists are voicing concerns about false hopes. According to economists, for the “risk on” sentiment to continue, it would require inflation to show a strong decline next week.
Specifically, Crude oil saw the strongest spike, increasing by over 3.60% throughout Tuesday. This is mainly in response to OPEC’s meeting taking place today and the predicted cut in oil production.
At the same time, the US Dollar Index has slightly risen during this morning’s Asian session but remains relatively low compared to last week’s price range.
But what’s next?
Oil rises to 3-week highs as OPEC+ agrees to deep cuts
The Organization of Petroleum Exporting Countries and its allies (OPEC+) have agreed on the recommendation to collectively trim the output limit by 2 million barrels per day to support crude oil prices. Notably, the 2 million barrel cut will still be the largest cut by OPEC+ since 2020.
Following the news, Brent crude futures traded in London rose 2% to $87.23 a barrel, while WTI futures jumped 2.5% to $81.45 a barrel.
Nevertheless, such a significant reduction in oil production may continue to stimulate the growth of the price of "black gold.”
AUD/USD remains vulnerable around 0.6400 as hawkish Fed bets soar
The AUD/USD pair has sensed selling pressure around 0.6432 and is expected to conclude its pullback move. The asset is likely to return to the round-level support of 0.6400 as odds for a 75 basis point (bps) rate hike by the Federal Reserve (Fed) dramatically.
Meanwhile, the risk-off sentiment is getting its traction back as S&P500 has surrendered its rebound move.
Elon Musk revives the deal to buy Twitter at the original price
Elon Musk revived a bid to buy Twitter Inc. at the original price of $54.20 a share, backtracking on his effort to quit the deal and potentially avoiding a contentious courtroom fight.
Musk made the proposal in a letter to Twitter, according to a filing with the Securities and Exchange Commission. San Francisco-based Twitter said it received the letter and intends to close the deal at the agreed-upon price, without commenting specifically on how it will respond to Musk.
Twitter shares closed 22% higher at $52 in New York on Tuesday, 4 Oct.
What’s up next week?
Have a great weekend and see you next week!
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
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