Top 5 things to watch in markets in the week ahead
Investing.com — With an eleventh-hour deal reached to avert a U.S. government shutdown investors will be focusing on U.S. jobs data and speeches by Federal Reserve head Jerome Powell and European Central Bank President Christine Lagarde in the week ahead. Central banks meeting in Australia and New Zealand will also be in focus and markets continue to digest the ‘higher for longer’ interest rates mantra. Here’s what you need to know to start your week.
The U.S. is to release what will be a closely watched employment report for September on Friday with economists expecting the economy to have added 163,000 jobs last month, slowing slightly from 187,000 in August.
A stronger-than-expected reading could underline the Fed’s ‘higher for longer’ stance, weighing on markets.
Ahead of Friday’s report the JOLTS jobs report for August is due out on Tuesday, followed a day later by an update on private sector hiring from the ADP National Employment report, which is expected to point to moderating jobs growth.
Meanwhile, the Institute for Supply Management is to release its September manufacturing PMI on Monday which is expected to remain in contraction territory for an eleventh straight month. The ISM services PMI, due Wednesday, is expected to indicate slightly slower growth.
Jay Powell, along with Philadelphia Fed President Patrick Harker is to take part in a roundtable discussion with workers, small business owners, and community leaders on Monday.
Data on Friday indicated progress on inflation, with annual underlying inflation falling below 4% for the first time in over two years, but rising oil prices, which are driving the cost of gasoline at the pump, suggest the road to the Fed's 2% inflation target will be long.
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