Last week, the number of new private sector jobs added in September in the United States rebounded beyond expectations, and the highly anticipated non farm payroll data for September also far exceeded market expectations. These two data eased investors' concerns about the rapid cooling of the US labor market, and the expectation of a 50 basis point sharp interest rate cut by the Federal Reserve next month cooled down. The three major stock indexes in the United States collectively rose slightly last week, with the Dow Jones Industrial Average up 0.09%, the S&P 500 index up 0.22%, and the Nasdaq up 0.10%. The US stock market achieved its fourth consecutive week of gains. Last week, Chinese concept stocks continued to strengthen and significantly outperformed the market. The Nasdaq China Golden Dragon Index rose nearly 12% throughout the week and continued to rise for four weeks, returning to its highest level since February last year.
Last week, US oil futures prices surged by over 9%
International gold price drops slightly by 0.01%
After Iran launched a missile attack on Israel last week, the escalation of tensions in the Middle East has pushed up crude oil prices, with international oil prices rising for four consecutive days. The cumulative weekly increase in US oil futures prices was 9.09%, the largest weekly increase since March 2023, while the cumulative increase in Brent oil futures prices was 8.43%. The market's expectation of a significant interest rate cut by the Federal Reserve has cooled down, and international gold prices fell slightly by 0.01% last week.
The September Consumer Price Index for the United States was released this week
The market expects inflation to continue cooling down
This week, investors are focusing on the minutes of the Federal Reserve's monetary policy meeting to be released on Thursday and the US Consumer Price Index (CPI) for September. The market expects the US CPI to increase by 2.3% year-on-year in September, marking the sixth consecutive month of slowdown. The inflation data for September in the United States will become an important factor affecting the Federal Reserve's monetary policy. According to the "Federal Reserve Watch" tool of Zhishang Institute, the market currently expects a probability of over 97% for the Fed to cut interest rates by 25 basis points in November. In addition, the US September Producer Price Index (PPI) released on Friday is also worth investors' attention.
The US stock market enters the third quarter earnings season
Multiple financial giants will release performance reports
This week, the third quarter financial reports of US listed companies will be released one after another, and financial giants such as JPMorgan Chase, Wells Fargo, and BlackRock will announce their latest performance. On Friday, JPMorgan Chase will be the first to release its third quarter financial report. Last quarter's financial report showed that JPMorgan Chase achieved the highest quarterly profit in the history of the US banking industry in the second quarter.
The tense situation in the Middle East shows no signs of easing
International oil prices may continue to soar
Analysis suggests that there is no sign of easing tensions in the Middle East this week, as Israel's attacks on Iran's oil facilities or Iran's retaliatory actions on important energy routes could lead to a surge in international oil prices.