Look Ahead 11/10/23: FOMC minutes; US Producer Price Index; API crude oil inventories; PageGroup
With one eye on Middle East tensions, investors keep a look-out for inflation data and the Fed’s September meeting minutes. API data comes at an interesting juncture for the outlook of crude oil.
(Video Transcript)
FOMC minutes, PPI inflation data are key for investors
Hello, I'm Angeline Ong, and this is your special Look Ahead to 11 October 2023. And there are not very many data points, but the ones that we are looking out for are key to volatility and how the day is going to pan out.
We've got producer price index (PPI) numbers from the US and also the closely-eyed Federal Open Market Committee (FOMC) minutes and API crude oil inventories, too. Just taking a look at this chart here, because ahead of the FOMC minutes and also the inflation reading, which is going to be key, given all that's happening in the Middle East as well at the moment because it affects oil.
An important week for currency
This is going to be a big week for currency. So showing you the euro versus the dollar there. What's really, really interesting is that, if you look at the US dollar market here on the platform, we're seeing a normalisation as well since the weekend tensions in the Middle East.
And if you want to read further about why the dollar seems to have weakened, allowing the euro versus the US dollar and the pound versus the US dollar to rally further, do check in Nick Cawley's article on the Daily FX website. He thinks that the multi-week bullish trend is being tested despite the ongoing crisis in the Middle East, which we are watching very closely for you.
PageGroup releases Q3 2023 trading update
And elsewhere, we also have some corporate news in the form of a trading statement from PageGroup. Just looking at the chart here for you, because I can show you that around this point where you see the shares track higher, that was kind of around where the recruiting firm said it was targeting £1.5 billion.
That's $1.8 billion in shareholder returns and also operating profits of £400 million by 2030. This, it says, is due to cost-cutting initiatives, already being rolled out, and it will incur a one-off cost in 2023 of around £15 million. But ahead of all of that, I can tell you that PageGroup in the last few hours has had UBS cut its target price to 450 pence from 650 pence.
And that's it for now. For more market-moving news, do check in at IG.com and @AngelineOng on Twitter. Until then, we've got our Beat the Street, which is our free US Open show every day at 5.30pm. My colleague Jeremy Naylor will take you through the European trading day at 7.30am every week day. This is IGTV.
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