Asian Markets Hesitant
Asian stock markets opened with limited movement this morning. Japan's Nikkei 225 Index fell 0.7%, while shares in South Korea and Australia actually rose. Meanwhile, US stock futures rose 0.2%, signaling that Friday's dip buying could continue today.
Meanwhile, WTI crude oil prices fell 1% after news emerged that OPEC+ was considering increasing oil supplies for November. This figure is said to exceed the planned 137,000 barrels per day increase scheduled for October. This news immediately put downward pressure on prices, as the market fears that excess supply could further depress prices.
In the United States, market participants are also awaiting news on a potential government shutdown if an emergency budget agreement is not reached before Tuesday. This is crucial because it could delay the release of labor data, including Friday's Non-Farm Payrolls (NFP) report, a key reference for the Fed's interest rate decision.
Asian investors' focus is also shifting to China ahead of the long Golden Week holiday. The latest data shows that China's industrial profits rose 20.4% in August, the first growth in four months. This is an early sign that deflationary pressures are easing. This week, the market will also be closely monitoring interest rate decisions from the Australian and Indian central banks, as well as data on manufacturing and services activity in China. (ads)
Source: Bloomberg
