According to chronological order, AXL Management presents all the significant economic events as a dossier of details that occurred during the week of 27th September at 01st October 2021:

MONDAY

The Nasdaq index was falling at Monday's open on Wall Street as investors swapped technology heavyweights for economic growth-related stocks amid growing confidence in the recovery, so we see the Russell 2000 index of small companies rising, in something known as "sector rotation."

 

TUESDAY

Rising U.S. bond yields hurt some market leaders that had benefited from low rates. Microsoft Corp, Amazon.com Inc, Facebook Inc, and Apple Inc fell between 0.5% and 1.8%.

In Washington, negotiations over government funding and raising the debt ceiling intensified at the start of a week that could also include a vote on U.S. President Biden's $1 trillion infrastructure bill.

Goldman Sachs strategists see potential corporate rate hikes as a headwind to their outlook for U.S. equity return on equity (ROE) in 2022.

WEDNESDAY

Gold recovered some ground on Wednesday as a pullback in U.S. bond yields provided some respite for the precious metal, which has been hit by growing expectations that the Federal Reserve may soon start unwinding its support.

OPEC is likely to stick to an existing agreement to add 400,000 barrels per day (BPD) to its November output when it meets next week, sources said, despite crude touching a three-year high above $80 a barrel and consumer pressure for more supply.

Some foreign bondholders of China Evergrande Group had not received interest payments by the close of Asian business hours on Wednesday; three people with knowledge of the matter told Reuters, defaulting on their second dollar debt obligation this month.

THURSDAY

Federal Reserve Chairman Jerome Powell warned of medium-term economic uncertainty and that inflation is likely to remain elevated this year.

 

Congress has until the end of Thursday before government operations begin to shut down unless, of course, Democrats are successful in their efforts to provide stopgap funding while continuing to fight with Republicans over the debt limit.

 

The U.S. economy is likely to have grown in the second quarter at the same pace as the first quarter. Estimates had expected a 6.6% increase, but the data released instead put it at 6.7%. GDP data is expected at 8:30 AM ET (1230 GMT).

 

FRIDAY

Year-on-year inflation in the Eurozone reached 3.4% in September, its highest level since 2008, driven by the increase in energy prices, the European statistics institute Eurostat announced Friday. Of the indicator's components, energy experienced an increase of 17.4% in September.

OPEC+ is considering going beyond its current agreement that increases production by 400,000 barrels per day (BPD) when it meets next week, sources said, in a context in which oil is near three-year highs, and consumers are pressing for more supply.

A majority of the U.S. House of Representatives voted Thursday to approve a Senate-dispatched measure that avoids a partial government shutdown by funding federal agencies in the new fiscal year that begins Friday.

 

PROJECTIONS

One-month forward price estimates for Gold, according to the AXL Capital Management team are that it is unlikely to break above the $1,850 a troy ounce level, as it has been heavily influenced to the downside by recent dollar strength since the last FOMC meeting was held in September. For more details on the significant events in September that will give direction to the various financial assets, don't miss next week's Insight.