Overview of important futures data and events next week
At 20:00 on September 23, 2024 FOMC voting member and Atlanta Fed President Bostic delivered a speech on the economic outlook. Earlier, in the early morning of September 19, the Federal Reserve announced that the target range of the federal funds rate would be reduced from 5.25%-5.50% to 4.75%-5.00%, a decrease of 50 basis points. This is the first interest rate cut by the Federal Reserve since March 2020, and it also means the end of this tightening cycle.
At 21:45 on September 23, the preliminary value of the US S&P Global Manufacturing PMI for September was released. Earlier, Chris Williamson of S&P Global pointed out that the US service industry PMI in August reached a two-and-a-half-year high, indicating strong economic growth in the third quarter, and GDP is expected to increase by 2-2.5%.
September 23, to be determined, SPPOMA will release Malaysia's palm oil production forecast for September 1-20. SPPOMA previously released data from September 1-15, showing that Malaysia's palm oil production fell 4% from the previous value. Pay attention to the subsequent weather and production changes in Malaysia's palm oil producing areas. If the production continues to decrease, it may be bullish for palm oil prices.
At 12:30 on September 24, the Reserve Bank of Australia announced its interest rate decision. Previously, the Reserve Bank of Australia kept the key interest rate at a 12-year high of 4.35% and maintained hawkish remarks. Diana Mousina, deputy chief economist of AMP Capital, said that the Reserve Bank of Australia does not have to follow the Fed in cutting interest rates.
At 09:00 on September 25, the People's Bank of China conducted MLF operations. Previously, the People's Bank of China announced on September 18 that in order to hedge the impact of factors such as the expiration of MLF and open market reverse repurchases and maintain reasonable liquidity in the banking system, it conducted a 7-day reverse repurchase operation of 568.2 billion yuan in the open market on that day, with an operating interest rate of 1.7%. The MLF that expired on that day will be renewed on September 25.
September 25th TBD, ITS/AmSpec/SGS announced Malaysia's palm oil exports from September 1 to 25. Previously, ITS data showed that Malaysia's palm oil exports from September 1 to 20 were 953,986 tons, an increase of 10.08% from 866,641 tons exported in the same period last month.
At 20:30 on September 26, the number of initial jobless claims in the United States for the week ending September 21. Previously, the number of initial jobless claims in the United States for the week ending September 14 was 219,000, the lowest since the week of May 18, 2024.
At 04:30 on September 27, the size of the Federal Reserve's balance sheet as of the week ending September 25. Earlier, Federal Reserve Chairman Powell said at a press conference that the Federal Reserve would not consider stopping the reduction of its balance sheet, and that the Federal Reserve could reduce its balance sheet and cut interest rates at the same time as long as reserves remained stable.
At 20:30 on September 27, the monthly and annual rates of the U.S. core PCE price index for August were released. Previously, the monthly rate of the U.S. core PCE price index in July was 0.2%, and the annual rate of the U.S. core PCE price index in July was 2.6%, both of which were consistent with the previous values and in line with market expectations.
September 27th to be determined, the International Aluminum Institute (IAI) alumina production report. According to the International Aluminum Institute (IAI), global alumina production in July 2024 was 12.155 million tons, and the previous month was revised to 12.049 million tons; the average daily alumina production in July was 392,100 tons, and the previous month was 401,600 tons.
The article is forwarded from: Jinshi Data
