October 2, 2021 - Financial Occultist

RBA and RBNZ to announce rate decisions

It is busy week next week with rate announcements from the Reserve Bank of Australia and also the Reserve Bank of New Zealand. It is also employment week for both Canada and the US. China is on holiday Monday to Thursday. Australia will be off on Monday.

Monday, October 4

OPEC+ meeting all day
Spain’s unemployment change, 3 AM ET/ 0700 GMT

Tuesday, October 5

Reserve Bank of Australia rate decision, 11:30 PM ET Monday/0330 GMT. Rate expected to remain steady at 0.10%
US ISM services PMI for September. Estimate 59.9 versus 61.7 last month. 10 AM ET/1400 GMT
ECB’s Lagarde speaks, 11 AM ET/1500 GMT
FOMC Quarles speaks, 1:15 PM ET/1715 GMT

Wednesday, October 6

RBNZ rate decision, expected 0.25% hike to 0.5% from 0.25%. 9 PM ET/0100 GMT
ADP nonfarm employment change, estimate 455K versus 374K last month. 8:15 AM ET/1215 GMT
US crude oil inventories, 10:30 AM ET

Thursday, October 7

US unemployment claims. Estimate 350K versus 362K last week. 8:30 AM ET/1230 GMT
Canada Ivey PMI. Estimate 60.3 versus 66.0 last month. 10 AM ET/1400 GMT
BOC Macklem schedule to speak. 12 PM ET/1600 GMT

Friday, October 8

RBA financial stability review, 8:30 PM ET/0030 GMT
Canada employment change. Estimate 61.2K vs 90.2 last month. 8:30 AM ET/1230 GMT
Canada unemployment rate. Estimate 6.9% versus 7.1% last month
US nonfarm payroll. Estimate 490K versus 235K last month. 8:30 AM ET/1230 GMT
US unemployment rate. Estimate 5.1% versus 5.2% last month. 8:30 AM ET/1230 GMT
US average hourly earnings, estimate 0.4% versus 0.6% last month. 8:30 AM ET/1230 GMT

NASDAQ snaps a five day losing streak

02-Oct-21 08:15 am

Anirudh Sethi

Dow up over 700 points at the session highs

The major US indices close sharply higher on the first day of the new trading month/new trading quarter with the NASDAQ index snapping a five day losing streak.

Shares of Merck surged 8.6% on the back of a Covid drug that cuts hospitalizations by 50%. Transportation stocks like United airlines, Delta Airlines and Southwest Airlines are also higher on the back of that news. Energy was the best performing sector as oil prices move back to the upside.