North American investors return from the long weekend holiday to a less-than-welcoming market, stepping into a seasonally gloomy tunnel with the year’s most crucial jobs report looming large.
Markets This report is set to draft the Fed’s policy script for 2024, and everyone’s hoping for a steady state affair with the numbers landing squarely in the Goldilocks zone. With just under 100 bps of Federal Reserve easing on the table, spread over three meetings by year-end, this scenario is music to the equity market’s ears, especially with growth and earnings-holding firms. But when the bar is set this high, even a tiny downside miss could lead to a wave of disappointment.
+ had envisioned for 2024, and it throws a wrench into their plans to roll back production curbs, especially the additional voluntary cuts of 2.2 million barrels per day slated for the fall. has been notably more optimistic about oil demand than other agencies, which may explain why they felt confident enough back in June to hint at ramping up production this October. However, the longer
+ delays in clarifying its production strategy, the more anxious the oil market is likely to become about the potential for a global supply increase. This uncertainty could put even greater downward pressure on crude prices in the near term as the market grapples with the possibility of a supply-demand imbalance.
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