Daily digest market movers: Gold price extends rally on soft US data
- The CB Consumer Confidence Index for September fell from 105.6 to 98.7, missing analysts' estimate of 103.8.
- Dana Peterson, chief economist at the Conference Board, said, “The deterioration across the Index’s main components likely reflected consumers' concerns about the labor market and reactions to fewer hours, slower payroll increases, and fewer job openings.”
- Tensions in the Middle East escalated as Hezbollah urged Iran to launch an attack against Israel, according to Axios.
- US data on Monday showed that Business Activity decelerated slightly, but it remains resilient as S&P Global revealed the Services PMI exceeded expectations. On the Contrary, manufacturing activity deteriorated further.
- According to the World Gold Council, global physically-backed Gold ETFs saw modest net inflows of 3 metric tons last week.
- Market participants are certain of at least a 25 bps rate cut by the Fed at November’s meeting, while the odds for a 50 bps cut stand at 56.2%, according to the CME FedWatch Tool.
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