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Commodities Roundup: Traders to Focus on Oil Demand, China's Trade Balance Data in Coming Week
US stocks closed with mixed performance for the three major indexes. Tesla rose more than 9% over the past two days, while NIO soared 14% after its performance announcement.
Before the non-farm data, there is new evidence of the cooling of the US job market, and economic concerns support a substantial rate cut bet. The yield curve of the 2-year/10-year US Treasury bonds, which briefly inverted for the third time in two years. The S&P 500 fell for the third consecutive day, with Broadcom falling more than 4% after hours, Tesla rising nearly 5%, and Nvidia and Chinese concept stocks rising nearly 1%. The yen reached a one-month high, and the offshore renminbi rose by 300 points to break 7.09 yuan. Gold rose briefly by 1%, and oil prices rose more than 2% before falling. US oil fell below $70 for the first time in 15 months over two days.
"Small non-farm" achieves the smallest growth rate in three years, and gold touches the 2520 level.
The ADP report shows that companies added fewer than 0.1 million jobs last month, marking the fifth consecutive month of slowing growth, further confirming the cooling of the job market.
French Foreign Trade Bank: Gold prices will rise to $2600 next year!
The precious metals analyst of the French Foreign Trade Bank pointed out that most of the Fed's rate cuts this year have already been priced in, and investors may see gold prices rise more rapidly next year, especially in the second half of the year.
USA's job vacancies in July fell to a nearly three-year low! Gold approaches the major $2500 level.
The decrease in job vacancies is consistent with recent data indicating a slowdown in the labor market. Non-farm payrolls on Friday are crucial!
Commodity Roundup: Gold Dips, UBS Retains Positive Outlook on Oil Despite Prices Near 9-month Low