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September 6th - According to Reuters, two sources familiar with the discussions revealed that OPEC+ will maintain its October oil production policy at its meeting on Sunday, as the oil-producing organization needs to agree on new quotas before deciding on its next production move. OPEC+ currently has a layer of production cuts in place, covering most of its 21 member countries, until the end of 2026. Before deciding how to gradually exit the production cuts and return production to the market, the organization needs to review member countries oil production capacity to set a production baseline for 2027 – which will serve as the basis for quotas. Sources previously indicated that this discussion might take place later in 2026, suggesting that OPEC+ might pause production increases in the fourth quarter.On September 6, local time, the Lebanese Ministry of Public Healths Emergency Operations Center issued a statement saying that an attack launched by the Israeli Defense Forces in southern Lebanon that morning had resulted in 4 deaths and 20 injuries. The Israeli Defense Forces (IDF) issued a statement on the 6th announcing the airstrikes on southern Lebanon. The IDF statement said the airstrikes were a response to Hezbollahs actions in Lebanon.On September 6, local time, Belgorod Oblasts acting governor, Shuvaev, reported that in the past 24 hours, Ukrainian forces launched 102 offensives against the oblast, and Russian forces intercepted 107 drones. The attacks resulted in the deaths of three civilians and injuries to four others.Lebanons Ministry of Health: Israeli airstrikes on southern Lebanon on Sunday killed four people, including two women, and injured 20 others.September 6th - Japans opposition Democratic Party for the People held its leadership election on the 6th, with incumbent leader Yuichiro Tamaki defeating his rival, House of Representatives member Mikihiko Hashimoto, to be re-elected. His term will run until the end of September 2029. After his election, Tamaki stated that he will listen to opinions from all sides, strengthen ties between the party headquarters and local councilors and supporters, and begin preparations for the unified local elections next spring.

S&P 500 (SPY) Dives Towards 3500 As Inflation Rate Exceeds Expectations

Cory Russell

Oct 14, 2022 17:31

S&P 500 Falls by 2% Prior Market Trading

Following the publication of inflation statistics, S&P 500 futures are touching new lows. In contrast to the expert consensus of 8.1%, the figures showed that the inflation rate decreased from 8.3% in August to 8.2% in September.


Analysts predicted that the core inflation rate would go to 6.5%, but it actually jumped from 6.3% in August to 6.6% in September.


In the meanwhile, according to the Initial Jobless Claims report, 228,000 Americans applied for unemployment benefits in a single week, much in line with expert expectations.


Treasury rates reached annual highs as traders gambled on aggressive rate rises from the Fed in response to inflation readings that were stronger than anticipated. The 10-year Treasury yield is now attempting to stabilize above the psychologically significant 4.00% level. In the event that this effort succeeds, it will pick up further upward momentum and rise towards 4.10%, which is negative for equities.


At the start of today's trading session, tech stocks are probably going to lose ground. Leading tech companies' shares are already down more than 2% in premarket trade, including Apple, Microsoft, Alphabet, Amazon, and Tesla.


Whether traders would go for safe-haven assets in the stock market today remains to be seen. Money will move into the U.S. dollar, which is already reaching new highs, in case the fear spreads. Commodities are negatively impacted by a strong dollar, thus equities with a focus on commodities are probably going to see significant pressure today.

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