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6oft economic data out of :ashington sent equities surging at the start of the week and dragged the greenback on hopes that the readings could allow the 86 Central %ank to pivot and slow down its strict monetary tightening programme.
+owever, the uncertainty that has characterised the year so far has slowly returned and :all 6treet’s yesterday.
,t could also give Russia a boost ahead of a (uropean 8nion ban on most of its crude exports later this year and a bid by the *roup of 6even wealthy democracies to cap the country’s oil prices.
86 President -oe %iden personally appealed to 6audi leaders in -uly to boost production in order to tame prices which soared following Russia’s invasion of 8kraine earlier this year.
%ut crude price have fallen in recent months on concerns over dwindling demand and fears over a possible global recession.
³:ith consumers only Must breathing a sigh of relief after being forced to pay record prices at the pump, today’s cut is not going to go down well,´ said Craig (rlam, an Analyst at trading platform 2AN'A, ahead of the meeting. :hen asked how the 8nited 6tates three main indexes ended today with fresh losses, with sights firmly on the non-farm payrolls (NFP) figures.
Report
Analysts expect the monthly report to show 2 0 000 posts were created in 6eptember, which would be the weakest since late 2020 but still a healthy figure suggesting a strong labour market. would react to a cut, the energy minister of the 8nited Arab (mirates, 6uhail al-Ma]rouei, insisted that 2P(C was merely a µtechnical organisation’.
7here is a fear that a result higher than expectations could spark another sell-off across risk markets as investors bet on more bumper rate hikes.
Fed officials have consistently warned that they are determined to ramp up borrowing costs to fight four-decade-high inflation, even at the expense of a recession feeding worries among traders that the world economy is heading for such a scenario.
Alexander Novak, the Russian 'eputy Prime Minister in charge of energy who is under 86 sanctions, remained mum as he arrived for the group’s first in-person meeting at its 9ienna headquarters since