20290906 Global Economic Issues

🗂OPEC and non-OPEC Ministerial Meeting (OPEC+) Held, Awaiting Production Quota Decisions With international oil prices (WTI) surging over 9.3% weekly, surpassing the $91 per barrel mark, market attention is focused on the outcome of the OPEC+ ministerial meeting held on September 6th. Amid concerns of resurgent inflation due to high oil prices, whether production cuts will be maintained or if a compromise for additional increases will be reached is expected to be a key turning point for the commodity market. 🗂Lingering Impact of Strong US Employment Data and Caution Towards Hawkish September FOMC Stance Following the release of August non-farm payrolls (+162,000) exceeding expectations, expectations for the Fed's interest rate cuts further receded in the New York financial markets over the weekend. The US 10-year Treasury yield remained around 4.78%, and the dollar index (DXY) held at 99.15, somewhat limiting risk appetite.