FPG Financial Markets Focus: September 24th, 2024

• U.S. September Markit Manufacturing PMIhit a 15-month low and contracted for the third consecutive month. The growth rate of the services sector also slowed down.

• The Eurozone Purchasing Managers' Index (PMI) for Septembershows that manufacturing remains in deep contraction, while risks to the services sector are increasing. Manufacturing PMI fell by 1 point to 44.8, and services PMI dropped by 2.4 points to 50.5.

• Goolsbeereiterated Federal Reserve Chairman Powell'sspeech from last week, emphasizing that current interest rates are well above the neutral rate, and there could be substantial rate cuts in the future. Atlanta Fed President Bosticexpressed a similar view.

• Lebanonhas suffered the heaviest casualties since the 2006 Lebanon-Israel war, and the U.S.is deploying more troops to the Middle East.

• Teslasurged nearly 5%, hitting a two-month high. Barclayssuggested that the Chinese market might drive higher-than-expected deliveries.

• The worlds largest gold ETF, SPDR Gold Trust, held 875.39 tons, unchanged from the previous trading day.

Key Focus for Today:

• Reserve Bank of Australia interest rate decision

• RBA Governor Bullockto hold a monetary policy press conference

• U.S. September Conference Board Consumer Confidence Index

• Germany September IFO Business Climate Index

• U.S. July S&P/CS 20-City Home Price Index YoY

• U.S. September Richmond Fed Manufacturing Index