Major News & Economic Events:
UK To Get New PM Today. The result will be announced at 12:30 pm (11:30 GMT), after foreign minister Truss and her rival, former finance minister Rishi Sunak, spent the summer rallying support among the Conservative Party members who cast the final vote.
Monthly OPEC meeting (Sept 5) – While some analysts aren’t ruling out an output cut, many expect the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing friends to keep their output quotas steady in October. Keep an eye out for the crude oil gang talking output cuts should Iran’s crude oil stocks come into play. It would be hard for crude oil benchmarks to extend their losses if Iran’s output were “rebalanced” by OPEC+’s stocks!
RBA’s monetary policy decision (Sept. 6, 4:30 am GMT) – The Reserve Bank of Australia (RBA) is seen raising its interest rates by 50 basis points for a fourth consecutive month to help battle a 21-year high inflation!
BOC’s monetary policy decision (Sept. 7, 2:00 pm GMT) – Bank of Canada (BOC) is expected to deliver a 75-basis-point rate hike after surprising markets with a full 100 bps rate hike in July.
ECB’s monetary policy decision (Sept. 8, 12:15 pm GMT) – The European Central Bank (ECB) is expected to raise its interest rates by AT LEAST 50 basis points this week after inflation in the region hit a record high of 9.1% in August.