The daily reports for important events that affects the forex, stocks and commodities markets.

08/10/2024 Evening Reports

ECB Rate Cuts Expected Amid Cooling Inflation and Growth Challenges in Eurozone

The European Central Bank (ECB) is expected to cut its deposit rate by 25 basis points in both October and December, according to a Reuters poll of economists. This follows a dip in euro zone inflation to below 2% in September, with ECB President Christine Lagarde signaling that rate cuts are likely. The deposit rate, currently at 3.5%, is expected to drop to 3.25% in October and to 3.00% by December. Economists predict further cuts in 2025 as inflation continues to decline, while the euro zone economy faces ongoing growth challenges.

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Oil rally pauses as investors await Israeli response

A rally in oil prices took a break on Tuesday as the market waits for Israel’s response to last week’s Iranian rocket attacks that prompted a price surge on concerns of a broader conflict in the Middle East. Both benchmark contracts rose more than 3% on Monday to their highest since late August, adding to last week’s rally of 8%, the biggest weekly gain in over a year, on concerns that hostilities could disrupt oil supplies from the Middle East.

“While short-term upside pressure will likely be maintained until there is clarity on what Israel will do next, decline in Brent has shown that a rise above $80-82 per barrel will encounter resistance because demand uncertainties and oversupply permutations cannot be shaken off that easily,” Gaurav Sharma, an independent oil analyst in London said.

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