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August 28th - Data released on Friday showed that Tokyos core CPI rose 1.8% year-on-year in August, gradually approaching the central banks 2% target, indicating that price pressures from the Middle East conflict are widening. Previously, the Bank of Japan raised its main interest rate to a 31-year high of 1% in June, and kept it unchanged in July, but issued its strongest statement to date regarding escalating inflation risks. Analysts pointed out that the recent sharp rise in wholesale prices, reaching 7.2% year-on-year in July, highlights the increasing price pressures from the Middle East conflict, which may push up consumer prices in the future.SEOUL, Aug. 28 (Yonhap) -- A ship carrying petroleum products caught fire Thursday evening in waters near Incheon, west of Seoul, the South Korean Coast Guard said. The fire has been extinguished. The Coast Guard said the 7,000-ton vessel caught fire at around 10:38 p.m. Thursday. There were 18 crew members on board; two died, and the remaining 16 were rescued and are in stable condition. Initial suspicions suggest the fire originated in the engine room but did not spread to the fuel storage tanks.On August 28th, Futures News reported that, according to foreign media, sources revealed that US President Trump and his energy, environment, and agriculture officials met on Wednesday to discuss a plan to expand exemptions for small refineries to blend biofuels. The proposal aims to double the number of exemptions from the current 990 million renewable fuel credits (RINs) to as many as 1.8 billion, with a final decision expected by the end of August. This move aims to curb soaring gasoline prices caused by the six-month-long US-Israel war in Iraq, helping Republicans maintain control of Congress in the November midterm elections, but has already triggered a strong backlash from the US agricultural sector. US renewable fuel identification numbers (RINs) have also fallen sharply due to market expectations of weakening biofuel demand. On Thursday, an agricultural and biofuel industry consortium, including the US Renewable Fuels Association, Growth Energy, and the National Farmers Union, wrote to Trump urging him to reject the exemption expansion plan, warning that a significant increase in small refinery exemptions would weaken demand for crops such as corn and soybean oil, as well as renewable fuels, severely damaging the rural economy.Japans Tokyo unadjusted CPI rose 0.4% month-on-month in August, unchanged from the previous month.Japans Tokyo CPI rose 1.9% year-on-year in August, below the expected 1.90% and the previous figure revised from 2.00% to 1.80%.

S&P 500 Price Forecast – Stock Markets Wait for the Jobs Number

Alice Wang

Oct 09, 2022 14:31

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Technical Analysis of the S&P 500

As we wait for Friday's employment report, the S&P 500 has been relatively calm throughout the trading session on Thursday. This does make sense in a lot of ways since many individuals won't want to take on a lot of risk before this unpredictable number. After all, the Federal Reserve's decision, which is by far the most crucial item to watch out for right now for most traders, will be greatly impacted by the employment report. Given enough time, I do think volatility will persist and many accounts will lose all of their money. I think the market has gone ahead of itself at this point, and any indication that the Federal Reserve may take a hawkish attitude might have serious consequences for the stock market.


When I look at the S&P 500, I see that the market is having trouble staying above the 3800 level on the E-mini contract, which does indicate that some confidence has been eroded. Since there is nothing that should be seen as optimistic right now, I believe that this market will retest its lows. This is only a result of Wall Street speculators believing that the Federal Reserve would step in to save them.


In actuality, the Federal Reserve no longer actively trades the markets, so they have no incentive to attempt to drive it higher. They will keep tightening monetary policy as long as inflation keeps soaring. Keep in mind that for the last 14 years, the stock market's success has mostly been supported by inexpensive money.

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