Weekly Market Recap: A Week of Key Economic Shifts and Surging Commodities 

The week starting Tuesday, September 9, saw significant economic developments across global markets, affecting currencies, commodities, and stock indices. Key reports included UK employment data, US inflation figures, and an important ECB interest rate decision, all contributing to fluctuations in currency exchanges. Meanwhile, crude gold prices surged, and corporate earnings from Oracle, Adobe, and Kroger provided insight into sector-specific performance. Stock markets reflected these dynamics, with notable gains in major indices and significant movements in both top gainers and losers across various sectors.

Tuesday, September 10

09:00 am – UK: Claimant Count Change (GBP)

In August 2024, the number of claimants was 1.79 million, showing an increase of 23,700 from the previous month and 255,600 from August 2023.
The GBPUSD exchange rate increased by 0.04% compared to the previous day.

Wednesday, September 11
09:00 am – UK: GDP m/m (GBP)

In July 2024, the UK’s real GDP showed no growth, continuing the stagnation seen in June 2024. However, GDP grew by 0.5% in the three months to July 2024, driven by widespread growth in the services sector.
The EUR/GBP currency pair increased by 0.21% from the day before.

15:30 – USA: CPI m/m (USD)

In August 2024, the US Consumer Price Index (CPI) rose by 0.2%, matching the increase in July. Over the past year, the all-items index increased by 2.5%, the smallest annual rise since February 2021. Excluding food and energy, prices increased by 0.3% in August, with notable rises in shelter, airline fares, and motor vehicle insurance.

The US Dollar Index saw a daily change of 0.06%.

17:30 – USA: EIA Crude Oil Stocks Change (USD)

In the week ending September 6, 2024, US crude oil refinery inputs averaged 16.8 million barrels per day, down 141,000 barrels from the previous week, with refineries operating at 92.8% capacity. Gasoline production fell to 9.4 million barrels per day, while distillate fuel rose to 5.2 million barrels per day. Crude oil imports increased to 6.9 million barrels per day. Crude inventories grew by 0.8 million barrels, and total commercial petroleum inventories rose by 9.0 million barrels.
The price of Crude Oil rose by 2.3% compared to the previous day.

15:30 – Europe: ECB Interest Rate Decision (EUR)
On September 12, 2024, the ECB Governing Council lowered the deposit facility rate by 25 basis points to 3.50% to moderate monetary policy restrictions. Inflation is projected to average 2.5% in 2024, 2.2% in 2025, and 1.9% in 2026. While domestic inflation remains high due to rising wages, labor cost pressures are easing. Economic growth is forecasted at 0.8% for 2024, increasing to 1.5% by 2026. The ECB will continue a data-driven approach to ensure inflation returns to its 2% target. Changes in the operational framework will take effect on September 18, 2024.
The exchange rate for EURUSD increased by 0.6%.

16:30 – USA: PPI m/m (USD)

In August 2024, the US Producer Price Index (PPI) for final demand rose by 0.2%, following no change in July. Over the past 12 months, the PPI increased by 1.7%. The rise in August was driven by a 0.4% increase in final demand services, while prices for final demand goods remained unchanged. Excluding food, energy, and trade services, prices increased by 0.3% in August and 3.3% over the year. Key contributors to the increase were higher prices for guestroom rentals and vehicle wholesaling, while airline services and jet fuel prices declined.
The US Dollar Index declined by 0.48%.

16:30 – USA: Unemployment Claims (USD)
For the week ending September 7, initial unemployment claims rose by 2,000 to 230,000, with the 4-week moving average increasing slightly to 230,750. The insured unemployment rate remained steady at 1.2% for the week ending August 31, with insured unemployment increasing by 5,000 to 1.85 million. The 4-week moving average for insured unemployment decreased slightly to 1.85 million.
The USDJPY saw a 0.36% decrease compared to the previous day.

• Crude Oil
• Crude Oil had a 1.16% weekly increase.
• Brent Oil
• Brent rose by 0.6% compared to the previous week
• Gold
• The precious metal Gold (XAUUSD) concluded the week on Friday with a 3.26% weekly increase.
• Silver
• XAGUSD increased by 9.89% from the previous week.

• S&P 500 increased by 4.3%
• DJIA was up by 2.9%
• NASDAQ 100 increased by more than 6.25%

Top Gainers

• Instil Bio, Inc. (TIL) 493.12%
• Quhuo Limited (QH) 224.49%
• Nova Vision Acquisition Corporation (NOVV) 207.06%

Top Losers

• Garden Stage Limited (GSIW) -75.49%
• Universe Pharmaceuticals INC (UPC) -67.43%
• SelectQuote, Inc. (SLQT) -43.73%

Monday, September 9: ORCL (Oracle Corp)
Thursday, September 12: ADBE (Adobe Inc.)
Thursday, September 12: KR (Kroker)

Oracle (ORCL) reported earnings of $1.39 per share, surpassing analysts’ expectations of $1.32. Quarterly revenue rose 8% to $13.31 billion, beating Wall Street’s estimate of $13.23 billion. Net income increased to $2.93 billion, up from $2.42 billion a year ago. Key growth areas included cloud services and license support revenue, up 10% to $10.52 billion, and cloud infrastructure revenue, which surged 45% to $2.2 billion.

ORCL surged by 14.26% compared to the previous week.

Adobe (ADBE) reported Q3 2024 revenue of $5.41 billion, up 11% year-over-year, exceeding expectations. GAAP EPS was $3.76, and non-GAAP EPS was $4.65. Key growth areas include an 11% increase in the Digital Media segment and continued AI integration. Cash flow from operations reached $2.02 billion. For Q4, Adobe expects revenue between $5.50 billion and $5.55 billion and non-GAAP EPS of $4.63 to $4.68.

ADBE had a weekly decline of 4.71%.

Kroger (KR) reported $466 million in net earnings for Q2 FY24, up from a $180 million loss in Q2 FY23. Earnings per share were $0.64, compared to a $0.25 loss per share last year. Sales reached $33.91 billion, with a 1.3% increase excluding fuel. Digital sales grew 11%. Operating profit rose to $815 million from a $479 million loss. Kroger updated its 2024 guidance, expecting sales growth of 0.75% to 1.75% and capital expenditures of $3.6 to $3.8 billion.

KR rose by 6.96% from the previous week.

In conclusion, the week starting Tuesday, September 9, was marked by significant economic activity. Key reports, including UK employment data, US inflation figures, and the ECB’s interest rate decision, played crucial roles in currency movements. Commodities, particularly crude oil and gold, saw notable increases, while corporate earnings from Oracle, Adobe, and Kroger provided insight into the performance of key sectors. Stock markets responded to these developments, with major indices reflecting strong gains and considerable shifts among both top gainers and losers.