This week ahead || Oct 9th - Oct 13th 2023
Here is some news for the week
As Israel Attacked by Hamas, Oil Traders Are Focused on Iran
As oil traders prepare for the market to open after the sudden eruption of war in Israel, one question is key: will the conflict spread to the rest of the region? Crude traders don’t expect a massive price surge as there’s no immediate threat to supply. But all eyes are on Iran, a major oil producer and key backer of the Hamas group that launched this weekend’s offensive on Israel. A retaliatory strike against the Islamic Republic would inflame fears over the Strait of Hormuz, the vital shipping artery which Tehran has previously threatened to close. There’s also the prospect of the US cracking down again on a resurgent flow of Iranian oil exports.
A key inflation gauge and bank earnings: What to know this week
In the upcoming week, investors will keep a close eye on key events and data releases. The Consumer Price Index (CPI) for September will be released, providing insights into inflation trends. The Federal Reserve's meeting minutes will offer clues about monetary policy. Earnings season begins with reports from major companies like Pepsi, Delta, and JPMorgan, shedding light on various sectors. Market reactions to economic data and earnings will be closely watched amid recent volatility, driven partly by rising bond yields. Speculation about a potential interest rate hike in November will continue, impacting financial markets. Ongoing geopolitical tensions, especially in Israel, could affect oil prices and global markets. Bank stocks will reveal insights into the state of the economy and how it's handling higher interest rates, while market volatility remains a key concern.
Bank of England approached UK lenders to gauge interest in troubled Metro Bank- FT
The Bank of England's Prudential Regulation Authority (PRA) has reportedly approached several major UK lenders to assess their interest in acquiring Metro Bank. JPMorgan and HSBC were said to have considered bids for Metro Bank but decided against pursuing the acquisition due to the substantial additional capital that a buyer would need to inject. Metro Bank has faced a series of challenges in recent years, including accounting errors and leadership changes. The bank has been exploring various funding options to strengthen its financial position. Consultancy EY is managing the bidding process, with Metro Bank seeking new funds before the stock market opens on Monday.
BYD, derided by Elon Musk, gives Tesla a run for its money: This week in EVs
The Bank of England's Prudential Regulation Authority (PRA) has reportedly approached several major UK lenders to assess their interest in acquiring Metro Bank. JPMorgan and HSBC were said to have considered bids for Metro Bank but decided against pursuing the acquisition due to the substantial additional capital that a buyer would need to inject. Metro Bank has faced a series of challenges in recent years, including accounting errors and leadership changes. The bank has been exploring various funding options to strengthen its financial position. Consultancy EY is managing the bidding process, with Metro Bank seeking new funds before the stock market opens on Monday.
