CashNews.co
China’s benchmark index, the CSI 300, surged 15.28%, marking its best weekly gain of the year last week and the best rally since 2008, according to Bloomberg. This came after the People’s Bank of China cut one of its short-term policy rates, sparking speculation that officials are preparing to step up efforts to revive growth.
Additionally, the politburo reaffirmed its commitment to meeting the country’s annual economic goals, calling for increased fiscal spending and a stronger push to implement interest rate cuts.
Following this strong performance, Chinese markets will be closed for seven days, starting Tuesday, Oct. 1 for Golden Week festivities, with holiday consumption in the world’s second-largest economy in focus.
However, before the celebrations begin, China will release data on unemployment, industrial production, official PMIs, and Caixin PMIs on Monday, Sept. 30.
Across the globe, Fed Chair Powell is set to deliver a speech at the National Association for Business Economics conference in Nashville on the same day.
In addition, Egypt and the UK will announce their GDP figures, while Italy, Germany, Poland, and Sri Lanka will release their CPI data.
On Tuesday, UK S&P Global Manufacturing PMI data and US job openings will be released, along with Nike’s earnings report, which comes just two weeks after the company announced it would replace its chief executive officer. The Bank of Japan will also issue a summary of opinions from its September meeting.
On Thursday, Oct. 3, US ISM services, factory orders, and initial jobless claims will be reported.
Finally, on Friday, the US Sept. jobs report will be released, a key indicator for the Federal Reserve as markets look for a balanced reading on the labor market.