The oil price remains the fever thermometer of the markets. Following the price gains of the previous day, it remains open whether the market will actually turn the corner or is merely gasping for air. Between signals of relaxation, inflation worries, and the shadow of the Trump-Xi summit, the sentiment remains fragile.
Today on Tuesday, investors are likely to keep an eye on the UN General Assembly.
DAX
UN General Assembly starts today in New York
The general debate of the UN General Assembly starts today in New York, where about 130 heads of state and government are expected. The conflicts in Ukraine and the Middle East are likely to be among the most significant topics. The regulation of Artificial Intelligence (AI) is also expected to be a topic.
Relaxation in the conflict between the US and Iran?
Developments in the Middle East conflict should also remain significant. According to media reports, the Iranian Revolutionary Guard has indicated a willingness to negotiate in the conflict with the US should this be necessary, it was stated. The Japanese news agency Kyodo also reported that Iran had offered to reopen the Strait of Hormuz within seven days if the US blockade is lifted.
Purchasing managers on both sides of the Atlantic ahead on Wednesday – Trump-Xi summit in focus on Thursday
On Wednesday, preliminary purchasing managers from S&P Global will take center stage. For the Federal Republic of Germany, the indices for the services, manufacturing, and composite sectors are on the agenda at 09:30 a.m., and for the eurozone at 10:00 a.m. The US counterparts are expected at 3:45 p.m.
On Thursday, investors will be focusing in particular on the planned meeting between US President Donald Trump and Chinese head of state Xi Jinping. The market is hoping for clues regarding trade issues between the world's two largest economies as well as on AI.
From the perspective of the economic data calendar, things are likely to get particularly interesting with the ifo Business Climate Index (10:00 a.m.). Economists are expecting a total of 89 points for the month of September, following 88.8 points in July.
GfK consumer confidence (08:00 AM) and durable goods orders (02:30 PM) round out the trading week.
