The oil price remains the fever thermometer of the markets. Following the price gains of the previous day, it remains open whether the market is actually turning the corner or has merely gasped for air. Amid signals of easing, inflation worries, and the shadow of the Trump-Xi summit, sentiment remains fragile. Investors are also keeping an eye on the weekly initial jobless claims in the US.
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Investors await UN General Assembly results – US-Iran conflict fuels uncertainty
At the same time, investors are likely to continue waiting to see what happens around the UN General Assembly. Hopes for a diplomatic rapprochement between the US and Iran had recently caused oil prices to fall. However, it remains unclear whether there will actually be reliable progress between the warring parties. According to media reports, an Iranian member of parliament considers a direct meeting between Donald Trump and his Iranian counterpart Masoud Pezeshkian to be likely.
Further losses are likely to have been capped by the preliminary US purchasing managers' indices (S&P Global) published this afternoon, which came in better than expected for both the manufacturing and services sectors.
Trump-Xi summit and weekly US initial jobless claims in focus
On Thursday, the eagerly awaited meeting between US President Donald Trump and Chinese President Xi Jinping is likely to be in focus. Investors are expecting new insights regarding trade issues as well as in the field of Artificial Intelligence (AI).
The weekly initial US jobless claims (2:30 PM) are also usually to be examined for monetary policy clues. Just last Wednesday, the US Federal Reserve (Fed) adjusted the key interest rate level upward by 25 basis points to a range of 3.75 to 4.00 percent. The official US labor market data for August 2026 stood at 162,000 new non-farm jobs, which was significantly above the estimates made by economists in advance (56,000 units).
Oil price (West Texas Intermediate)
