Meeting minutes, inflation data could clarify roadmap for monetary policy
Global stock markets have been moving in an upward trend, albeit limited, and all eyes will be on the US Federal Reserve’s meeting minutes and inflation data next week.
After weeks of negotiations, Democrats and Republicans in the US Senate reached an agreement to increase the country’s debt limit for a short time, which supported stock markets.
The debt limit will be increased $480 billion, which will be sufficient until Dec. 3.
US Treasury Secretary Janet Yellen said. “We are on the verge of a historic agreement” on the global minimum corporate tax and the agreement will be completed in coming weeks.
Analysts noted the FED’s meeting minutes and US inflation data may clarify the roadmap for monetary policy and said they may increase volatility.
Natural gas on European agenda
Meanwhile in Europe, problems related to natural gas supply remain at the center of the agenda.
Natural gas futures, which rose to €162 ($191) during the week,increased inflation pressures and brought with it questions about the security of the energy supply.
EU Commission President Ursula von der Leyen said natural gas suppliers, who did not increase production despite demand, are responsible for the recently increased energy prices.
But Russian President Vladimir Putin said it is more profitable for Gazprom to deliver gas to Europe via other lines instead of Ukraine.
Russian Deputy Prime Minister Alexander Novak said certification of the Nord Stream 2 subsea gas pipeline to Germany could help cool rising gas prices in Europe.
Natural gas futures, which started to decline after the aforementioned statements, closed the week at €87.6 ($103.5).