Market Commentary: Tuesday 30th September

Gold continues to print record highs over concerns the US government will shut down tomorrow. Spot gold is trading at $3,865.65/oz; a shutdown would pause many federal operations and delay the release of key economic data, including Friday’s Non-Farm Payroll.

US President Trump and Israeli Prime Minister Netanyahu said they agreed to a 20-point plan to end the war in Gaza. The prospect for peace remains unclear, as the plan requires Hamas to accept substantial concessions. Oil prices continue to fall, with Brent Crude at $67.59/bbl, reflecting both the potential end of war in Gaza and expectations of an OPEC+ production hike.

AUD gained after the Reserve Bank of Australia kept its key rate unchanged as expected, trading at 0.6602 against the USD. The central bank reiterated its cautious outlook.

In corporate news, the largest leveraged buyout on record is expected: a group of investors, including Saudi sovereign wealth fund PIF, agreed to take Electronic Arts Inc. private in a $55 billion deal.

On the economic calendar, CPI releases are due from France (7:45 am), Italy (10:00 am), and Germany (1:00 pm), along with US August JOLTS Job Openings at 3:00 pm.

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