As the week of 14 October to 20 October 2024 begins, the global economy is bracing for several key events that could shape the financial landscape. Meanwhile, astrologers are predicting a favorable period for certain zodiac signs, potentially boosting their career and business prospects. In this article, we will delve into both the economic and astrological forecasts, providing insights into what to expect in the coming days.
Economic Forecast
The economic forecast for the week ahead is marked by several significant events that could influence global markets. Here are some key highlights:
1. **Australias Employment Change**: On Thursday, 17 October 2024, Australia will release its employment change data. Last month, the Australian economy added 47.5k jobs, stronger than the 25k gain the market had expected. The unemployment rate was stable at 4.2%, remaining at its highest since November 2021, and the participation rate stayed at a record high of 67.1%. This month, preliminary expectations are that the Australian economy will create 25k jobs and that the unemployment rate will remain at 4.2%. The Australian interest rate market is pricing in 10 basis points (bp) of the Reserve Bank of Australia (RBA) rate cuts for December and 46 bp of rate cuts by May 2025.
2. **Japans Inflation Rate**: On Friday, 18 October 2024, Japan will release its inflation rate data. Last month, Japans core inflation edged higher to 3.0% from 2.8%, while headline inflation remained unchanged at 2.8%. This marked the 29th consecutive month where inflation has been above the Bank of Japan (BoJ)s 2% target. Further policy normalization may remain the path for the BoJ, but the timing and scale of additional hikes will be the central focus for markets. Markets are pricing a 71% probability of a 10 bp rate hike in December, and any further rise in pricing pressures could anchor views of another rate hike by year-end.
3. **Chinas 3Q GDP**: On Friday, 18 October 2024, China will release its 3Q GDP data. Chinas 2Q 2024 GDP came in softer than expected at 4.7% year-on-year, significantly underperforming the 5.1% consensus. Weak consumption and property sector woes continued to be a drag on growth, which puts its 5% GDP growth target in jeopardy. The recent economic stimulus package highlights more urgency in addressing its economic slowdown. Expectations are for Chinas September retail sales to improve to 2.4% year-on-year from 2.1% prior, while industrial production may improve to 4.6% from 4.5% prior. Fixed asset investment may remain subdued at 3.3% versus previous 3.4%. The 3Q GDP is expected to expand 4.6% from a year ago, which may drag year-to-date GDP growth slightly below target at 4.8-4.9%.
US Economic Outlook
The US economy is also expected to undergo significant changes in the coming weeks. Here are some key points from the US economic outlook:
1. **Consumer Spending and Business Investment**: The Q3 2024 forecast indicates that consumer spending remains robust, forecasted to rise 2.4% in 2024, slightly more than the 2.2% increase recorded last year. Business investment is predicted to rise 4.2% in this year, down only slightly from the 4.5% growth recorded in 2023. The Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act are predicted to keep driving strong gains in structures and machinery and equipment investments, while firms continue to heavily invest in software and other intellectual property like artificial intelligence.
2. **Inflation and Interest Rates**: Consumer price index (CPI) inflation finally fell below 3.0% in July and is expected to continue decreasing, hitting 2.7% by the fourth quarter. Job growth is forecasted to continue slowing, and we expect demographic changes to continue driving down the labor force participation rate. The unemployment rate has risen to its highest level since October 2021. With inflation on the decline and the unemployment rate on the rise, the Federal Reserve is on track to begin cutting rates in September. Our forecast includes a 50-basis-point cut in September, followed by two 25-basis-point cuts in November and December, bringing the Feds target rate range to 4.25% to 4.5% by the end of 2024.
3. **Real GDP Growth**: Overall, real GDP is expected to increase 2.7% in 2024 and by 1.5% in 2025. Between 2026 and 2028, real GDP growth is forecasted to hover between 1.7% and 2.1% per year. The Conference Board now expects real GDP to expand by 2.5 percent year-over-year in 2024, an upward revision from 2.4 percent. Some moderate growth at yearend and early next year is anticipated, with real GDP growth slowing but not plunging in H2 2024 due to high prices and elevated interest rates.
Astrological Forecast
Astrologers are predicting a favorable period for certain zodiac signs, potentially boosting their career and business prospects. Here are the zodiac signs expected to benefit from this period:
1. **Mithun (Gemini) and Other Zodiac Signs**: According to astrological forecasts, Mithun (Gemini) and four other zodiac signsAries, Taurus, Leo, and Sagittariusare expected to experience a surge in their career and business prospects starting from 14 October 2024. This period is marked by the influence of Shukra (Venus), which is believed to bring lots of money and luxuries to these zodiac signs.
2. **Lucky Zodiac Signs**: The weekly lucky zodiacs for the period from 14 October to 20 October 2024 include Aries, Taurus, Leo, Libra, and Sagittarius. These signs are predicted to get money, success, and prosperity during this period.
3. **Astrological Predictions**: The Navbharat Times provides detailed astrological predictions for the week ahead. According to their forecast, Shukra (Venus) will bring lots of money and luxuries to Mithun (Gemini) and four other zodiac signs. This period is expected to be highly favorable for career and business growth for these individuals.
In conclusion, the week of 14 October to 20 October 2024 promises significant economic events that could shape global markets. Additionally, astrologers predict a favorable period for certain zodiac signs, potentially boosting their career and business prospects. As we navigate through these events, it is crucial to stay informed about both economic and astrological forecasts.
