This Week–
Friday’s US NFP and Unemployment data take centre stage this week, with traders expecting 39k jobs to have been added in September. This month’s OPEC+ JMMC meeting will take place on October 1, but an OPEC+ meeting on October 8 will decide production levels and will also be in focus. It’s expected that the cartel might allow further increases in output. Traders will also be watching for geopolitical developments related to Russia and Ukraine and the Middle East.
Stocks –
ALIBABA
Alibaba’s price jumped 4.6% to a three-year high in a strong week for the company. The tech company surged after it announced it was raising its three-year AI infrastructure investment to above $53 billion as the firm seeks to dominate China’s AI industry. The Qwen3-Max AI model was also launched. Alibaba also outlined its expansion of data centres in France, Holland and Brazil, showing commitment on a global level. In September, it was widely reported that Jack Ma, Alibaba’s founder, had returned to a leading role in the company. Ma’s comeback is seen as a positive signal for Alibaba.
JOHNSON&JOHNSON
Johnson & Johnson’s stock price increased 1.8% to record a one-month peak, with the stock receiving an additional boost alongside many listed pharmaceutical stocks. On Friday, President Trump announced 100% tariffs on pharmaceutical products imported to the US. J&J is expected to be exempt from those tariffs due to a $55 billion commitment to US production investments. The company has also avoided being targeted in the trade conflict that Asian and non-EU pharma firms have faced. The company also recently issued a strong 2025 earnings forecast.
Commodities
Crude Oil
Crude oil prices jumped 4.2%, amid geopolitical risks, after further Ukrainian attacks on Russian oil refineries and energy infrastructure caused Moscow to suspend diesel and gasoline exports, raising oil supply concerns. President Trump put pressure on Turkey, a major importer of Russian oil, to cease purchases. Prices were also boosted by higher US GDP data and falling inventories.
Gold
Gold prices climbed 2.0% and rose above $3790 for the first time. The precious metal saw safe-haven demand as tensions rose in the Middle East and over escalating tensions between Russia and NATO countries. While an elevated US GDP caused a pullback, inflation-linked data late in the week were in line with expectations, and markets still expect two rate cuts this year.
Platinum
Platinum prices surged by 12.0% to a 12-year high as supply concerns in major platinum producer South Africa continue to mount due to ongoing power shortages, while the outlook for autocatalyst demand appears to be improving after Chinese car companies saw an increase in orders. Platinum prices also benefited from rising US GDP, which implies that US customers may decide they are well off enough for major purchases such as cars and other consumer items that contain the metal.
USD/JPY
The USD/JPY increased 0.95%, rising to multi-month highs, with the safe-haven yen not receiving much support amid an ongoing political crisis in Japan, which saw Prime Minister Ishiba resign in September. Traders also remain worried about the economic impact of US tariffs on Japanese industry. However, there are still chances of a rate hike from the BoJ before the end of the year. A stronger dollar and broadly better-than-expected US economic data pushed the pair higher.
Recap –
Last week, the S&P 500 declined 0.7%, the Nasdaq fell 0.7% and the Dow Jones was down 0.2%.
US stock indices broke three successive weeks of increases after the S&P 500 tested another all-time high. Stock prices fell after US GDP figures came in higher than expected amid profit-taking after the recent run of record highs. US and Chinese presidents spoke, and President Trump stated that he will meet President Xi at the APEC Summit at the end of October. Russia–Ukraine related tensions rose after further incidents of unidentified drones reportedly entered the airspace of NATO countries such as Denmark. President Trump also told President Erdogan that Turkey should stop importing Russian oil. Both crude oil and natural gas prices reported strong increases, with the latter seeing a two-month high. Gold prices advanced again while silver prices ended the week at another 14-year peak. Platinum prices soared to a twelve-year high while Palladium prices hit their highest level in two months.