On October 1, 2024, significant economic data releases are anticipated to influence financial markets and the Federal Reserve's policy outlook.

The week kicked off with inflation data from Portugal and Germany, followed by PMI indices across various European economies, an OPEC meeting, and unemployment rates in the US and Eurozone.

Key events on Tuesday include employment and unemployment estimates, industrial production indices, and earnings results from Nike.

The OPEC Joint Ministerial Monitoring Committee (JMMC) is set to hold its 56th meeting on October 2, amid declining global oil prices and a forecasted drop in demand for 2024 and 2025.

The ADP Nonfarm Employment Change report, scheduled for 8:15 AM ET, is expected to show an addition of 124,000 jobs, up from the previous 99,000.

At 10:00 AM ET, key indicators including Manufacturing PMI, JOLTs Job Openings, and ISM Manufacturing PMI will be released.

JOLTs Job Openings are projected to decrease to 7.640 million vacancies from the previous 7.673 million.

FOMC Member Bostic will speak twice throughout the day, offering insights into monetary policy.

These economic indicators are closely monitored as they can significantly influence market trends and investor sentiment.

At 10:30 AM ET, the EIA Crude Oil Inventories report is expected to show a decrease of 2.1 million barrels from the previous week's drop.

The EIA will also release multiple reports at 10:30 AM ET, including distillate stocks and gasoline production.

The ECB has already implemented two 25 basis point cuts this year, with its next meeting scheduled for October 17.