Next Week's Macro Outlook: Non-Farm "Stealth", Tariff Case Under Review, Gold Enters Seasonal Strong Period

Here are the key points the market will Follow in the new week:

Monday 22:45, US October S&P Global Manufacturing PMI Final;

Tuesday 01:00, FOMC voter for 2027, San Francisco Fed President Daly, delivers a speech;

Tuesday 23:00, US September JOLTS Job Openings;

Wednesday 21:15, US October ADP Employment Report;

Thursday 21:30, US Initial Jobless Claims for the week ending November 1;

Friday 00:00, FOMC permanent voter, New York Fed President Williams, delivers a speech;

Friday 01:00, FOMC voter for 2026, Cleveland Fed President Harker, speaks at the New York Economic Club;

Friday 05:30, FOMC voter for 2026, Philadelphia Fed President Powelson, delivers a speech;

Friday 06:30, FOMC voter for 2025, St. Louis Fed President Moussoun, discusses monetary policy in a fireside chat;

Friday 16:00, FOMC permanent voter, New York Fed President Williams, speaks at the European Central Bank Money Market Conference.

Next week will see a large release of US private sector data. Specifically, the often-overlooked JOLTS Job Openings and Challenger layoffs data will receive proper attention, but it is understandable that all eyes will be on two ISM surveys and the ADP Employment Report. A series of soft data releases next week will reignite market expectations for a rate cut in December.