Here’s the latest news you may have missed and what to look for in the coming week:
- Goldman Sachs sees crude oil falling as low as $20 per barrel, more than a 50% drop from its current price levels.
- A lightning strike that hits a crane at the Grand Mosque in Mecca, Saudi Arabia takes at least 107 lives and leaves 238 more injured.
- The Shanghai Composite falls 2.67% overnight on Monday, its worst session in 3 weeks. Shares of smaller firms fell by as much as 7%. The authorities in China continue to blame “market manipulators.”
- The Federal Reserve Open Market Committee (FOMC) holds its monthly meeting on Wednesday and Thursday (September 16th-17th). Markets will closely watch whether or not the Fed raises its benchmark interest rate or leaves it at near-zero.
- The second debate for the Republican Party’s presidential nomination will be broadcast by CNN on Wednesday evening.
- Exchange-traded products tied to gold surprisingly outpaced the falling stock market over August, weathering the downturn for precious metal prices otherwise. It seems the use of gold as a hedge cannot so simply be dismissed as a “pet rock” investment.
- Australia’s Liberal Party ousts its party leader, Tony Abbott, in favor of Malcolm Turnbull, who will be the country’s new prime minister.