- Switzerland's consumer inflation reading for September came in lower than expected. Moreover, in m/m terms, there is a deflation. The index reading is at its lowest level since August 2021.
- Eurozone: services PMI index for September 51,4 points. (forecast: 50.5 points; previous: 52.9 points). Most European economies are breaking out above the contraction zone, and the data themselves were also above expectations.
- The Challenger report from the US, showing the number of lay-offs, for September indicated 72.8 thousand, compared to 75.89 thousand in August; lay-offs fell m/m by nearly 4%. It can be seen that the levels are slightly elevated, but did not increase month-on-month this time.
- US jobless claims came in 225k vs 221k exp. and 218k previously, revised to 219k. Continued jobless claims came in 1.826M vs 1.83M exp. and 1.834M previously, revised to 1.827M
- The U.S. services sector activity reached a 1.5-year high in September, with the ISM non manufacturing PMI rising to 54.9. This indicates strong economic growth, particularly in new orders.
- Oil prices surged after US president Joe Biden signaled that '(...) We are discussing Israel striking Iran oil facilities.' The US told Iran indirectly to not attack Middle East military bases, according to IRNA. According to Biden, the US Administration doesn't expect IDF military response to the Iran strike today.
- Natural gas inventories rose by 55 billion cubic feet last week, slightly below the expected 56 billion and higher than the previous 47 billion cubic feet.
- Lockheed Martin has decided to raise its dividend to $3.30. The company pays a dividend every quarter, which implies an annualized dividend of $13.2. Thus, the annual dividend rate for the next 12 months is now 2.19%. For the company, this is the 22nd consecutive year of increasing the dividend paid.
- After a nearly 30% near-continuous rally, the Hang Seng Index slid more than 4.5% today at the peak of the sell-off, indicating the biggest sell-off in 2 years, following an uninterrupted 13-day upward streak. However, index rebound after the sell-off, now losing 2%, but futures on Chinese benchmarks such as CHN.cash (-2.5%) suggest a further sell-off in Chinese assets and profit taking. Markets in mainland China are closed due to Golden Week.
- European stock markets are experiencing declines. The DAX is down 0.9%, FTSE 100 is flat, and CAC40 is down 1.4%. Wall Street is also red: Nasdaq is down 0.65%, Russell 2000 down 1.16%, while Dow Jones is down 0.73% and S&P500 is 0.55% lower.
- The strongest currency today is the US Dollar, with the Dollar Index gaining 0.3%. British pound is the worst performing currency today after Bank of England Governor Andrew Bailey suggested more positive inflation data could lead the central bank toward a more aggressive approach to interest rate cuts
- The cryptocurrency market is seeing losses today. Ethereum is down 1.68%, Dogecoin falls by 1.25%, and Bitcoin declines 0.47%, to around 60,000 USD.
- Precious metals have reversed the losses and are now mixed: gold losses 0.07%, silver is up by 1%, while platinum is 1.15% lower.
Daily Summary: As a ceasefire drifts away, markets lose ground
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