🌍 Geopolitics and Oil
Houthi attacks on Saudi Arabia and tanker incidents in Hormuz keep supply risks high. Brent is holding above $106 and WTI is near $95. 🛢️
🇺🇸 Wall Street
Mixed bank earnings and a chip sell-off left US stocks flat to lower.
📉 Dow 51,670 (–0.35%)
📉 S&P 500 7,805 (–0.02%)
📉 Nasdaq 27,204 (–0.15%)
Chip stocks fell sharply, with the Philadelphia Semiconductor Index down 2.7%.
🌏 Asian Markets
Asia is stabilizing after Tuesday’s AI and chip rout, led by a tech rebound in Tokyo and Seoul.
🇯🇵 Nikkei 225: up 0.4%, near 68,000
🇰🇷 Kospi: up about 1–2% after Tuesday’s 5.5% drop
🇭🇰 Hang Seng: flat, near 24,330
🇨🇳 Shanghai Composite: flat, near 3,800
🇨🇳 China’s September data was mixed:
Exports +36.3% y/y (forecast +25.5%)
Imports +31%
CPI 0.9% (below the 1% forecast)
PPI 5.0% (forecast 4.5%), the fastest pace since June 2022
🇸🇬 The MAS left policy unchanged, surprising analysts who expected tightening.
💵 Forex
💲 DXY is near 102.3, just below Monday’s 18-month high.
💶 EUR/USD is near 1.1210, close to its weakest level in 17 months. Lagarde’s comments were read as hawkish.
💴 USD/JPY is near 158.4, with the yen pressured by a cautious BoJ outlook.
🥇 Gold: around $4,168, holding support near $4,150.
₿ Crypto: Bitcoin is near $83,900 and Ethereum near $2,520.
📈 US 10-year yield: about 5.22%.
📅 Today’s Key Events (GMT)
🔥 12:30 – US CPI for September. Forecast: 3.6% y/y (prior 3.4%) and +0.6% m/m, with core +0.2% m/m.
🗣️ 09:40 – Fed’s Bowman speaks. Speeches from Lagarde, Bailey and Barkin also due.
📋 18:00 – Fed Beige Book.
Markets price about a 22% chance of a Fed hike in October. A hot core reading could lift yields and the dollar and pressure gold. A soft print could support risk assets. ⚡
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