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Market Minutes
Read snapshots of the latest market news
US ADP jobs shrink as government shutdown takes effect
Today’s report focuses on several key economic data points. Private payrolls measured by ADP showed a contraction in the latest assessment. Eurozone inflation recorded a slight uptick. Meanwhile, crude-oil inventories rose more than expected, pressuring prices lower. All this occurred as the US government shutdown materialised amid disagreement in Congress.
US consumer confidence dips; markets mixed
Today’s report highlights several notable data releases. The Conference Board’s consumer-confidence gauge declined in its latest reading. China’s PMI prints came in below estimates. Japan’s industrial production fell for a second consecutive month. Meanwhile, the Reserve Bank of Australia (RBA) left interest rates unchanged.
US shutdown fears rise as gold hits record high
The Dollar Index closed slightly lower amid rising risks of a US government shutdown. If Congress fails to reach agreement, the Bureau of Labor Statistics could delay publication of employment data. In parallel, gold reached a new all-time high as investors sought safe-haven assets.
PCE in line with forecasts; gold and oil prices rise
Personal consumption expenditures (PCE) inflation data arrived in line with analysts’ expectations, albeit with a slight acceleration in the headline measure. Although the release contained no major surprises, it suggests the tariff impact on prices is not yet visible in the data. In response, the dollar eased modestly, gold rose, and US equity indices appreciated into the close.
US GDP and employment improve amid market adjustment
US equity markets declined on renewed doubts about the viability of further Fed cuts. Weekly jobless-benefit data fell, monthly durable-goods orders surprised to the upside, and the latest Q2 GDP revision beat expectations—all of which underscore the strength of the US economy.
US home sales beat forecasts, Fed tone moves markets
New home sales in the US surprised to the upside, reaching a three-year high. The print may reflect the recent decline in long-term reference rates, although many analysts regard it as a one-off outlier that is likely to normalise in coming months. Meanwhile, equity markets closed lower amid the Fed’s cautious tone and heightened uncertainty.
Powell cites tough economy and high market valuation
The Chair of the Federal Reserve (Fed) stated that the FOMC sees a minimal but present risk of stagflation in the US economy and will not pre-commit to further cuts without supporting data. When questioned about financial stability, he added that the Fed does not perceive systemic risks, though asset valuations are considered elevated.
Trump increases visa fees as Nvidia invests in OpenAI
US equity markets closed higher despite the announcement of a new fee on H-1B visas introduced by US President Donald Trump. While higher application costs imply a headwind for US companies that recruit highly skilled foreign workers, the overall impact is likely to be contained. Meanwhile, Nvidia announced a substantial investment in OpenAI.
BoJ kept rates unchanged and announced asset divestment
The Bank of Japan (BoJ) kept its benchmark interest rate unchanged but announced a significant divestment of risk assets. Japan’s benchmark Nikkei 225 index fell, while 10-year government-bond yields rose. Meanwhile, global equity markets were mixed as the initial lift from the Fed’s tone faded.
The BoE kept its interest rates unchanged; sterling weakens
The Bank of England (BoE) kept its benchmark interest rate unchanged at 4%, while slowing the pace of its quantitative tightening (QT) programme. Meanwhile, equity markets advanced across the board following the Federal Reserve’s (Fed) decision to cut interest rates.