Another European Session draws to an end (for me, at least!)
It's been very much a 'fill the void' session for assets, with seemingly all assets (ignoring crude) happy to take a breather from recent runs and retrace somewhat.
Oil prices inched higher before a meeting of OPEC+ producers to discuss a significant cut in crude output, with my dart landing on a cut closer to 2mbpd. But, as is the way on OPEC days, it's been a noisy rollercoaster.
Even PM Truss failed to kickstart any action in GBP, and given that it was a 'greatest hits' of comments she's said in the month since taking charge, that's not surprising.
Of note, data-wise, the US Mortgage Market Index fell 14.2% To 218.7 (Lowest Since 1997) - This makes for some pretty grim reading... However, in the age of 'bad data allows the Fed to pivot sooner', ie Bad Data is Good For Markets, this could be read as Risk On.
- Bank of Spain sees GDP growth of 0.1% in the third quarter
- The @Newsquawk Market Opening - European bourses/US futures under pressure amid firmer USD
- US Mortgage Market Index Falls 14.2% To 218.7 In Week Ended Sept 30, Lowest Since 1997
- UAE set to support Saudi Arabia and Russia on oil output cuts
- GBP shugging off PM's sermon
- Italy revises up Q2 GDP growth to 5.0% y/y vs prvs 4.7%
- UK S&P Services PMI Final: 50.0 (Forecast 49.2, Previous 49.2)
- Eurozone S&P Service Final PMI: 48.8 (Forecast 48.9, Previous 48.9)
- German S&P Services PMI Final: 45 (Forecast 45.4, Previous 45.4)
- French S&P Services PMI: 52.9 (Forecast 53, Previous 53.0)
- Italian S&P Services PMI: 48.8 (Forecast 49, Previous 50.5)
- VdL: EU Ready to Discuss Cap on Price of Gas Used for Production Of Electricity
- Spanish S&P Services PMI: 48.5 (Forecast 49.8, Previous 50.6)
- French Industrial Production MoM: 2.4% (Previous -1.6%)
- Swedish services PMI dips to 55.1 points in Sept
- The @Newsquawk JMMC and OPEC+ Meeting Preview
- More German companies plan to raise prices - Ifo
- German Trade Balance SA: Actual 1.2B (Previous 5.4B)