September 28, 2024
United States:
US Stocks Slip as Risk-On Mood Put on Pause: Markets Wrap
US stocks and bonds slumped as traders awaited key data on the American labor market due Friday to gauge its impact on the scope of further Federal Reserve interest-rate cuts.
S&P 500 edged down 0.09% with Ford Motor Co. and General Motors dragging on the benchmark index after profit warnings from European automakers. Treasury yields climbed, led by the policy-sensitive two-year note while the dollar was little changed.
Europe:
German Inflation Slows Below 2% as ECB Rate-Cut Bets Rise
German inflation eased below the European Central Bank’s 2% target for the first time since February 2021 — supporting the case for another cut in interest rates in less than three weeks.
Consumer-price growth in Europe’s largest economy slowed to 1.8% in September from 2% the previous month – in line with the median estimate in a Bloomberg survey. The retreat was down to energy and some goods costs, according to statistics agency Destatis.
Asia:
China’s Weak Factory Activity Shows Urgency of Stimulus Push
China’s factory activity continued to contract while the services sector slowed in September, as policymakers prepared an emergency stimulus blitz to revive an economy facing challenges across the board.
The official manufacturing purchasing managers’ index was 49.8, meaning the sector has now been in contraction since April 2023, bar three months. The non-manufacturing PMI fell to the lowest in 21 months, showing construction and services activity lost momentum and moved to the verge of shrinking.
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