US futures are indicating a softer open today. European markets are lower, following Thursday's gains. Asian markets finished mixed. The focus today is on the BoJ decision, where no changes to policy were made, as widely expected. The policy statement was notably brief, with no forward guidance, leaving market participants evaluating the broader impact of the Fed's outsized rate cut. The BoE is tipped to cut rates again in November after leaving policy unchanged on Thursday. In US, optimism around a potential soft landing continues to drive rotation into big tech and cyclical stocks, while defensives are being sold off. There is growing anticipation around the Fed’s next steps, particularly how these cuts might impact inflation and economic growth in the coming quarters.

Companies Mentioned: Battalion Oil