Morgans Financial Limited (Imports from Soundcloud)

Morgans Chief Economist and Director of Strategy, Michael Knox, joins Steve Austin on ABC Radio Brisbane to discuss the IMF’s latest Fiscal Monitor, released in October. The IMF now expects Australia’s budget deficits to run about 1% of GDP higher out to 2030 than forecast this time last year. That’s numbers Michael says are starting to look like those of European welfare states. In this interview, Michael covers: What the IMF’s October Fiscal Monitor shows for Australia’s budget outlook Why larger deficits add to demand and put upward pressure on inflation What this could mean for the RBA cash rate and the labour market The case for lifting the GST and cutting taxes on savings to boost investment and productivity Who really sets economic policy in Canberra This video contains general information only and does not take into account your personal circumstances. Please seek advice from your Morgans adviser before making any investment decisions.

US equity markets advanced despite a fresh rise in Treasury yields, with some solid gains among technology heavyweights – Dow added +91-points or +0.18%, with NVIDIA Corp (up +2.12% to a fresh record closing high of US$238.90) and Visa Inc (+2.51%) up over >2%. Merck & Co Inc (down -3.3%) was the worst performer in the 30-stock index Salesforce Inc -2.09%.

US equity markets advanced on Friday (2 October) after a sharp slowdown in the labour market eased concerns about a near-term interest rate hike, while oil prices fell after the Group of Seven (G7) said it would release fuel reserves– Dow rose +250-points or +0.49%. Cisco Systems Inc +3.56% NVIDIA Corp +1.34% to US$233.95 and touched a record intra-day high (US$237.88). Nike Inc dropped -3.64% to be the wort performer in the Dow on Friday (2 October) after the athletic footwear and apparel giant posted a mixed fiscal first quarter result after the close of the previous session and announced a restructuring plan that will lead to layoffs starting next year.

US equity markets opened the new month and quarter with modest gains, recovering from earlier losses as Treasury yields retreated from multi-decade highs and investors eyed tonight’s AEST jobs figures – Dow inched +21-points or +0.04% higher. Boeing Co (up +3.35%) and Salesforce Inc (+3.1%) rallied over >3%, while International Business Machines (IBM) Corp gained +2.59%. Walt Disney Co (down -3.4%) and Amgen Inc (-3.38%) both fell ~3.4%, with the former planning to cut hundreds of jobs as part of a restructuring of its television operations according to the Wall Street Journal.

Morgans AM - Thursday, 01 October 2026 by Morgans Financial

US equity markets posted back-to-back declines as Treasury yields continued to climb – Dow lost -132-points or -0.26%, paring an earlier decline of as much as -352-points. Apple Inc -2.66%

•A fresh jump in Treasury yields weighed on US equity markets albeit the major averages settled off their session lows after CNN and Axios reported, citing White House officials, that President Trump was open to providing sanctions relief to Iran on nuclear matters – Dow fell -347-points or -0.67%. Boeing Co dropped -6.91% after the Federal Aviation Administration said it wouldn’t certify the aerospace giant’s 737 Max 10 until it assesses a new software glitch. Salesforce Inc (-2.88%), International Business Machines (IBM) Corporation (-2.15%), and Goldman Sachs Group Inc (-2.05%) fell over >2%. Nvidia Corp (up +1.68%) bucked the weaker trend among semiconductor stocks after the company announced plans to buy back an additional US$150B worth of its shares, the biggest-ever company share buyback and bringing the total value of its share repurchasing program to US$235B. Nvidia also unveiled an Open Agent Safety Platform “to strengthen AI security from agent testing to deployment.”

•US equity markets advanced on Friday (25 September) to cap a volatile week of trading – Dow gained +479-points or +0.93%. Microsoft Corporation rallied +3.66% to $516.17 and booked its highest close since November last year after the technology giant unveiled an updated Copilot app with new capabilities, including coding and autonomous-agent tools. Apple Inc gained +1.53% to US$341.07, logging first record close since late July. Salesforce Inc (down -1.76%) was the worst performer in the Dow on Friday (25 September).

•US equity markets were mixed overnight following a muted session as oil prices and bond yields continued to climb. The Dow fell -162 points of -0.31%. •Investors were awaiting news from the meeting between President Trump and Chinese leader Xi Jinping in Washington ahead of a state dinner at which several corporate leaders are expected to attend. Earlier, Treasury Secretary Scott Bessent said that the U.S. and China will extend a tariff truce by two months, until January.

•US equity markets declined as crude prices and global bond yields resumed their march higher – Dow fell -352-points or -0.68%. McDonald’s Corp dropped -4.81% after announcing plans for its own media network, pricey restaurant upgrades/remodelling and ways to win over GLP-1 users during an investor presentation at its Chicago headquarters. In June, the company unveiled its newest growth strategy, McDonald’s > NEXT. However, until last night executives had offered few details about how they would implement the plan and how it may affect its financial results over the coming years. McDonald’s aims to win over more diners at a time the company expects inflation and flat traffic to restaurants overall will persist, CEO Chris Kempczinski told CNBC. The four (4) ‘Magnificent Seven’ members in the Dow all declined, with Alphabet Inc down -3.8%, Amazon.com Inc -2.24%, Apple Inc -0.8% and NVIDIA Corp -1.47%.