The ruling LDP in Japan loses its parliamentary majority in its worst defeat more than a decade. The yen slumps to a three-month low as a result. We hear from German finance minister Christian Lindner at the IMF annual meeting in Washington who says Europe must be prepared for a second Trump administration. Moody’s cuts its forecast for France to negative for worse-than-expected fiscal deterioration. The credit ratings agency also cast doubt over the current government’s ability to tackle wider deficits. And in the U.S., campaigning enters its final full week with both candidates targeting purple swing states. In energy news, Brent and WTI are both sharply down after IDF airstrikes avoided key Iranian oil installations. 

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