Chinese consumer inflation disappoints for September while deflation deepens in the manufacturing sector. Chinese markets see a volatile session following Saturday’s finance ministry press conference. Finance minister Lan Fo’an says there is ample room for more stimulus measures but stopped short of giving specific details. In the U.S., JPMorgan beats quarterly earnings expectations while Wells Fargo also posts a solid beat on the bottom line. The UK attempts to diffuse a row over investment in the country with DP World on the eve of a international summit on London as the government announces a reported £50bn round of new investments. We are also live at the Paris Motor Show where the beleaguered European sector is reeling from profit warnings, falling demand and pressure from Chinese automakers. 

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U.S. inflation data comes in higher than expected with the 10-year Treasury yield held above 4 per cent. Atlanta Fed President Raphael Bostic has proposed a pause in the cutting cycle at next month’s Fed meeting. Tesla CEO Elon Musk unveils the company’s long-awaited ‘Cybercab’ with a prospective production date in 2026 but early market indications are potentially sceptical. In China, there is further trouble for the markets with the Shenzhen Composite tumbling by more than 15 per cent for the week ahead of tomorrow’s finance ministry press conference. And the new French government launches its 2025 budget, which includes €60bn of tax hikes and spending cuts, in a bid to slash the country’s ballooning deficit.

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FOMC minutes show greater splits over last month’s jumbo 50bps rate cut than initially thought but sanguine U.S. equities shrug off news about September’s Fed decision. In Asia, Chinese stocks extend gains amid heavy trading volumes as the PBOC’s 500bn yuan stimulus measures come into effect. Germany downgrades its growth forecasts, now guiding for a second year of recession. Economy Minister Robert Habeck claims the government is seeing progress in tackling both the country’s structural problems and global challenges. Airbus deliveries are down 9 per cent in September but the plane maker believes it will achieve FY targets in the final quarter. And in the U.S., up to 2 million people are without power after Hurricane Milton smashes into Florida’s central Gulf Coast and barrels inland, now downgraded to a Cat 2 storm.  

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Chinese equities come crashing back to Earth, snapping a 10-day winning streak following the PBOC’s recent stimulus measures as economic realities sober up markets. Stateside, the DoJ is considering a break-up of Google following August’s landmark monopoly ruling. French Prime Minister Michel Barnier’s fledgling government survives a parliamentary vote of no-confidence as he prepares to launch his budget plans to cabinet tomorrow. And in Florida, Hurricane Milton has once again been upgraded to a Category 5 storm with authorities urging Gulf Coast residents to leave the region. President Biden has warned evacuation is now a matter of life and death.   

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The Chinese blue-chip CSI 300 Index pares gains of more than 10 per cent following the week-long National Day Holiday. An official CCP economic conference subsequently fails to wow investors. The World Bank issues a 4.3 per cent growth forecast for the world’s second-largest economy as turmoil in the Chinese property market persists. Tech giant Samsung issues a rare apology for offering Q3 profit guidance which was well below analyst expectations. The chip maker said it had struggled against higher supply from rival Chinese companies. We are live at Hon Hai Tech Day in Taipei, Taiwan where Foxconn chairman Young Liu tells CNBC that the A.I. investment boom is still very much in the process of evolving.  

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The Hang Seng stands out among strong Asia equities, hitting a two-and-a-half-year high following Friday’s bumper U.S. jobs data. Confidence is growing that the U.S. is set for a soft landing. Crude prices have enjoyed their best weekly gains in almost two years on the back of last week’s Middle East tensions. Supply disruptions are in focus on the one-year anniversary of the Israel-Hamas conflict. Taiwanese semi-conductor giant FoxConn notches record Q3 revenue after seeing a 20 per cent demand surge for A.I. servers. Miner Rio Tinto eyes lithium producer Arcadium as it looks to grow the metal’s lucrative long-term revenue stream. And in gaming news, France’s Ubisoft sees shares soar by more than 30 per cent amid reports of potential buyout talks by Chinese tech giant Tencent.  

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Crude prices spike once again as U.S. President Joe Biden appears to say that Israeli retaliatory strikes on Iranian oil facilities may be under discussion. Wall Street looks set to snap a three-week winning streak with investors eyeing today’s key non-farm payroll data. OpenAI reveals it has secured a $4bn revolving credit line following the closure of yesterday’s funding round which leaves the company valued at more than $150bn. CFO Sarah Friar tells our colleagues Stateside that financing the A.I. revolution will need significant investment. The U.S. ports strike has been suspended as dockworkers return to the negotiating table after reaching a potential pay deal. And in retail news, the Chinese fast-fashion brand Shein is reportedly to hold ‘roadshows’ ahead of a potential IPO in London.  

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Crude prices continue upwards as Israel ramps up strikes on Hezbollah in Beirut and considers retaliatory measures following Iran’s missile attack on Tuesday. OpenAI manages to raise $6.6bn in a new round of fund-raising which has increased its valuation to $157bn. The U.S. private sector continues to surprise with non-farm payroll growth topping expectations as traders reduce their rate cut expectations ahead of tomorrow’s employment data print. The yen slides further against the greenback after its largest single-day fall in more than 2 years. New Prime Minister Shigeru Ishiba believes that the country is not ready for further rate hikes which has lifted Japanese equities. And in autos news, Tesla posts its first quarter of annual growth this year but falls short on delivery expectations.  

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Crude prices spike after Iran launches close to 200 missiles at Israel in retaliation for the killing of Hezbollah Hassan Nasrallah. In New York, Vice-Presidential candidates JD Vance and Tim Walz go head-to-head in what is likely the last debate of the presidential race. The pair clashed on immigration, foreign affairs and economic policy. The Nasdaq drags Wall Street down with stocks beginning Q4 in the red. JOLTs numbers show an unexpected rise in August jobs openings. In Asia, the Hang Seng returns from a one-day holiday in the green. Beijing’s recent stimulus measures push property stocks almost 15 per cent higher. And in retail news, Nike withdraws its FY forecast and postpones its investor day, causing its shares to tank almost 6 per cent in extended trade.  

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The Dow and the S&P 500 notch new records while the Nasdaq enjoys its fourth consecutive quarter in the green. Federal Reserve Chairman Jerome Powell says the central bank does not have pre-set projections for rate cuts. In Japan, equities recover some ground ahead of new Prime Minister Shigeru Ishiba unveiling his new cabinet. Stateside, up to 50,000 longshoremen begin their first strike in almost half a decade across a number of East Coast and Gulf of Mexico ports in a move that some analysts estimate will cost the American economy up to $5bn a day. Israeli special forces begin targeted ground operations in southern Lebanon aimed at destroying Hezbollah positions and infrastructure. ECB President Christine Lagarde says she is broadly in favour of cross-border banking mergers as Unicredit continues to woo German lender Commerzbank.    

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