MARKET WRAPS
Watch For:
ADP National Employment Report for September; ISM Report on Business Services PMI for September; EIA Weekly Petroleum Report
Today’s Top Headlines/Must Reads:
– As the Fed’s Inflation Fight Drags On, Government Interest Payments Climb
– Bond Selloff Threatens Hopes for Economy’s Soft Landing
–
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ADP Payroll Data Offers Counterpoint to JOLTS
5 minutes ago
U.S. private employers added 89,000 jobs in September, the fewest since January 2021, according to private payroll company ADP.
Growth was driven primarily by the services sector,
The S&P 500 has initially fallen in futures markets on Wednesday but turned around to show signs of life. It looks like we are getting a little extended, and it’s probably worth noting that we are hanging around the 50% Fibonacci level from the most recent shot higher.
» Read more about: S&P 500 Price Forecast – S&P 500 Attempts to Bounce »
The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading at around 19,450 level as compared to the Nifty futures’ previous close of 19,563.
The domestic equity indices gave up previous day’s gains and closed around half a percent lower on Tuesday.
Benchmark borrowing costs around the globe jumped Wednesday, before paring back, as investors continue to adjust to the prospect that interest rates will likely stay higher for longer.
The yield on the 30-year U.S. Treasury note briefly breached 5%, while the 10-year equivalent hovered below 4.8%—its highest level since August 2007.
» Read more about: Stock Market Today: Bond Selloff Wanes; Oil Prices Fall »
MILAN, Oct 4 (Reuters) – Italian state lender Cassa Depositi e Prestiti (CDP) and Malaysia’s sovereign wealth fund Khazanah Nasional Berhad have signed a four-year agreement to strengthen economic relations and promote mutual investments, CDP said on Wednesday.
» Read more about: Italy's CDP signs investments accord with Malaysia's sovereign fund »
TORONTO, Oct. 4, 2023 /CNW/ – Obsiido Alternative Investments Inc. (“Obsiido“) is pleased to announce the launch of its proprietary alternative investments platform and two innovative flagship alternative investment solutions, Obsiido Alternative Growth Portfolio and Obsiido Alternative Income Portfolio (the “Obsiido Portfolios“).
Remi interface is a one-stop digital portal where advisors request customized SMA proposals for tax optimization and risk mitigation
CHARLOTTE, N.C., Oct. 4, 2023 /PRNewswire/ — Allspring Global Investments™, a leading independent global asset management firm with $547 billion* in assets under advisement and a top 10 separately managed account (SMA) provider**,
» Read more about: ALLSPRING GLOBAL INVESTMENTS LAUNCHES CUSTOM SMA PORTAL FOR ADVISORS »
Millions of people are facing retirement without enough income to live comfortably and may struggle to address the issue.
A proprietary model that looks at retirement readiness has been created by Vanguard for its inaugural retirement readiness report, in which it calculates rates of what it calls “sustainable replacement income,” the percentage of pre-retirement income that a worker can replace throughout retirement in 90% of market and mortality scenarios.
Teva Pharmaceutical Industries Ltd.’s
TEVA,
-4.10%
new collaboration with Sanofi
SNY,
on an inflammatory bowel disease treatment “will pay dividends” from a commercial perspective, Evercore ISI analysts wrote in a note Wednesday, as the companies team up on a therapy that’s drawing growing investor interest.
» Read more about: Teva partnership with Sanofi ‘will pay dividends,’ analyst says »