• The ADP National Employment Change for September came in at 143K, up from the upwardly revised 103K in the previous month, surpassing the forecast of 120K.
• Market participants have placed the odds of a 25 bps Fed rate cut at 64%, while the chances for a more significant 50 bps cut have diminished to 36%, according to the CME FedWatch Tool.
• Australia’s Judo Bank Services PMI is expected to decrease from 52.5 to 50.6 in September. The latest reading of the Composite PMI was 51.7.  A reading lower than expected would suggest a deterioration in business activity.
• The latest Aussie Retail Sales fared better than expected, crushed the 0.4% increase in July and rose 0.7% MoM in August.
• Retail Sales on Tuesday, the primary gauge of Australia’s consumer spending, rose 0.7% MoM in August. This exceeded the market expectations of a 0.4% increase.
• China’s business activity has deteriorated, which has led to increased stimulus from the People’s Bank of China (PBoC) and the Politburo.
• To stimulate the economy, the PBoC cut loan rates, reduced bank reserve capital requirements and even lowered property down payments. If China’s economy continues to print deflationary readings, it could miss its Gross Domestic Product (GDP) 5% goal for 2024.