- US Initial Jobless Claims for the week ending September 28 increased from 219K to 225K, surpassing the estimate of 220K.
- The ISM Services PMI for September expanded from 51.5 to 54.9, while Factory Orders for August declined by -0.2%, missing the 0% estimate and down from the previous month's 4.9% increase.
- US Nonfarm Payrolls, due on Friday, are expected to show 140K jobs added in September, slightly below the 142K jobs in August, with the Unemployment Rate projected to remain unchanged.
- Market participants have placed the odds of a 25 bps rate cut at 66.7%, while the chances of a larger 50 bps cut have decreased to 33.3%, according to the CME FedWatch Tool.
- 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.
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