📆 Thursday, October 3
► European stocks opened lower, with the Stoxx 600 down nearly 0.7%, as Chinese (or rather HK) equities were unable to gain for another day (instead saw some profit taking) and geopolitical tensions in the Middle East weighed on sentiment. Germany’s composite PMI dropped to 47.5 in September, signaling contraction, while France’s services PMI fell to 49.6. Spain stood out positively with services PMI rising to 57, marking strong expansion. Germany and France ongoing weakness remains a major problem for Europe. Investors will actively monitor Friday’s non-farm payroll data for clues about future Fed rate cuts.
► U.S. stock futures were down following gains in a volatile session on Wednesday. Concerns over Middle East tensions and stronger-than-expected ADP jobs data led investors to temper expectations of aggressive Fed rate cuts. Futures on the S&P 500 and Nasdaq declined by over 0.5%. Traders remain cautious ahead of the Friday jobs report, seeking further clues on the Fed's policy stance.
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