Briefings

Archive October 2023

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Week InAdvance: October 30, 2023

Mon Oct 30 Rare closed-door event in Beijing. Apple's 'Scary Fast' product launch event. | Tue Oct 31 Halloween. Bank of Japan interest rate decision. | Wed Nov 1 All Saints holiday in much of Europe. Federal Reserve interest rate decision. | Thu Nov 2 Bank of England interest rate decision. | Fri Nov 3 US employment report. Culture Day in Japan; financial markets closed. | Sat Nov 4 Mischief Night in the north of England and parts of the US, where practical jokes traditionally take place. | Sun Nov 5 Daylight Savings Time ends. Bonfire Night in the UK. New York City Marathon.

 

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Week InReview: October 27, 2023

Hot GDP & Bond Math.

The US economy grew at the fastest pace in nearly two years last quarter on a burst of consumer spending, which will be tested in coming months. Gross domestic product accelerated accelerated to a 4.9% annualized rate, more than double the second-quarter pace, according to the government’s preliminary estimate Thursday. The economy’s main growth engine — personal spending — jumped 4%, also the most since 2021.

 

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Week InAdvance: October 23, 2023

Mon Oct 23 Chung Yeung Festival in China; financial markets closed. EU foreign ministers meet in Luxembourg. | Tue Oct 24 Fed, FDIC to discuss banks' fair lending rules. UN Security Council expected to open debate on Middle East. | Wed Oct 25 MSRB board meeting. EU to unveil wind energy plans. | Thu Oct 26 EU leaders summit. ECB rate decision. | Sat Oct 28 G7 trade ministers meeting in Osaka. | Sun Oct 29 Daylight Saving Time ends in the UK.

 

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Week InReview: October 20, 2023

Powell suggests another hold.

Jerome Powell, chair of the US Federal Reserve, during an interview at an Economic Club of New York event in New York on Thursday, Oct. 19, 2023. Powell suggests the Fed will hold rates. Photo: Bess Adler | Bloomberg

Federal Reserve Chair Jerome Powell suggested the US central bank is inclined to hold interest rates steady again at its next meeting while leaving open the possibility of a future hike if policymakers see further signs of resilient economic growth. His comments effectively affirm market expectations that the Fed will skip a rate increase for a second straight meeting when officials gather on Oct. 31 and Nov. 1.

 

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Week InAdvance: October 16, 2023

Mon Oct 16 Volume-based exchange transaction pricing for NMS stocks on the SEC's agenda. 'One Belt, One Road' forum in Beijing. Global Futures Council in Dubai. | Tue Oct 17 Ecofin meeting in Luxembourg. | Wed Oct 18 Fed's 'Beige Book'. IOSCO GEMC meeting. | Thu Oct 19 Fed hosts global central bank conference. | Fri Oct 20 European Commission and European Council presidents at the White House.

 

 

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Week InReview: October 13, 2023

Bond yields climb. Stocks drop.

Treasury yields surged after September’s hotter-than-expected CPI and moved still higher after an auction of 30-year bonds drew weak demand. Yields across the maturity spectrum rose by at least 10 basis points at one stage, and the 30-year bonds rose as much as 18 basis points, on pace for their biggest daily increase since the market turmoil of March 2020.

 

 

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Week InAdvance: October 9, 2023

Mon Oct 9 World Bank-IMF annual meetings open in Marrakech. Columbus Day in US. Thanksgiving Day in Canada. Public holidays in Japan, South Korea, and Taiwan. | Tue Oct 10 G20 finmins, central bankers meet as part of IMF gathering. IMF issues its latest world economic outlook. BOE releases minutes of financial policy meeting. | Wed Oct 11 US FOMC minutes. NATO defense ministers meet. Russia Energy Week. | Thu Oct 12 US CPI. ECB publishes account of September policy meeting. | Fri Oct 13 G20 finance ministers and central bankers meet as part of IMF gathering.

 

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Week InReview: October 6, 2023

Historic bond bets & job jitters.

Futures traders have record sums riding on the outcome of the Federal Reserve’s November policy meeting. Open interest in the November contract in CME’s federal funds futures market has soared to the most in the market’s three-decade history. The contract is used to wager on the central bank’s interest rate target range. The record number represented $25 million at risk per basis-point change in the rate. Much of that was betting on a hike. 

 

Traders are on edge ahead of key US payrolls data due Friday. US equity benchmarks pared early losses, with the S&P 500 hovering above a level that technical analysts warn could drive a steeper drop. The gauge is already down roughly 8% from July highs. A too-hot jobs report — which could keep the Federal Reserve on a hawkish path — could push yields up and stocks down.

 

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Week InAdvance: October 2, 2023

Mon Oct 2 IOSCO World Investor Week. China's 'Golden Week' continues; financial markets closed. | Tue Oct 3 CFTC hosts tech/fraud event. | Wed Oct 4 Basel Committee meets. | Thu Oct 5 IAIS/EIOPA conference. | Fri Oct 6 Latest US jobs report. Nobel Peace Prize awarded in Oslo.

 

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