EU mid-market update: US jobs report day; French-German 10-year spread nears 150bps; Amazon tries to turn $8B of Blackwells into a financeable asset class; Anthropic adds $18B of junior debt ahead of November IPO; Logan wants 50bps+ but says the term premium may do part of the tightening.
Notes/observations
– Today’s US payroll number has an unusually large measurement problem before anyone gets to the Fed reaction. Consensus is roughly +90K, unemployment 4.1% and wage growth 3.2% y/y, but estimates for payrolls stretch from 35K to 180K and August’s apparently strong +162K is likely to be revised lower. Barclays calculates that if August had simply used the seasonal factors applied in August 2025, the month would have printed – 74K rather than +162K; September causes the BLS to extend the seasonal- adjustment window and could therefore rewrite the starting point before today’s new jobs are even counted. At the same time, immigration restrictions, deportations and retirements have reduced labour- force growth enough that economists now put the payroll increase required to keep unemployment stable at only 50-80K per month. A +90K print with 4.1% unemployment is therefore not obviously “weak” in the way the same number would have been several years ago. The composition is awkward for Logan’s call yesterday for another 50bp+: construction is expected to remain strong partly because of data- centre building, while manufacturing could post a fourth consecutive double- digit monthly gain partly because of the AI infrastructure cycle. The same investment boom the Fed is hoping will raise productivity later is currently supporting hiring, construction wages and capital- goods demand. With October hike pricing already down to roughly 28%, average hourly earnings and revisions probably carry more information today than whether headline payrolls print 80K or 110K; a low unemployment rate created partly by constrained labour supply is much less inflationary than one accompanied by accelerating wages.
– France has responded to Washington’s 120M- barrel diesel demand with a different 100M- barrel package: 50M barrels of European diesel plus 50M barrels of crude released across IEA members. The arithmetic matters. Washington’s proposal would remove roughly 650K bpd of diesel from emergency stocks for six months and consume more than 40% of the EU’s diesel/gasoil reserve; the French plan cuts the direct product draw to roughly 275K bpd, preserves much more of Europe’s winter diesel insurance and asks the broader IEA system to supply the other half of the intervention. It also quietly changes who bears the cost. The U.S. proposal uses European strategic diesel to keep roughly 1.3M bpd of American exports flowing and avoid the refinery distortion of a U.S. export ban; Paris is effectively saying Europe will spend some of its scarce finished- product inventory, but not 120M barrels of it while other IEA members preserve crude stocks. The 50M barrels of crude are not equivalent to 50M barrels of diesel – a crude release only helps after a refinery has spare throughput, the right configuration and enough logistics to turn it into distillate – so France’s package provides less immediate relief to the product shortage than Washington’s demand. That is probably intentional. Gulf crude flows have recovered much faster than diesel supply, Middle Eastern product exports remain deeply impaired, Russia has restricted diesel exports and Europe is structurally more dependent on U.S. barrels; burning almost half the emergency product buffer to solve a refining shortage would leave Europe considerably less protected if Hormuz or Russian refinery supply deteriorates again. France is therefore trying to turn a bilateral ultimatum into an IEA burden- sharing exercise: Europe contributes the scarce molecule, the wider alliance contributes crude, and Washington avoids an export ban that could eventually fill Gulf Coast storage and force U.S. refiners to cut runs. The disagreement is no longer over whether strategic stocks should be used. It is over whether Europe should spend its highest- value inventory almost alone, or whether the cost of keeping the global refinery system supplied should be distributed across crude and product reserves before winter.
– Fed’s Logan’s remarks make that distinction unusually consequential. She says policy is still “offsides,” wants at least 50bp more tightening, worries more about the inflation effect of energy than the growth effect, and explicitly says AI investment itself is adding to current inflation while potentially raising productivity later. Yet she also acknowledged that the rise in term premium can reduce how much tightening has to be delivered through fed funds. That is almost exactly what the curve has done this week: the 2Y fell sharply after Williams and Jefferson pushed back against an immediate October move, while the 10Y still sits near 5.25% after touching 5.344%, its highest since 2002. A soft payroll print can therefore produce a very different rally at two years than at thirty. The front end can price fewer Fed hikes; the long end still has Treasury deficits, $100+ oil, French fiscal stress and several hundred billion dollars of AI infrastructure competing for capital. A hot wage number would reconnect those two trades very quickly. A merely soft jobs number may not.
– France has now shown investors the fiscal package and the OAT market has widened anyway. The government proposes €43B of new savings/tax measures, €54B including measures already ramping, to take the deficit from roughly 5.4% to 5.0% of GDP; the package freezes parts of public- sector compensation, restrains pension indexation above €1,260 a month, cuts medicine costs and increases several employer/payroll taxes. France/Germany 10Y nevertheless widened another 5bp this morning to roughly 147bp, the widest since 2012, because the state still has €339.7B of financing requirements and plans €340B of net medium/long- term issuance in 2027. Of the €28B increase in funding needs, €19.4B simply comes from old medium/long debt maturing and another €6.1B from the disappearance of EU recovery financing. France therefore cannot austerity its way out of next year’s supply calendar: even successful consolidation leaves more bonds to sell because the stock of cheap crisis- era debt is rolling into today’s yields. Eurozone flash CPI is due before the U.S. payroll report, with consensus around 3.6% from 3.2%, after France printed 3.4%, Germany 3.3%, Italy above 4% and Spain 5%. Rehn this morning effectively acknowledged the uncomfortable feedback loop: expensive energy pushes inflation up, while higher government and technology borrowing costs may have to suppress enough demand to stop that energy shock spreading into wages. France is where that monetary transmission becomes politically expensive first.
– Nike’s quarter is much more interesting than the headline “China weak, turnaround delayed.” Revenue fell 4% to $11.2B, but gross margin actually expanded 60bp to 42.8%, inventories fell 3% to $7.8B and the performance business grew high single digits; excluding the Greater China reset, performance grew low double digits. The hole sits somewhere quite specific: Nike Sportswear is just under half of company revenue and fell low double digits, Jordan represented 13% of the business and fell mid- teens, while China fell 26% currency- neutral. Nike cut Dunk revenue almost 50%, deliberately sacrificing roughly $200M of quarterly sales, and says aged high- volume Sportswear shoes sold through badly enough that wholesale partners have already reduced future order books. That is not primarily a macro consumer story. Management is admitting that too much undifferentiated lifestyle inventory – Dunks, retro Jordans and ageing franchises – damaged scarcity, pricing and the next season’s wholesale demand, then deliberately removing more supply to repair it. North American wholesale sales were actually +9% while Nike Direct fell 6%; globally Direct fell 9% currency- neutral against wholesale – 1%, an awkward inversion after years in which Nike tried to own more of its distribution itself. Greater China is even more deliberate: Nike is removing distribution from digital channels, concentrating around official Tmall/JD/Douyin storefronts and says revenue there will get worse for the rest of FY27 while it cleans inventory and discounting. The full- year high- single- digit revenue decline therefore contains a lot of self- inflicted volume destruction rather than evidence that every Nike consumer disappeared. The harder number is timing: the Pace programme promises $2.5B of savings, but most arrive in FY29–30, while Q2 already carries roughly 400bp of revenue pressure from deliberate actions and comparisons and management expects EBIT to decline faster than sales. Nike is paying for brand scarcity now and receiving much of the cost relief years later.
– Amazon is trying to transform $8B of Nvidia Grace Blackwell chips already sitting in its own data centres into someone else’s capital asset. The proposed vehicle would buy thousands of GPUs across more than a dozen U.S. locations, fund itself largely with external debt and lease the chips straight back to Amazon; Amazon may contribute only around 10% of the SPV equity and would not own the vehicle. The timing follows weak demand for the long end of Amazon’s $25B July bond deal and comes during a year in which capex is expected around $220B. This solves a different problem from Nvidia’s attempt to convince banks that GPUs themselves remain valuable collateral for many years. An insurer buying Amazon’s SPV debt does not need to believe a Blackwell chip will retain extraordinary resale value in 2032 if a five- year Amazon lease returns most of the principal before residual value becomes important. The actual collateral package is GPU + Amazon lease, not GPU. That distinction could decide which parts of the AI build- out migrate successfully into pension and insurance portfolios: an energised cluster leased to AA- rated Amazon is bond- like in a way a warehouse of accelerators owned by a cash- burning neocloud is not. Hyperscalers spent the first years of the AI boom buying compute on balance sheet; at 5.3% Treasuries they are beginning to engineer the balance sheet around the compute instead.
– Anthropic is going one layer further down the capital structure. Banks are preparing a $42B senior- secured Class- A tranche, while Blackstone is leading an $18B Class- B junior tranche, committing about $9B itself, for a $60B Broadcom- linked AI financing package that has not yet been finalised. Broadcom separately has agreed to lend Anthropic as much as $42B to finance infrastructure associated with roughly $125.2B of five- year TPU lease obligations, and those instruments can convert into Anthropic equity. Blackstone’s junior piece is the number worth watching. Senior lenders can underwrite equipment, lease priority and Broadcom support; $18B of subordinated debt has to believe there will be a very large residual enterprise value beneath it. Anthropic then reportedly wants to start formal IPO marketing as early as the week of November 9, ahead of Thanksgiving, effectively asking the equity market to establish that residual value while the credit market is still syndicating the infrastructure needed to produce it. That creates a peculiar circular financing machine: Broadcom supplies compute and credit, Anthropic becomes one of Broadcom’s largest customers, private lenders finance the purchase, and the IPO valuation supplies the equity cushion that makes the junior debt look safer. It works beautifully as long as model revenue expands faster than the fixed obligations surrounding it.
– The awkward datapoint is that the dollar cost of consuming AI is moving in the opposite direction from the dollar amount being financed to produce it. Ramp’s latest AI Index has business AI spending down 5.2% w/w, driven almost entirely by competition between OpenAI and Anthropic; open- source models still account for less than 5% of business spend. OpenAI has been cutting frontier inference prices, Gemini is entering at aggressive pricing, and cheaper standard/lite models increasingly handle work that previously reached an expensive frontier model. Anthropic can therefore grow token volume very rapidly while the revenue extracted from each unit of useful intelligence falls. An $18B junior tranche, a five- year TPU lease or a GPU SPV does not reprice down every time OpenAI cuts API prices. The asset side is being financed on multi- year nominal schedules while the product sold through that asset has something closer to software pricing velocity. Telecom did not fail because internet traffic stopped growing; much of the capital structure failed because traffic grew while bandwidth prices fell faster than the debt assumed. AI does not need to repeat telecom for this arithmetic to matter. Usage can be spectacular and infrastructure returns mediocre at the same time.
– Cross- asset: The U.S. payroll print at 08:30ET now sits directly on top of one of the largest curve dislocations of the cycle: 2Y around 4.79–4.80%, almost 10bp lower after Fed patience signals, versus 10Y around 5.25% after yesterday’s 5.344% high. A +90K headline by itself probably tells less than the revision to August, the 4.1% unemployment rate and wages expected around 3.2% y/y. France/Germany is almost 150bps, with French fiscal stress helping send EUR/USD to roughly 1.124 and DXY near 102, a 17- month high; USD/JPY is around 157.8 after Tokyo core inflation accelerated to 2.7%. Brent is near $101.6, WTI about $92.0, while spot gold sits around $4,188 and is heading for a second weekly decline despite geopolitical risk because the dollar and real yields remain stronger. STOXX 600 is +0.4% after yesterday’s 1.3% fall, but European banks are heading for their worst week since April; Puma is lower after Nike’s outlook. Nasdaq futures are roughly +0.5%, S&P futures +0.3%, Nikkei – 1.1% and Hang Seng – 2.6%. Payrolls can still move the next Fed meeting sharply. The amount governments and AI companies need to finance means they no longer control the whole curve.
– Asia closed mixed with Hang Seng underperforming -2.6%. EU indices +0.6-1.1%. US futures +0.5-0.8%. Gold +0.1%, DXY -0.2%; Commodity: Brent -2.8%, WTI -3.7%; Crypto: BTC +2.9%, ETH +2.3%.
Asia
– President Trump urged China President Xi to hold talks with Japan PM Takaichi – Yomiuri.
– JPMorgan said to be ‘constructive’ on global FX carry trades despite the recent correction – US financial press.
– China and US could advance AI risk standards in the scheduled Nov talks – CCTV.
– Vietnam Official: Vietnam’s largest refinery to shut for around 50 days from August next year for regular maintenance.
Europe
– OAT (FR) French- German 10- year yield spread widens 5bps to 147bps (widest since 2012).
– UK Research & Innovation: Faster dementia diagnosis efforts backed by up to £80M funding.
– PM Burnham said to be preparing the “old” elections during May 2027 – London Telegraph [update].
– JD Wetherspoon reports prelim FY26 EPS 42.4p v 50.8p y/y, Pretax £58.6M v £81.4M y/y, Rev £2.2B v £2.1B y/y; Sees FY27 PBT in line with market expectations.
– BAE Systems said to weigh bid for Robin Radar in possible $2.3B deal – press.
– Glencore updates long- term Marketing adj EBIT guidance; Guides FY26 above $5B.
– Turkey Central Bank (CBRT) confirms raises SME loan growth limit to 5% from 4.5%.
– Hungary Debt Agency (AKK): Ahead of our annual financing plans.
Americas
– SEC announces proposed rules on investment advisor custody of crypto assets.
– FHFA said to ease credit data requirements for Fannie and Freddie – press.
– Amazon seeking to sell $8.0B worth of Nvidia chips to external investors through a new vehicle aimed at strengthening its balance sheet – FT.
– Follow up: Blackstone is leading an $18B tranche of Class- B junior debt for Anthropic.
Conflict/tensions
– Reportedly US to send up to 10K more troops and a 3rd aircraft carrier group to the Middle East; Trump told aids expects to resume bombing in Iran by the end of November – WSJ.
– Iran reportedly offers to allow nuclear inspectors back in if sanctions are eased – press (update).
– Iran official: No talks about Iran’s nuclear program took place during recent meetings with mediators – Iran press.
– US sent more patriots to Saudi Arabia, Qatari energy sites – Axios [citing two US officials].
– US sees China invasion of Taiwan as being NOT likely – financial press [update].
– Chinese construction of a runway on Antelope Reef in the Paracels archipelago reportedly well underway with analysts estimating it could be completed by mid- 2027 – press.
Trade/energy
– France reportedly proposed plan to release 50M barrels of diesel from Europe and 50M barrels of crude oil across IEA members – press.
– France to convene G7 leaders meeting to discuss oil supply and prices – press.
– Poland President Nawrocki signs windfall tax bill on energy companies, calls on govt to immediately lower fuel prices – press.
– Polish govt lowers VAT rate on fuels to 8% until Dec 31st – press.
– Flexport Global Logistics Update: Container rates at Ocean TPEB highest level since mid- 2022, container rates at ocean FEWB have eased for ~12 straight weeks, container rates at ocean TAWB westbound spot rate have “roughly doubled”.
Speakers/fixed income/FX/commodities/erratum
Equities
[FTSE +0.65% at 10,496.26, DAX +1.14% at 25,224.16, CAC-40 +1.05% at 7,917.39, IBEX-35 +1.06% at 19,206.61, FTSE MIB +0.82% at 50,651.50, SMI +0.85% at 13,738.50, S&P 500 Futures +0.45%].
Market focal points/key themes: European equities recovered more firmly on Friday, with the Euro Stoxx 50 rising 1.18%, the DAX advancing 1.14%, the CAC 40 gaining 1.05%, the IBEX 35 up 1.06%, the SMI climbing 0.85% and the FTSE 100 adding 0.65%, as investors returned after Thursday’s bond-led selloff even as Iran tensions and caution ahead of U.S. jobs data limited the rebound. Washington is expanding its military posture around Iran with three carriers and two amphibious groups due by November, while a 2.5-million-barrel tanker was struck in the Strait of Hormuz and U.S. officials highlighted Iranian uranium enrichment to 60% with no civilian purpose, prompting further Trump threats. The most notable individual movers were J D Wetherspoon, surging 7.0% on strong like-for-like sales, and Stellantis, up 4.5% after reporting a 6% rise in U.S. third-quarter sales, against IG Group’s 20.5% plunge on a sharp drop in OTC revenue retention and Plus500’s 8.0% decline in peer read-through. Brent crude fell 1.11% to $101.20 while the French-German 10-year yield spread widened to its highest since 2012 at 149 basis points with spillovers into Italy, Belgium and Greece, leaving markets focused on the U.S. September payrolls release later this morning.
Equities
Consumer discretionary: J D Wetherspoon [JDW.UK] +7.0% (like-for-like sales rose 8.6% in the first nine weeks of FY27, helped by exceptional weather, despite lower FY26 profit), Stellantis [STLAM.IT] +4.5% (US third-quarter sales rose 6%, including a 34% jump for Ram pickups, while the group is exploring a sale of Free2move), Ryanair [RYA.IE] +2.5% (September passenger traffic increased year on year), Volvo Cars [VOLCARB.SE] -3.0% (withdrawn outlook driven by further deteriorating market conditions in China and slower than expected recovery in the US, while Europe remains resilient), Kering [KER.FR] -2.5% (the luxury group confirmed a challenging end to the summer trading period), JD Sports Fashion [JD.UK] -2.0% (weak Nike sales in China and EMEA reinforce concerns over consumer demand, store traffic and promotional pressure).
Healthcare: Sanofi [SAN.FR] -4.0%, Genmab [GMAB.DK] -2.5%, Roche [ROG.CH] -1.5% (European healthcare and biotech names underperform following overnight losses in major US biotechnology stocks).
Technology: Hexagon [HEXA.B.SE] +3.5% (Nordea reiterated Buy and raised its price target to SEK125), ASM International [ASM.NL] +3.0%, STMicroelectronics [STMPA.FR] +2.0%, ASML [ASML.NL] +1.5%, BESI [BESI.NL] +1.5% (European semiconductor names track overnight US chip and AI strength following upbeat memory-sector signals).
Telecom: BT Group [BT.A.UK] +3.0% (reports it is discussing antitrust issues with UK officials around a potential TalkTalk acquisition).
Consumer staples: SalMar [SALM.NO] +3.0% (Goldman Sachs initiated coverage at Buy with a NOK700 price target).
Industrials / Defence: SKF [SKF.B.SE] +2.0% (Pareto reiterated Buy and raised its price target to SEK315 from SEK305), Prysmian [PRY.IT] +3.5%, Legrand [LR.FR] +2.0%, ABB [ABBN.CH] +2.0%, Schneider Electric [SU.FR] +1.5% (AI power, cabling and data-centre infrastructure beneficiaries rebound alongside renewed US technology strength).
Financials: IG Group [IGG.UK] -20.5% (Q3 revenue fell 14% as OTC revenue retention dropped to about 70% from an approximately 80% recent average; FY26 revenue growth is now expected in the mid-single digits), Plus500 [PLUS.UK] -8.0%, CMC Markets [CMCX.UK] -6.0% (online-trading peers fall in read-through from IG Group’s sharp deterioration in OTC revenue retention), Commerzbank [CBK.DE] -2.0% (RBC downgraded the bank to Sector Perform and set a €40 price target).
Materials: Endeavour Mining [EDV.UK] -2.0% (gold-price weakness weighs on precious-metals producers).
Speakers
– (EU) ECB’s Rehn (Finland): Rise in long- term interest rates will slow growth and reduce the pass- through of energy shock to prices, wages.
– (FR) French Fin Min Lescure: All measures in budget proposal are open for negotiation.
– (JP) Japan Defense Minister declines to elaborate on remarks at BoJ Sept meeting.
– (ID) Indonesia Finance Minister: Bank Indonesia (BI) doing what it can for Rupiah; Indonesia still has room for global bond sale this year; Indonesia Finance Ministry won’t take in stock exchange.
– (JP) Japan Econ Minister Kiuchi: Won’t comment on monetary policy which falls under jurisdiction of BoJ.
– (JP) Japan Fin Min Katayama: Will beef up efforts to promote Japanese version of DOGE review of subsidies and funds; There are about 200 existing funds, worth about ¥7.0T; Will drastically streamline idled funds in the budget process.
– (US) President Trump: Pretend I’m running in this election; If we don’t win, they’ll end up impeaching me – The President delivers Remarks [Pre- Credentialed Media], Choctaw Event Center, Durant, OK.
– (US) Fed’s Logan (voter in 2026, hawk; non- voter in 2027): Policy stance has been offsides, FOMC should raise rates; Higher term premiums might help slow economy; How high the policy rate needs to be to get inflation headed back to 2% is uncertain – Dallas Fed Event [Prepared Remarks], TX.
– (JP) Japan PM Takaichi: Won’t allow negative impact from fiscal policy [inline from previous comments] – NTV.
– (US) Trump: Diesel prices are coming down: We “may ask” Europe to release diesel supplies.
– (US) USTR Greer: Will continue to advance discussions on most- favored nation tariff structure; Did not submit draft agreement.
– (US) Fed’s Cook (voter): Supply shocks have had surprisingly persistent effects, becoming more salient for policy (update).
– (US) Treasury Sec Bessent calls on Europe to accelerate delivery on commitments.
– (CA) Bank of Canada’s (BOC) Rogers: Restoring the affordability of housing will require a broad, sustained effort and a policy mix.
– (US) Fed Vice Chair of Supervision Bowman (FOMC voter): Sees no urgent need for more rate moves this year.
– (US) Pres. Trump: Prices are way down from what Biden and the Dumocrats left us. It’s why I won the Election, and now.
– (EU) US Energy Sec Wright: Reiterates that US will ask Europe to release strategic diesel reserves; Europe can help the situation and I am highly confident they will – Fox News interview.
– (IR) Pres. Trump: “I stated, numerous times, that it would take 4- 6 weeks to get rid of the Iran nuclear threat, and I did it in one night! The rest of the time is just to make sure it stays that way.” – Truth Social.
– (US) Fed’s Jefferson (voter): Fed may need “more time” to assess the data; Not seeing spill over from tariffs or energy; Inflation risks tilted to the upside.
– (US) President Trump: Interest rates will hurt our growth – comments to reporters.
Economic data
– (EU) Eurozone Sept preliminary CPI estimate Y/Y: 3.8% V 3.7%E; CPI Core Y/Y: 2.5% V 2.5%E; CPI M/M: 0.6% v 0.5%e; Y/Y: 3.8% v 3.7%e.
– (NG) Nigeria Sept PMI (whole economy): 56.4 v 54.3 prior.
– (UK) Bank of England (BOE) Sept Decision Maker Panel (DMP) Survey.
– (HK) Hong Kong Aug Retail Sales Value Y/Y: 5.6% v 4.2%e.
– (UK) Sept Preliminary New Car Registrations Y/Y: 12.1% v 13.7% prior.
– (IT) Italy Aug Retail Sales M/M: 0.3% v – 0.4% prior; Y/Y: 0.5% v 1.0% prior.
– (TH) Thailand May Foreign Reserves w/e Sept 25th: $278.4B v $280.1B prior.
– (AT) Austria Aug Preliminary CPI M/M: 0.2% v 0.6% prelim; Y/Y: 3.6% v 3.2% prelim.
– (ES) Spain Sept Unemployment Change: +23.6K v +44.4K prior.
– (NO) Norway Sept Unemployment Rate: 2.0% v 2.1% prior.
– (RO) Romania Aug PPI M/M: 2.1% v 0.7% prior; Y/Y: 11.8% v 8.75% prior.
– (NL) Netherlands Sept Preliminary CPI Y/Y: 3.4% v 3.4%e.
– (JP) Japan Sept Monetary Base End of Period: ¥535.42T v ¥543.8T prior; Y/Y: – 15.2% v – 15.7% prior.
– (JP) Japan Aug Jobless Rate: 2.5% v 2.4%e.
– (JP) Japan Sept Tokyo CPI Y/Y: 2.7% V 2.5%E; CPI (ex- fresh food) Y/Y: 2.7% V 2.4%E.
– (KR) South Korea Sept CPI M/M: 0.3% V 0.4%E; Y/Y: 2.9% V 2.9%E.
Fixed income issuance
– (FR) France Debt Agency (AFT) announces upcoming issuance; To sell €5.1-6.7B in 3-month, 6-month and 12-month bills on Mon Oct 5th.
– (EU) ESM to sell €1.6B in 3- month bills on Tues, Oct 6th.
– (UK) DMO to sell £1.50B of 0.125% Jan 2028 on Weds, Oct 7th.
Looking ahead
– 05:30 (IN) India to sell combined INR in bonds.
– 05:30 (ZA) South Africa to sell combined ZAR1.0B in I/L Bonds.
– 06:00 (UK) DMO to sell £B in 1- month, 3- month and 6- month bills.
– 06:00 (IE) Ireland Sept Live Register Monthly Change: No est v – 0.6K prior; Level: No est v 173.6K prior.
– 06:00 (BE) Belgium Debt Agency (BDA) to sell OLO Bonds through Ori Auction.
– 07:30 (IN) India Forex Reserve w/e Sept 25th: No est v $B prior.
– 08:00 (BR) Brazil Aug Industrial Production M/M: No est v 0.2% prior; Y/Y: No est v – 0.5% prior.
– 08:00 (MX) Mexico Sept Domestic Vehicle Sales: No est v 129.5K prior.
– 08:00 (MX) Mexico Aug Leading Indicators M/M: No est v 0.03 prior.
– 08:00 (UK) Daily Baltic Dry Bulk Index.
– 08:30 (US) Sept Change in Nonfarm Payrolls: No est v +162K prior; Private Payrolls: No est v +127K prior; Manufacturing Payrolls: No est v +16K prior.
– 08:30 (US) Sept Unemployment Rate: No est v 4.1% prior; Underemployment Rate: No est v 7.7% prior; Labor Force Participation Rate: No est v 61.6% prior.
– 08:30 (US) Sept Average Hourly Earnings M/M: No est v 0.3% prior; Y/Y: No est v 3.1% prior; Average Weekly Hours All Employees: No est v 34.4 prior.
– 09:00 (IN) India announces upcoming bill issuance (held on Wed).
– 09:00 (SG) Singapore Sept Purchasing Managers Index (PMI): No est v 51.5 prior; Electronics Sector Index: No est v 52.6 prior.
– 10:00 (US) Aug Factory Orders: No est v 0.9% prior; Factory Orders (ex- transportation): No est v 0.6% prior.
– 10:00 (US) Aug Final Durable Goods Orders: No est v # prelim; Durables Ex Transportation: No est v # prelim; Capital Goods Orders (non- defense/ex- aircraft): No est v # prelim; Capital Goods Shipments (non- defense/ex- aircraft): No est v # prelim.
– 11:00 (DK) Denmark Sept Foreign Reserves (DKK): No est v 693.6B prior.
– 12:00 (RU) Russia Q2 Final GDP (3rd reading) Y/Y: No est v % prelim.
– 13:00 (US) Weekly Baker Hughes Rig Count data.
– 22:05 (VN) Vietnam Q3 GDP Y/Y: No est v 8.4% prior.
– 22:05 (VN) Vietnam Sept CPI Y/Y: No est v 4.9% prior.
– 22:05 (VN) Vietnam Sept Trade Balance: No est v – $0.1B prior; Exports Y/Y: No est v 26.0% prior; Imports Y/Y: No est v 37.9% prior.
– 22:05 (VN) Vietnam Sept Industrial Production Y/Y: No est v 14.4% prior.
Feed from Fxstreet.com