U.S. Equity Markets rebounded from Monday’s sell-off, finishing yesterday’s session higher, led by the 1.40% gain in the NASDAQ 100. Senate Majority Leader Chuck Schumer (D-NY) said Democrats do not need Republican help to suspend the debt-ceiling limit. He is planning a Senate vote today to move the process forward. If they accomplish the task, it should help to resolve interest rate and growth concerns. In terms of economic data, Markit’s September Services PMI came in above the initial reading, indicating that the economy is performing better than previously expected. Still, the data was at the lowest level in 2021 (though still in expansion territory), signalling the ongoing volatility to the economic recovery. European Markets closed higher. Markit Euro-Zone final composite Purchasing Managers’ Index (“PMI”) data for September rose versus the preliminary reading, marking the seventh straight month of expansion. Euro-Zone Produce Price Index (“PPI”) figures came in below estimates for August, falling versus July on a month-over-month basis, and indicating inflation may be easing. The Organisation of the Petroleum Exporting Countries and its allies agreed to maintain current output increase targets to support high prices. In Asia, China’s Ministry of Foreign Affairs Spokesperson Hua Chunying said the government in Beijing is determined to protect sovereignty and its territorial integrity with regards to Taiwan. Australia’s export figures for August unexpectedly gained, hitting a record as demand for natural gas and coal continued to rise. Japan’s final composite PMI data for September strengthened versus the initial reading as services sector business optimism hit the highest level in three months. Equity markets in China remained closed for a public holiday. Overnight, the Reserve Bank of New Zealand (RBNZ) raised Interest Rates for the first time since 2014 by a Quarter of a percentage point bringing the Base Rate to 0.50%. Elsewhere, Oil continued to rise after OPEC decided not to boost its monthly production by more than planned, while Bitcoin jumped 3.63% on news that U.S. Bank (USB) would begin offering cryptocurrency custody services.
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