See the āMarket Dataā post for tables & charts.
Good evening,
Stocks on Wall Street closed mixed on Friday, with the Dow Jones Industrials and the small-cap Russell 2000 index advancing to fresh all-time highs, while the Nasdaq indices slightly pulled back from record levels. Healthcare emerged as the best-performing sector this week, whereas the energy sector lagged significantly due to an 8% weekly drop in crude prices.
Treasury yields rose modestly on Friday despite the absence of Septemberās employment report, caused by the ongoing government shutdown, ending the week roughly 6bp lower across the curve.
Currency markets were mostly stable, except for the Ā„, which appreciated over 1% against both the $ and ā¬. Meanwhile, crypto markets rallied strongly as Bitcoin surged 12% WTD, hitting an all-time high above $122,000, with Ethereum also gaining robustly.
Commodities saw mixed moves, with crude oil plunging 8% to a four-month low amid OPECās anticipated supply boost; copper climbing nearly 7% to fresh two-month highs on supply disruptions in Chile and Indonesia; and cocoa extending its steep decline on improved supply prospects from the Ivory Coast and Ghana producers raising farmer prices.
Data: With the US government still shut down, the September jobs report and other key economic data wonāt be released for now.
The US ISM Services PMI for September came in at 50, below expectations of 51.7 and down from Augustās 52 reading, pointing to a slowdown in the services sector.
Fed: Governors Williams, Logan, and Jefferson spoke today. The overall tone was cautious, emphasising careful monitoring of inflation and economic developments before any further policy changes. Futures markets are pricing in two quarter-point rate cuts by the end of the year.
Corporate Deals: In private markets, PAI Partners and Abu Dhabi Investment Authority have invested ā¬1.4bn in Froneri, valuing the British ice cream maker, owner of HƤagen-Dazsās US business, at ā¬15bn. (BBG)
White Mountains Insurance (mcap $4.7bn) will sell a controlling interest in Bamboo, its insurance distribution platform, to private equity firm CVC. The deal values Bamboo at $1.75bn and marks a significant move in the insurance sector. White Mountains shares rallied 11% today. (Reuters)
BlackRockās Global Infrastructure Partners is close to acquiring Texas-based Aligned Data Centers from Macquarie in a deal reportedly valued at nearly $40bn. The transaction would mark one of the largest data centre deals driven by the current surge in AI-related investments.
Week ahead:
S: OPEC+ meets to decide November output levels. M: ā¬-zone retail sales. T: Germany factory orders. W: Fed FOMC Minutes; Germany industrial production. Th: Brazil and Mexico inflation. F: US Univ of Michigan Consumer Sentiment.
Enjoy your weekend.
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