Overview

• OPEC+ is expected to approve at least a 137,000 bpd increase for November at its Oct. 5 meeting, and crude futures extended losses, with Brent down 1.57% to $66.03 and WTI down 1.70% to $62.37.
• A U.S. federal funding lapse appears likely on Oct. 1, and the Labor Department said the payrolls report would not be released if operations halt, a prospect that injected uncertainty into trading.
• China’s official manufacturing PMI printed 49.8 in September, marking a sixth straight month in contraction and reinforcing demand concerns for commodities.
• Gold set fresh records as safe-haven demand rose and markets leaned toward further Fed rate cuts, with New York futures settling at $3,840.8 for October and $3,873.20 for December.
• Equities were mixed worldwide: Europe finished higher, U.S. benchmarks closed modestly up after a volatile session, energy shares lagged, and Petrobras weakness left Brazil’s Ibovespa near flat after an intraday record.