Overview

• Traders priced a quarter-point rate reduction in October as near certain, with positioning also building for another cut by December, according to CME FedWatch.
• The partial U.S. government shutdown has halted key data releases, with the Labor Department’s September employment report not expected on Friday.
• ADP reported a 32,000 decline in private payrolls for September following a downwardly revised drop in August.
• Gold hit an all-time high of $3,895.09 before easing, while two-year Treasury yields fell to around 3.53% as investors rotated toward safety.
• Asian equities rose led by chipmakers after Samsung and SK Hynix announced partnerships to supply OpenAI data centres.