China stocks up on strong September factory activity

Crude prices spike once again as U.S. President Joe Biden appears to say that Israeli retaliatory strikes on Iranian oil facilities may be under discussion. Wall Street looks set to snap a three-week winning streak with investors eyeing today’s key non-farm payroll data. OpenAI reveals it has secured a $4bn revolving credit line following the closure of yesterday’s funding round which leaves the company valued at more than $150bn. CFO Sarah Friar tells our colleagues Stateside that financing the A.I. revolution will need significant investment. The U.S. ports strike has been suspended as dockworkers return to the negotiating table after reaching a potential pay deal. And in retail news, the Chinese fast-fashion brand Shein is reportedly to hold ‘roadshows’ ahead of a potential IPO in London.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices continue upwards as Israel ramps up strikes on Hezbollah in Beirut and considers retaliatory measures following Iran’s missile attack on Tuesday. OpenAI manages to raise $6.6bn in a new round of fund-raising which has increased its valuation to $157bn. The U.S. private sector continues to surprise with non-farm payroll growth topping expectations as traders reduce their rate cut expectations ahead of tomorrow’s employment data print. The yen slides further against the greenback after its largest single-day fall in more than 2 years. New Prime Minister Shigeru Ishiba believes that the country is not ready for further rate hikes which has lifted Japanese equities. And in autos news, Tesla posts its first quarter of annual growth this year but falls short on delivery expectations.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crude prices spike after Iran launches close to 200 missiles at Israel in retaliation for the killing of Hezbollah Hassan Nasrallah. In New York, Vice-Presidential candidates JD Vance and Tim Walz go head-to-head in what is likely the last debate of the presidential race. The pair clashed on immigration, foreign affairs and economic policy. The Nasdaq drags Wall Street down with stocks beginning Q4 in the red. JOLTs numbers show an unexpected rise in August jobs openings. In Asia, the Hang Seng returns from a one-day holiday in the green. Beijing’s recent stimulus measures push property stocks almost 15 per cent higher. And in retail news, Nike withdraws its FY forecast and postpones its investor day, causing its shares to tank almost 6 per cent in extended trade.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Dow and the S&P 500 notch new records while the Nasdaq enjoys its fourth consecutive quarter in the green. Federal Reserve Chairman Jerome Powell says the central bank does not have pre-set projections for rate cuts. In Japan, equities recover some ground ahead of new Prime Minister Shigeru Ishiba unveiling his new cabinet. Stateside, up to 50,000 longshoremen begin their first strike in almost half a decade across a number of East Coast and Gulf of Mexico ports in a move that some analysts estimate will cost the American economy up to $5bn a day. Israeli special forces begin targeted ground operations in southern Lebanon aimed at destroying Hezbollah positions and infrastructure. ECB President Christine Lagarde says she is broadly in favour of cross-border banking mergers as Unicredit continues to woo German lender Commerzbank.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese equities surge, building on their best week since 2008, after manufacturing data comes in better than expected, despite the sector shrinking for the fifth straight month. Japanese stocks plummet, however, and yields move higher on a stronger yen as the markets digest the impact of incoming Prime Minister Shigeru Ishiba. In auto news, Volkswagen issues a second profit warning in 3 months as it continues talks with unions over potential plant closures. UniCredit CEO Andrea Orcel and incoming Commerzbank CEO Bettina Orlopp have reportedly set out plans for the German lender in a virtual meeting as speculation of a potential takeover bid persists. Israel kills Hezbollah leader Hassan Nasrallah in an airstrike on a south Beirut suburb.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The PBOC’s rate cuts come into effect with trillions of yuan worth of further stimulus measures potentially due next week. Beijing’s stimulus blitz causes Chinese equities to soar with markets on track to notching their best week since 2008. Commerzbank and Unicredit sit down for negotiations for the first time since the Italian lender aggressively increased its stake. Commerzbank shares are at their highest level in more than a decade on the back of upgraded targets. We are live in Tokyo where voting is underway to decide the next leader of the ruling LDP party.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Micron shares are up after the memory chip maker smashes Q1 revenue forecasts. Its bumper outlook pushes tech stocks up in Asia, helping along a regional rebound. Spanish lender BBVA’s head says European banks risk falling behind their U.S. peers if governments block M&A activity. We speak to the BNP Paribas CFO Lars Machenil who urges consolidation among Continental banks. We also hear from OECD chief economist Alvaro Pereira who says that the global economy is showing signs of stabilising but that governments should remain focused on fiscal discipline.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Commerzbank promotes CFO Bettina Orlopp to CEO as the German lender faces takeover advances by Italy’s Unicredit. Chinese equities see an extended rally following the PBOC’s decision to slash the medium-term lending rate as a part of a string of stimulus measures by the central bank. The move boosts the yuan to a 16-month high. On Wall Street, the Dow and S&P 500 record new record highs, shrugging off disappointing recent consumer confidence data. Israeli airstrikes kill a senior Hezbollah commander as well as hundreds of civilians. The Israeli President Isaac Herzog tells CNBC his country will ‘do whatever it takes’ to protect its citizens and cities.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian equities hit a two-and-a-half-year high following stimulus measures from Beijing. The PBOC cuts the seven-day reverse repo and the RRR in a bid to shore of up the country’s floundering property sector. Our CNBC TV 18 colleagues sit down with JP Morgan Chase CEO Jamie Dimon who says markets should remain cautious despite last week’s historical rate cut by the Fed. On Wall Street, the Dow and the S&P 500 notch new records as the Fed cut relief rally continues this week. German Chancellor Olaf Scholz slams Unicredit after the Italian lender increases its stake in Commerzbank to a potential 21 per cent. And we are live at the Labour Party conference in Liverpool where chancellor of the exchequer Rachel Reeves defends the government’s public finance decisions and says her budget next month will provide ambition rather than austerity.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China surprises by slashing its key short-term repo rate and announcing a rare economic press conference which triggers speculation of further stimulus measures from Beijing. In France a new government drawn together by Prime Minister Michel Barnier is under threat from a vote of no confidence over his ministerial choices. Apollo Global Management is reportedly eyeing a $5bn investment in Intel while Qualcomm reaches out with a friendly take-over bid. And Rupert Murdoch’s REA Group ups its takeover offer for UK property firm Rightmove following last week’s initial rejection.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.