Morning Bid: Keep calm and carry on

Market Overview - Global equity markets have largely ignored the recent U.S. government shutdown, with major U.S. indices reaching record highs and Asian and European markets showing early signs of weekly gains [1] - The shutdown is expected to delay the release of important government data, complicating the Federal Reserve's decision-making process [1] Economic Indicators - The U.S. economy is experiencing nearly 4% annualized growth with minimal job creation, potentially linked to the rise of artificial intelligence [2] - Private payrolls data for September indicated the largest monthly employment drop in over two years, which investors noted despite economists typically downplaying this data [3] Energy Market Insights - Oil prices have been declining due to expectations of increased supply, particularly from OPEC+, but Brent crude saw a 1% drop following a fire at Chevron's El Segundo refinery [3] - Big Oil companies are becoming more optimistic about long-term prospects while remaining cautious about short-term challenges in the oil market [4] Renewable Energy and Critical Minerals - Italy's economic difficulties may inadvertently benefit climate initiatives, while the pricing of critical minerals does not align with their importance for the global energy transition [5] - The copper supply chain is facing fragility, highlighted by recent catastrophic events at Freeport-McMoRan's Grasberg mine [5] Recommendations for Further Reading - A report by Carbon Brief indicates that Great Britain's electricity demand was fully met by clean energy sources for an extended period in 2025, a significant shift from its previous reliance on fossil fuels [6]