Group 1: Global Asset Prices - Global major stock markets experienced more declines than gains, with the S&P 500, Dow Jones, and Nasdaq indices falling by 1.6%, 1.2%, and 3% respectively[4] - WTI and Brent crude oil prices decreased by 1.9% and 2.5% respectively, while London gold price fell by 0.1%[4] - The 10-year U.S. Treasury yield remained stable compared to the previous week[4] Group 2: U.S. Economic Dynamics - The U.S. Supreme Court raised concerns about the legality of tariffs, which could lead to a potential return of $100 billion in tariff revenue if deemed unconstitutional[5] - The liquidity crisis in the U.S. intensified, with SOFR soaring to 4.22% at the end of October, indicating a significant tightening of financial conditions[5] - The ADP reported an increase of 42,000 jobs in October, suggesting initial stabilization in the labor market, despite ongoing layoffs in the tech sector[5] Group 3: Central Bank Policies - The Federal Reserve showed increasing division regarding interest rate cuts, with some officials advocating for a cautious approach due to missing inflation data[5] - The European Central Bank announced that the Bulgarian central bank governor will gain voting rights in the governing council starting January 1, 2026[5] Group 4: Other Economic Indicators - Eurozone retail sales fell by 0.1% in September, primarily due to weak demand for fuel and non-food items[5] - The Eurozone manufacturing PMI remained at 50%, indicating a slight stabilization in the sector, although new export orders and employment levels continued to decline[5]

Global Asset Price Performance - Gold prices continue to rise, with London gold increasing by 2% this week [2] - European and Japanese stock markets saw gains, while US stock markets declined, with the S&P 500, Dow Jones, and Nasdaq dropping by 0.9%, 0.8%, and 0.7% respectively [2] - Global bond yields generally increased, with the 10-year US Treasury yield rising by 6 basis points [2] - Oil prices also saw an uptick, with WTI and Brent crude oil prices rising by 2.7% and 2.5% respectively [2] - The US dollar index strengthened by 0.6% [2] Major Central Bank Monetary Policies - Disagreements among Federal Reserve officials are evident, with Powell indicating economic growth is slowing and employment risks are increasing, yet maintaining a neutral stance on future policy [4] - Concerns about inflation were raised by two FOMC members, while others advocated for quicker rate cuts [4] US Economic Dynamics - New home sales in the US surged by 20.5% month-on-month in August, marking the largest monthly increase since August 2022, attributed to lower mortgage rates and increased sales incentives from builders [9] - The second quarter GDP growth rate was revised up to 3.8%, significantly higher than the initial estimate of 3% [9] - The PCE price index for August showed a year-on-year increase of 0.1 percentage points to 2.7%, indicating stable inflation pressures [9] - A potential government shutdown looms if Congress fails to reach an agreement by September 30, with significant partisan disagreements complicating negotiations [10] Other Regional Economic Dynamics - The Eurozone's manufacturing PMI fell to 49.5 in September, while the services PMI rose to 51.4, indicating a mixed economic outlook [17] - Japan's manufacturing PMI dropped to 48.4, the lowest since March, while the services PMI remained robust at 53 [17]

Global Asset Prices - Gold prices continue to rise, with WTI crude oil and Brent crude oil increasing by 2.7% and 2.5% respectively this week[6] - The S&P 500, Dow Jones, and Nasdaq indices fell by 0.9%, 0.8%, and 0.7% respectively[6] - The 10-year U.S. Treasury yield increased by 6 basis points (bp) this week[6] Major Central Bank Policies - Federal Reserve officials express differing views on monetary policy, with concerns about inflation from some members and calls for quicker rate cuts from others[8] - Powell indicated that recent data shows economic growth is slowing and employment risks are increasing, but maintains a neutral stance on future policy[8] U.S. Economic Dynamics - New home sales surged by 20.5% month-over-month in August, the largest increase since August 2022, attributed to lower mortgage rates and increased sales incentives[12] - The U.S. GDP growth for Q2 was revised up to 3.8%, primarily due to a significant increase in personal consumption expenditures[12] - The PCE price index rose by 0.1 percentage points to 2.7% year-over-year in August, indicating stable inflation pressures[13] Other Regional Economic Dynamics - Eurozone manufacturing PMI fell to 49.5%, while the services PMI rose to 51.4%, indicating a mixed economic outlook[27] - Japan's manufacturing PMI dropped to 48.4%, the lowest since March, while the services PMI remained robust at 53%[27] Upcoming Focus - Key upcoming data includes the U.S. ADP employment report and non-farm payrolls for September[34]