The Australian dollar touched the lowest level since early July, extending its decline after domestic labor data pushed traders to scale back expectations of interest rate increases from the Reserve Bank of Australia.
Initial jobless claims were little changed in early-October, reinforcing the view that the labor market is cooling through slower hiring rather than rising layoffs.
The report gives the Fed little reason to worry about an abrupt deterioration in employment, but it doesn’t ease broader concerns about weak job creation.
Lakshman Achuthan, COO and co-founder at ECRI, gives his outlook on employment and reacts to inflation data. (Source: Bloomberg)
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The continued selloff in the AI trade is forcing investors to ditch highflying tech for relative safety of government bonds, even as hot inflation threatens to make that trade complicated.
After decades of geopolitical stability and relative predictability, the rules of global engagement are being rewritten. From October 13–15, the Bloomberg New Economy Forum brought together public-and private-sector leaders from around the world in New Delhi to examine: A World in Play: Defining the New Levers of Power. (Source: Bloomberg)
JPMorgan Chase & Co. is weighing options for a fresh debt sale for Qualtrics International Inc. after underwriters got stuck with more than $5 billion of loans earlier this year.
US producer prices rose in September at the fastest pace in more than four years as higher energy costs reverberated through the US economy.
The producer price index advanced 1.3% from a month earlier — the most since March 2022 — and 6.3% from a year earlier, according to Bureau of Labor Statistics data.
Stephanie Roth, Chief Economist at Wolfe Research, reacts to the data. (Source: Bloomberg)
On this episode of Stock Movers:
– CoreWeave (CRWV) shares are continuing their slide amid a major issue with their debt. CoreWeave’s debt has weakened in recent months, with credit-default swaps pricing in a more than 50% chance of default within the next five years, and the company’s bonds now yield 15% — a level that is practically unheard of in the primary market for new debt.
– Taiwan Semiconductor Manufacturing (TSMC) shares are moving after it delivered a better-than-expected revenue outlook, projecting sales of as much as $54.3 billion in the December quarter. Still, the company’s upbeat projection failed to stem a global tech stock rout.
– RocketLab (RKLB) is falling as it delayed the debut of its Neutron rocket, pushing the vehicle’s first flight to 2027. CEO Peter Beck said the company won’t rush to the pad with unnecessary risk, and that development programs like Neutron have their challenges. (Source: Bloomberg)
Bitcoin briefly slid below $80,000 for the first time in almost a month, swept up in a broader retreat from risk assets as an AI-led selloff on Wall Street undercut crypto’s attempt to rebuild a bullish tone.
As old alliances are tested and the global balance of power shifts, this could be an opening for India to expand its influence.
At the Bloomberg #NewEconomyForum, leaders laid out how and the challenges that could stand in its way. Haslinda Amin has more from New Delhi. (Source: Bloomberg)
