Daily Market Insight

• China's services activity falls for first time since May • Germany girds for gas supply pain, targets $93 billion price relief plan • Japan’s foreign exchange reserves fall by record $54bn • Dollar rises, stocks fall with economic data, rates in focus

• US labor market stayed tight in September: non-farm payroll +263k, jobless rate falls to 3.5% • German retail sales, industrial output fall as inflation tightens grip • Local tourism spending rises during China's Golden Week despite lockdowns • Oil jumps 4% to 5-week high lifted by OPEC+ output cut

• US initial jobless claims rose to 219,000 last week • Euro zone retail sales fall as expected in August • Japan Aug household spending rises annually on reopening • Asian stocks retreat on global recession angst; dollar firm

• Eurozone business activity lowest since January 2021 • OPEC+ agrees deep oil production cut despite US pressure • Australia’s Interest rate hikes slow as threat of global recession looms • South Korea’s inflation slightly lower but tightening bias seen intact • Asian stocks bounce higher on signs of rate hikes

• World Bank sees weak growth in 2023 for eastern Europe, central Asia • Japan’s tourism restart stirs hope of service-sector recovery –PMI • Thai headline CPI rises 6.41% y/y in Sept, less than forecast • Oil climbs ahead of OPEC+ talks on supply cut

• U.S. manufacturing declined but stay above the line • Euro Area manufacturing activity showing the biggest shrink since June 2020 • China property woes trigger decline in global cement output • Sterling helped by tax cut U-turn, yen steadies past 145 per dollar

• US core PCE inflation beats expectations again in August • Euro zone inflation hits record high 10%, raising pressure on ECB • Japanese factory sentiment unexpectedly worsens in Q3 • Oil rallies over 2% on reports of OPEC+ supply cut this week

• US weekly jobless claims hit five-month low • Euro zone economic sentiment falls sharply as inflation expectations rise • German inflation hits double digits for first time in Euro era • Sterling rallies for 3rd day after BoE bond buys; US dollar down

• OECD urges global growth to be slow more than anticipated • EU suspects sabotage in massive Russian gas pipeline leak • BoE purchases £65 billion long-dated bonds to stem rout • Thailand hikes interest rate for 2nd consecutive meeting • Oil prices stable as soaring dollar offset by U.S. output outages

• Fed's Evans sees interest rates peaking at 4.50-4.75% • Japan Business Activity Grows Slightly in Sept, Outlook Dim – PMI • World Bank forecasts Thai GDP growth at 3.1% this year • UK 30-year yields hit highest since 2002, extending post-tax cuts surge