Take five: It's Q4 already?
SPY•Investors face U.S. payrolls and inflation data, euro zone inflation figures, and Micron earnings in the coming week. September payrolls are expected to rise by 100,000, while futures pricing suggests about even odds of a quarter-point Fed rate hike in October.
1. Markets enter Q4
The final quarter begins against turbulent bond markets, with global borrowing costs at their highest since the 2007-08 financial crash. Major world stock indexes are less than 2% below record highs and have gained more than 12% this year.
2. Data and rate outlook
September U.S. nonfarm payrolls, due Friday, are expected to increase by 100,000, with unemployment at 4.2%. Wednesday’s personal consumption expenditures price index will provide a fresh inflation reading; futures pricing suggests roughly even odds of a quarter-point Fed rate hike in October. Euro zone inflation data and Tokyo price figures are also due Friday.
3. Micron and Australia
Micron reports earnings after the bell Wednesday. Its shares have risen more than 280% year to date but fell over 6% during the quarter, as investors question the pace of AI infrastructure spending and memory demand. Australia’s central bank is expected to raise rates by a quarter point Tuesday, taking them to a 15-year high of 4.6%.
