US considers Google breakup in landmark antitrust case; China stocks slump as stimulus rally fades – business live
Rolling coverage of the latest economic and financial newsIn Europe, stock markets are mixed.The FTSE 100 index in London is 30 points, or 0.38% ahead, at 8,221 while Germany’s Dax and Italy’s FTSE MiB have slipped by 0.1%, and France’s CAC is up by 0.1%.Investors are searching for a sense of direction amid a cacophony of developments, as harsh geopolitical winds swirl and a fierce storm barrels towards Florida. Oil prices have tracked higher again, as hopes for a ceasefire between Israel and Hezbollah fade, while Hurricane Milton threatens to disrupt energy supplies, with some pipelines and delivery terminals in Tampa already shut.Brent Crude is currently trading around $77.5 a barrel. Prices had dipped sharply yesterday, amid hopes the Hezbollah leadership would not tie negotiations for a ceasefire to what’s happening in Gaza. But given how previous deals in stopping violence in the Middle East have seemed so close, but have ultimately collapsed, it’s not surprising that confidence in agreeing even a limited break in the war is waning, prompting supply concerns to swirl again.Shares in China underwent another difficult session as investor disappointment in the region persisted. The main concern was that the raft of measures announced prior to last week’s holiday – which had lit the fire under a moribund market – were not followed up with any specific actions from the authorities, or indeed further plans. The puncturing of enthusiasm fed through to commodity stocks.Indeed, any comments over concerns around a deteriorating labour market will have been eclipsed by last week’s bumper non-farm payrolls report, the result of which has been the tempering of interest rate cut expectations. Of rather more interest, perhaps, will be tomorrow’s reading on inflation in the form of the Consumer Price Index, which could show that the taming of inflation is just a whisker away from the Fed’s target. In the meantime, there is now a near 90% probability of a more subdued 0.25% cut in November in terms of consensus, with a small chance of no change at all beginning to surface. Continue reading...
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Rolling coverage of the latest economic and financial news
In Europe, stock markets are mixed.
The FTSE 100 index in London is 30 points, or 0.38% ahead, at 8,221 while Germany’s Dax and Italy’s FTSE MiB have slipped by 0.1%, and France’s CAC is up by 0.1%.
Investors are searching for a sense of direction amid a cacophony of developments, as harsh geopolitical winds swirl and a fierce storm barrels towards Florida. Oil prices have tracked higher again, as hopes for a ceasefire between Israel and Hezbollah fade, while Hurricane Milton threatens to disrupt energy supplies, with some pipelines and delivery terminals in Tampa already shut.
Brent Crude is currently trading around $77.5 a barrel. Prices had dipped sharply yesterday, amid hopes the Hezbollah leadership would not tie negotiations for a ceasefire to what’s happening in Gaza. But given how previous deals in stopping violence in the Middle East have seemed so close, but have ultimately collapsed, it’s not surprising that confidence in agreeing even a limited break in the war is waning, prompting supply concerns to swirl again.
Shares in China underwent another difficult session as investor disappointment in the region persisted. The main concern was that the raft of measures announced prior to last week’s holiday – which had lit the fire under a moribund market – were not followed up with any specific actions from the authorities, or indeed further plans. The puncturing of enthusiasm fed through to commodity stocks.
Indeed, any comments over concerns around a deteriorating labour market will have been eclipsed by last week’s bumper non-farm payrolls report, the result of which has been the tempering of interest rate cut expectations. Of rather more interest, perhaps, will be tomorrow’s reading on inflation in the form of the Consumer Price Index, which could show that the taming of inflation is just a whisker away from the Fed’s target. In the meantime, there is now a near 90% probability of a more subdued 0.25% cut in November in terms of consensus, with a small chance of no change at all beginning to surface.
Continue reading...
