Stock markets in Europe and the United States were mostly higher on Friday, with the NASDAQ China Gold Dragon Index closing up 2.6 percent. (2) The US non-farm production in September was nearly twice the market's expectations, and Summers said that the interest rate hike was less effective than in the past; Saudi Arabia is said to be willing to increase oil production next year in order to facilitate a deal with Israel. It is said that Microsoft will launch its first AI chip next month, and OpenAI is exploring self-development.

Overnight market
European and American stock markets were mostly higher on Friday (October 6), with the three major indexes of the US stock market closing up. On the same day, the popular Chinese stocks all advanced, NASDAQ China Golden Dragon index closed up 2.60%, Pinduoduo up 7.40%, Baidu up 3.58%.
However, in the six trading days during the Mid-Autumn Festival + National Day holiday (last Friday to Friday), most European stocks fell, while the US stock index rose 1.74% and the S&P 500 index rose 0.20%.
Commodity market
International oil prices, precious metals and industrial metals were mostly higher on Friday, but there were not many tired targets during the holiday. U.S. natural gas futures jumped more than 13 percent on weak production due to pipeline maintenance and below-average temperatures in some parts of the country that increased heating demand.
As of Friday's close, U.S. WTI crude for November delivery settled at $82.79 a barrel, while London Brent crude for December delivery settled at $84.58 a barrel. On Thursday, the two crude oil futures closed at $91.71 and $95.38 a barrel, respectively, with cumulative losses of 9.7% and 11.32%.
Market news
[U.S. Announces expulsion of two Russian diplomats]
According to the press department of the US State Department, on October 6 local time, the US State Department announced that two Russian embassy officials working in the United States were listed as "persona non grata" and expelled from the country, in response to Russia's previous expulsion of two US diplomats from the Embassy in Moscow. Last month, the Russian Foreign Ministry summoned the U.S. ambassador to Russia and handed him a note, saying that the behavior of the first and second secretaries of the U.S. embassy in Russia was inconsistent with the status of diplomats and asked them to leave the country.
[Rep. McCarthy denies reports he is considering resigning from House of Representatives]
Former US House Speaker Kevin McCarthy on Wednesday denied reports that he was considering stepping down from the House of Representatives before his term ends in 2025. McCarthy said he would end his two-year term and run for re-election to the House next year. Us media reported earlier in the day, citing sources, that McCarthy is considering resigning from the House of Representatives before the end of his term.
[US September non-farm close to double market expectations]
According to the data released by the US Bureau of Labor Statistics on October 6, local time, the number of non-farm employment in September recorded an increase of 336,000, a significant increase from the expected 170,000, much higher than the 187,000 in August. The unemployment rate was unchanged from 3.8 percent in August and slightly higher than expectations of 3.7 percent. Hourly earnings rose 0.2 percent month-on-month, unchanged from August. Hourly earnings rose 4.2 percent from a year earlier, down from 4.3 percent in August.
[Biden: The share of Americans in the workforce is at its highest level in 20 years]
Speaking on the September US non-farm payrolls report, President Joe Biden said 13.9 million new jobs had been created since taking office, and the share of Americans in the Labour force was the highest in 20 years. And says the economy doesn't need more tax cuts for the wealthy right now.
[Fed Mester: Interest rates are at or very close to peak hopes to return inflation to 2% by the end of 2025]
Fed Mester said that the employment report continues to show the strength of the labor market, further tightening of monetary policy will depend on the upcoming data, and will make a decision on further interest rate hikes at the next Fed meeting; Interest rates are at or very close to their peak and the hope is to return inflation to 2% by the end of 2025.
[Former US Treasury Secretary Summers: The Fed rate hike effect is not as good as the past economic hard landing risk is rising]
Former US Treasury Secretary Lawrence Summers said the surge in US non-farm payrolls in September was "good news" for now, but also showed the Federal Reserve's interest rate hikes were not working as well as in the past, raising the danger of a hard landing.
[Saudi Arabia says it is willing to increase oil production to facilitate a deal with Israel]
The Saudi Arabian government has told the White House that if crude oil prices remain high, Saudi Arabia is willing to increase oil production early next year to send a friendly signal to the U.S. Congress and move forward with an agreement to normalize relations with Israel. However, Saudi Arabia's oil production moves will depend on market conditions. If oil prices are high, Saudi Arabia is willing to act in early 2024.
Opec sources: Opec raises medium - and long-term oil demand forecast in World Oil Outlook Report
Opec raised its medium - and long-term oil demand forecasts in an upcoming report, three Opec sources said, underscoring the oil export group's more positive view compared with other forecasters despite the global transition to renewable energy. Opec will release its latest long-term oil demand forecast in its World Oil Outlook 2023 on Oct. 9. Higher oil demand would provide a boost to producers and Opec and would highlight the need for continued investment. It also highlights Opec's more optimistic outlook for oil demand compared to the International Energy Agency (IEA) and other forecasters. Sources say demand is still rising. During a period of high oil prices over the past 18 months, oil use has shown resilience.
【 Food and Agriculture Organization of the United Nations: The global food price index in September was basically unchanged from the previous month 】
According to the data released by the Food and Agriculture Organization of the United Nations on the 6th, the global food price index in September was 121.5 points, basically unchanged from August, down 10.7% year-on-year. Global food prices were mixed in September, data showed. The vegetable oil price index fell 3.9 per cent from August, with international quotes for palm, sunflower, soybean and canola oil all falling, partly due to higher seasonal production and ample global export supplies. Dairy and meat prices fell 2.3 per cent and 1 per cent, respectively. The sugar price index rose 9.8 per cent from August to its highest level since November 2010. Production in Thailand and India, two major producers, is expected to decline, which is related to the current El Nino phenomenon. The corn price index rose 7% month-on-month, mainly due to strong international demand, slowing sales in Argentina and higher barge rates due to lower water levels in the Mississippi River in the United States.
[US warns EU artificial intelligence rules will only benefit tech giants]
The United States has warned the European Union that its proposed artificial intelligence regulation will benefit companies that have the resources to bear the cost of compliance while hurting those smaller. The United States has warned that the EU's AI regulations could curb the expected boost to productivity from AI and could lead to a shift of jobs and investment to other markets.
[Microsoft will reportedly launch its first artificial intelligence chip next month]
According to US technology media, a person familiar with the matter said that Microsoft plans to introduce the company's first chip designed for artificial intelligence at its annual developer conference next month. Microsoft's chip is designed for data center servers that train and run large language models (LLMS). Microsoft's data center servers currently use Nvidia Gpus to provide advanced LLM to cloud customers, including OpenAI and Intuit, as well as support for AI capabilities in Microsoft productivity applications.
OpenAI is exploring self-developed AI chips to solve the chip shortage problem.
According to sources, OpenAI is exploring manufacturing its own AI chips and has begun evaluating potential acquisition targets. Since at least last year, the company has discussed various options to address the shortage of the expensive AI chips it relies on.