Overnight market
European and American stock markets fell on Tuesday (October 3), with the Nasdaq Composite index down 1.87% and the Dow Jones index wiping out its gains for the year. All big tech stocks closed in the red, with Amazon down 3.66 percent. Popular Chinese stocks fell, with the NASDAQ China Golden Dragon Index down 2.24 per cent.
The US 10-year Treasury yield briefly rose above 4.8 per cent and the 30-year bond yield hit 4.925 per cent, both the highest levels since 2007, after upbeat US job market data and Fed officials continued to reinforce the central bank's "hawkish" stance.
Chris Zaccarelli, chief investment officer at Independent Advisers Alliance, said it's "pretty normal" for the market to see seasonal weakness in September and October. He noted, however, that continued concerns about rising interest rates could mean more downside for stocks.
Commodity market
International oil prices have risen. Light crude for November delivery rose 41 cents, or 0.46%, to settle at $89.23 a barrel on the New York Mercantile Exchange by the close. London Brent crude for December delivery rose 21 cents, or 0.23%, to settle at $90.92 a barrel.
Gold for December delivery, the most actively traded contract on the Comex gold futures market, fell $5.7, or 0.31%, to settle at $1,841.5 an ounce. Market analysts believe that the rise in the US dollar index and US Treasury bond yields is the main reason for the decline in gold prices on the day.
Market news
[US House of Representatives votes to oust Republican House Speaker Kevin McCarthy]
According to CCTV news, on October 3, local time, the US House of Representatives voted on the motion to remove the Republican Speaker of the House McCarthy, and finally voted 216 votes in favor of 210 votes against the motion to remove McCarthy, which also marked that McCarthy became the first Speaker of the House to be voted out in the history of the United States.
[President Joe Biden's son Hunter pleads not guilty to a firearm-related charge]
According to US media news, on October 3, local time, Hunter Biden appeared in court in Delaware and pleaded not guilty to charges of concealing drug use when purchasing weapons.
Yellen: 'Very optimistic' about U.S. economic outlook
Us Treasury Secretary Janet Yellen said that the outlook for the US economy is "very optimistic" and that it is natural to worry about fiscal stability, the United States is on a path of sustainable fiscal development, real net interest payments and GDP are at a "normal" level; The cost of debt service will be 1% of GDP over the next decade, and the deficit will be assumed to decrease.
U.S. Job openings unexpectedly increased to 9.61 million in August Layoffs remain low
U.S. job openings unexpectedly rose in August, underscoring the persistence of demand for labor. The Job Openings and Labor Turnover Survey (JOLTS) released by the Bureau of Labor Statistics on Tuesday showed the number of open jobs rose to 9.61 million in August from a revised 8.92 million in July. Hiring rose slightly and layoffs remained low. Economists polled by the media forecast a median of 8.82 million job openings.
[Russia considers lifting diesel export ban only for diesel producers Grey market ban or retention]
According to people familiar with the matter, the Russian government is discussing revising the temporary ban on diesel exports to allow only companies that produce diesel to export diesel. If approved, the ban on so-called grey market diesel exports would remain in place - companies that do not produce diesel themselves but buy it in Russia and sell it in foreign markets. People familiar with the matter said discussions were ongoing and no final decision had been made, and it was unclear when the current ban could be amended. Diesel producers may be allowed to export their diesel through pipelines, one of the people said.
[Central Bank of Russia: will continue to adopt a tough policy to bring inflation back to 4% in 2024]
Alexey Zabotkin, deputy governor of the Russian central bank, said the central bank was likely to have to continue its tough monetary policy in 2024 in order to get annual inflation back to its 4 per cent target.
[The yen rebounds after falling below 150, and the market suspects that the Japanese authorities have intervened]
The yen pulled away from its lowest level against the dollar in a year amid speculation that Japanese officials are taking action to slow the currency's slide. The yen hit Y150.16 against the dollar in New York on Tuesday, its lowest level since October 2022. The report follows a report showing that demand for U.S. labor remains firm. The yen surged nearly 2 per cent in a matter of seconds, peaking at Y147.43 against the dollar. But as Treasury yields rose, it resumed its decline, last trading at 148.90. Referring to the possibility that Japanese authorities had already intervened, Bipan Rai, global head of FX strategy at Canadian Imperial Bank of Commerce, said: "We won't know until there is official confirmation. But it does feel that way."