【The US】
🔸 ADP: Private Sector Jobs Bounce Back in September, Beating Forecasts. Private employers added a better-than-expected 143,000 jobs in September in a bounce back from sluggish summer hiring, payroll firm ADP said on Wednesday. The gains were broad-based with only the information technology showing a slight decrease. Increases occurred both at mid-sized and large employers. The leisure and hospitality sector led the way with a gain of 34,000 jobs, followed by construction with a 34,000 increase.
🔸 $Tesla (TSLA.US)$ sales and production up in Q3. Although some media reports suggested it fell short of analyst estimates, Tesla Q3 production was 469,796 units – versus 411,000 in Q2. Deliveries were up to 462,890 units – versus 444,000 in Q2. The rises followed two successive quarters of declines.
🔸 OpenAI closes $6.6 billion funding haul with investment from $Microsoft (MSFT.US)$ and $NVIDIA (NVDA.US)$ . The funding has attracted returning venture capital investors including Thrive Capital and Khosla Ventures, as well as OpenAI’s biggest corporate backer Microsoft, and new participation from Nvidia.
🔸 $NVIDIA (NVDA.US)$ Seeing 'Insane' Demand For Blackwell AI Chips, Says CEO. Nvidia is expected to start selling Blackwell products in the fourth quarter. The new processors deliver 2.5 times the performance of its Nvidia's Hopper chips which debuted two years ago.
【Saudi Arabia】
🔸 Saudi eyes US$316bn revenue for FY2025 amid fiscal reforms. Saudi Arabia Ministry of Finance has released its pre-budget statement for fiscal year 2025, projecting total revenues to reach approximately SR1.18 trillion (US$315.73 billion), marking a 4% decline from previous forecasts.
🔸OPEC+ ministers keep oil policy steady, focus on compliance, sources say. A meeting of the top ministers of OPEC+ has kept oil output policy unchanged, an OPEC+ source said while the meeting was under way. The talks are focusing on compliance with output cuts and ministers are likely to adjust compensation schedules for those countries that have been pumping above their targets, another OPEC+ source said.
【China】
🔸 Hong Kong stocks rally to nearly 2-year high on stimulus tailwind. Hong Kong stocks surged for a sixth day on Wednesday, amid growing optimism that Beijing's sweeping stimulus package could reboot the world's second-largest economy and fix the country's property market. The benchmark Hang Seng Index surged 6.2 percent on Wednesday, closing at 22,443.73 points, its highest for the past 20 months. The Hang Seng China Enterprises Index rose 7.08 percent. The Hang Seng Property Index, a gauge of the property sector, soared 47 percent, while Hang Seng Tech Index, representing the 30 largest technology firms listed in the city, jumped 8.53 percent.
🔸 China’s Sudden Stock Rally Sucks Money From Rest of Asia. A strong rebound in Chinese stocks is set to trigger a shift in global portfolios as some investors rush to catch the rally. A wave of money which earlier left Chinese equities in favor of stocks from Japan and Southeast Asia is poised to reverse course after Beijing’s latest stimulus blitz, according to market watchers. The shift is already underway: shares in South Korea, Indonesia, Malaysia and Thailand posted net outflows last week while BNP Paribas SA said over US$20 billion was withdrawn from Japan’s equities in the first three weeks of September. $CSOP Star&Chinext50 S$(SCY.SI)$ $CSOP DIV ETF S$(SHD.SI)$
【Asia-Pacific】
🔸 PM Ishiba says Japan not ready for rate hike after BOJ meeting. Japanese Prime Minister Shigeru Ishiba said the country is not in an environment for an additional rate hike, in an apparent effort to shake off his reputation as a monetary hawk, after a meeting with Bank of Japan Governor Kazuo Ueda on Wednesday."I do not believe that we are in an environment that would require us to raise interest rates further," Ishiba told reporters Wednesday night, adding he was not in a position to instruct the central bank on monetary policy.‘ $CSOP LOW CARBON US$(LCU.SI)$ $CSOP SEA TECH ETF S$(SQQ.SI)$
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