Morning Macro 1st October
Nvidia joins the gold party, both new al-time highs while the U.S. government shut down looks today. Also yield fell a couple of basis points as U.S. consumer confidence fell to 5-month lows.
750,000 gov’t employees / day expected to be furloughed in event of U.S. Government shutdown today.
German inflation rose faster than expected in Sep. Headline CPI climbed to 2.4% YoY from 2.2% in Aug, driven partly by smaller drop in energy prices. More worrying, core inflation also ticked up from 2.7% to 2.8%
U.S. September Consumer Confidence Index down to 94.2 vs. 96 est. & 97.8 prior … expectations down to 73.4 vs. 74.7 prior; present situation down to 125.4 vs. 132.4 prior (Chart 1, @LizAnnSonders)
August JOLTS job openings 7.227M vs. 7.2M est. & 7.208M prior (rev up from 7.181M) … quits rate down to 1.9%; layoffs rate unchanged at 1.1% (Chart 2, @LizAnnSonders)
Nvidia breaks out to new all-time highs from a sideways consolidation. Fast money will chase the break (Chart 3, TradingView)
Data today – ADP payrolls, U.S. ISM manufacturing PMI, EZ & UK mfg PMI
