A lot happened today, so let’s try to recap all the headlines. 📰
First off, global tensions continue to rise as Russia claims the U.K. navy blew up the Nord Stream pipeline, which furthered its own energy crisis. However, London denies its involvement, and Russia did not provide any concrete evidence for its claim that a leading NATO member sabotaged its infrastructure.
Meanwhile, the U.S. is on high alert after Saudi Arabia received multiple threats from Iran. The Saudi government shared intelligence with the U.S. that warned of an imminent attack from Iran on various targets in its country. ⚠️
Tensions remain high in Brazil as the soon-to-be former president, Bolsonaro, avoids conceding to Lula in his first public remarks.
In U.S. economic news, all eyes are on tomorrow’s Fed decision and Friday’s jobs report. Ahead of those events, today’s JOLTs job openings number jumped unexpectedly, rising to 10.72 million in September. That means the labor market remains very tight, with 1.9 job openings for every available worker. Meanwhile, U.S. and global manufacturing measures both fell in October, signaling a further weakening of business activity.
Lastly, the Federal Communications Commission (FCC) believes the Council on Foreign Investment in the U.S. (CFIUS) should ban TikTok. The comment caused an initial jump in TikTok competitors like Meta and Snapchat, but those ultimately faded throughout the day. 🚫
Other than that, we’re all waiting for tomorrow’s Federal Reserve interest rate decision, where most expect another 75 bp hike.