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On the bright side, the final reading of S&P Global UK Services Purchasing Managers' Index (PMI) for September came in today at 49.3 from 49.5 in August. Although it is still well in the contraction zone, it was a sharp improvement over a preliminary flash reading of 47.2.
Miners are down as metal prices continue to fall. In particular, the price of copper is down to its lowest level since May, hampered by a strong dollar, worries about China’s economy and higher inventories.
The VIX market tension index is on the verge of rising to 20 points, a sign of the current tense situation.
Among stocks, Tesco's shares climbed 2.4% after it raised its annual profit forecast. Fashion retailer Superdry soared 25% on reports that it could be announcing a joint venture with India’s Reliance Brands to boost its growth in Asia.
BP Plc lost 0.3% after a Reuters report that the oil major is looking to sell a 49% stake in its oil and gas pipeline network in the Gulf of Mexico for $1 billion.
Things to read today:
- China is experiencing a brain drain. The United States isn't exploiting it (New York Times).
- Portugal wants to end tax injustice for foreign residents (Financial Times).
- Slovakia's election "Deepfakes" show that AI is a danger to democracy (Wired).
- Leading Taiwanese tech firms help Huawei build chip factories in China (Bloomberg).
