October 2nd Financial News
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2024-10-02Iranian President says Iran will firmly resist any threat; U.S. job vacancies rise to a three-month high, exceeding economists' expectations...
[Quick Facts]
1. Iranian President says Iran will firmly resist any threat.
2. U.S. job vacancies rise to a 3-month high, exceeding expectations.
3. ECB's Rehn says easing inflation supports case for October cut.
4. Eurozone inflation hits ECB's target for the first time in three years.
[News Details]
Iranian President says Iran will firmly resist any threat
On October 1, Iranian President Masoud Pezeshkian hailed Iran's missile attack as a 'decisive response' to Israeli 'aggression." He said Iran did not seek war but would firmly resist any threat. Pezeshkian posted on social media in the evening, saying that based on legitimate rights, and for the peace and security of Iran and the Middle East, Iran had decisively responded to Israel's "aggression." "This is only a part of our strength. Do not engage in conflict with Iran," Pezeshkian warned Israel. According to Iranian state television, the Islamic Revolutionary Guard Corps announced on October 1 that it used the Fattah hypersonic missile for the first time in an attack on Israel, with about 90% of the missiles hitting their targets.
U.S. job vacancies rise to a 3-month high, exceeding expectations
U.S. job vacancies rose to a three-month high in August, a trend that contrasts with other data indicating a slowdown in labor demand. The U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTs) on Tuesday showed that the number of job vacancies increased from a revised 7.71 million in July to 8.04 million. The hiring rate fell to 3.3%, matching the lowest level since 2013, excluding the early pandemic data from 2020. The unemployment rate also dropped to 1%. Despite the increase in vacancies, other recent data show that employers have slowed their pace of hiring.
ECB's Rehn says easing inflation supports case for October cut
European Central Bank's (ECB) Governing Council member Olli Rehn said that easing inflation pressures and the deteriorating Eurozone economy support the case for a rate cut this month. "Recent statistics further confirm that inflation is slowing," the Governor of the Bank of Finland said on Tuesday. "This, at least in my view, gives more reason for a rate cut at the October meeting. The recent weakening of the euro area's growth prospects tilts the scales in the same direction."
Eurozone inflation hits ECB's target for the first time in three years
For the first time in more than three years, the Eurozone inflation rate has fallen below the European Central Bank's target, indicating that long-term efforts to control price gains may be coming to an end. Data showed that the Eurozone's CPI in September rose by 1.8% year-on-year, down from 2.2% in August. This is the first time since June 2021 that the YoY inflation rate has fallen below the ECB's 2% target. Excluding volatile energy and food prices, core inflation dipped slightly from 2.8% in August to 2.7% in September. ECB President Christine Lagarde had previously stated that inflation might rise again in the final months of this year as the base effects of energy prices fade.
[Today's Focus]
UTC+8 15:15 - ECB Vice President Luis de Guindos Speaks
UTC+8 17:30 - Bank of England Publishes Financial Policy Committee Meeting Minutes
UTC+8 17:30 - ECB Governing Council Member Kazaks Speaks
UTC+8 20:15 - U.S. ADP Report (Sept)
UTC+8 21:00 - Cleveland Fed President Loretta Mester Speaks
UTC+8 22:00 - ECB Governing Council Member Robert Holzmann Speaks
UTC+8 23:00 - Federal Reserve Governor Michelle Bowman Speaks
