- Fed Chairman Powell left some remarkable comments overnight. One was that the Fed is even taking data into consideration for its upcoming policy meeting during its blackout period. This will make markets even more data dependent in the runup to the event.
- Israel is carrying out a “targeted” ground offensive in Lebanon, while Hezbollah is firing back with artillery and rockets targeting Israeli soldiers near the town of Metula. The United Arab Emirates, meanwhile, has issued a statement expressing deep concerns over Israel’s ground operation, warning of repercussions of this dangerous situation for the region, Bloomberg reports.
- At 13:45 GMT, the final reading of the S&P Global Manufacturing Purchasing Managers Index (PMI) for September will be released. Economists expect the number to be unchanged from its preliminary estimate of 47.
- At 14:00 GMT, the ISM Manufacturing numbers for September will be released:
- The headline PMI is expected to increase slightly to 47.5 from 47.2 a month earlier.
- Among the main subindexes, the Prices Paid component is expected to ease to 53.5 from 54, while the Employment Index is expected to rise to 47 from 46.
- In the slipstream of ISM, the JOLTS Job Openings for August will be released as well. Expectations are for a steady 7.670 million job openings against 7.673 million in July.
- Several Fed speakers will take the stage this Tuesday:
- At 15:00 GMT, Federal Reserve Bank of Atlanta Raphael Bostic delivers welcoming remarks and moderates a conversation with Federal Reserve Board Governor Lisa Cook at the Technology-Enabled Disruption conference in Atlanta.
- Near 22:15 GMT, Federal Reserve Bank of Richmond Thomas Barkin participates in a panel discussion with Atlanta Fed President Raphael Bostic and Boston Fed President Susan Collins at the Technology-Enabled Disruption conference in Atlanta.
- European equities are looking for direction, unsure on whether a possible rate cut from the European Central Bank (ECB) in October needs to be considered positive or to be perceived as a sign on the wall that activity in the eurozone is deteriorating quickly. US Futures are trading flat ahead of the US opening bell.
- The CME Fedwatch Tool shows a 63.0% chance of a 25 basis-point rate cut at the next Fed meeting on November 7, while 37.0% is pricing in another 50-basis-point rate cut.
- The US 10-year benchmark rate trades at 3.75%, looking to test the three-week high at 3.81%.
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