This morning’s surprisingly negative ADP data comes at a tricky time, with Friday’s jobs report at risk from the shutdown.
Private payrolls saw their biggest decline in two-and-a-half years during September, a further sign of labor market weakening that compounds the data blackout accompanying the U.S. government shutdown. Companies shed a seasonally adjusted 32,000 jobs during the month, the biggest slide since March 2023, payrolls processing firm ADP reported Wednesday. Economists surveyed by Dow Jones had been looking for an increase of 45,000. In addition to the drop in September, the August payrolls number was revised to a loss of 3,000 from an initially reported increase of 54,000. The report comes as the funding impasse in Washington, D.C. has led to the first government closure since late 2018 into early 2019. Failing a deal over the next two days, the Bureau of Labor Statistics’ nonfarm payrolls report for September will not be released, nor will the Labor Department put out the weekly jobless claims count on Thursday. The last time the BLS payrolls report was delayed was in 2013. Source: CNBC, Bloomberg, @M_McDonough on X
In case you missed it... Eurozone inflation picked up in Sep, with CPI rising 2.2% YoY, driven by hashtag#energy base effects and higher service costs.
Core inflation, which excluding volatile items like energy & food, remained steady at 2.3%, in line with expectations. Source: Bloomberg, HolgrZ
It's official.
Silver just reached its highest quarterly close in history. Source: Otavio (Tavi) Costa @TaviCosta, Bloomberg
Amazing Blackstone report on the Picks and Shovels of AI
Source: Blackstone
The largest marijuana ETF by market capitalization is soaring
The largest marijuana ETF by market capitalization is soaring after President Trump's Truth Social account published an overnight informational video highlighting the health benefits of cannabidiol (CBD), an active ingredient in cannabis derived from the hemp plant, for seniors. On Sunday evening, Trump's social media team published a video that began with bold text reading, "You can revolutionize senior healthcare." The video highlights that CBD can "restore" the endocannabinoid system, touting benefits such as reduced pain, better sleep, and lower stress.
Robinhood Prediction Markets just crossed 4 billion event contracts traded all-time, with over 2 billion in Q3 alone.
And we’re just getting started. Source: Vlad Tenev @vladtenev on X
Zijin Gold IPO explodes +64.8% on day one China’s biggest gold miner just spun off its global arm in Hong Kong, the largest IPO since May 2025.
Investor demand for gold is going vertical Zijin Gold shares surged over 60% Tuesday as the Chinese miner’s international unit made its trading debut in Hong Kong. The company had raised nearly 25 billion Hong Kong dollars (about $3.2 billion) with shares priced at HKD$71.59 apiece, making it the world’s second-largest initial public offering after battery giant CATL’s listing earlier this year. Zijin Gold’s debut, which was delayed by a day due to the impact of Super Typhoon Ragasa on Hong Kong last week, comes at a time when the yellow metal has been notching record highs amid strong safe-haven demand, expectations of rate cuts, and global economic uncertainty. Source: CNBC, Wall Street Gold on X
Gold & Future of defence $NATO ETF
Source: Ole S Hansen
