� The US drifted lower through the session end closed in the red.
� The initial tech strength on more positive AI updates quickly faded after reports suggested Oracle�s profit margin in its cloud computing business is lower than some have been estimating.
� A tougher day for Fed doves with multiple Fed speakers appearing to push back on aggressive cutting and NY Fed Inflation survey coming in higher.
� Defensive bias to flows.
� Staples, Utilities and Healthcare outperforms, while Consumer discretionary, energy and tech lagged.
� AsiaPac is taking its lead from the weaker US session - Hong Kong reopens and leads declines.
� RBNZ cut its key rate by a larger-than-exp 50bps.
� Japan�s wages rose at the slowest pace in 3m, adding to rate-hike delay spec.
� The greenback rose vs majors and EMFX � ZAR c17.25.
� The yen slid to its lowest since Feb.
� Yields are holding the lower levels: US2y 3.56/US10y 4.12.
� In commodities, gold is through the $4000 mark but its PGMs in the lead with a strong showing by PLAT.
� FTSE Country review: Greece to DM next Sept, Vietnam to EM while Nigeria has been added to the list for potential re-inclusion to the Frontier space.
� Egypt at risk for Frontier.
� The rand is weaker this morning, at R17.25/$, after closing stronger yesterday (R17.19/$*)
Key events and data:
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� 13h00: US MBA mortgage applications (3 October)
� 20h00: US FOMC meeting minutes (17 September)
� 20h00: US Federal Budget balance (September) � may be delayed due to the US government shutdown
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