Finance

Economic activity data came in much stronger than anticipated, with the September Services PMI reaching its highest level in nearly five years. While demonstrating economic resilience, the robust business activity has amplified fears that inflation will remain sticky. Consequently, market strategists are increasingly forecasting additional interest rate hikes before the end of the year.

The digital asset market faced downward pressure, with Bitcoin pulling back to the $84,000 range and Ethereum experiencing minor losses. The decline mirrored the broader market anxiety stemming from soaring Treasury yields. However, institutional demand remains visible, highlighted by U.S. spot Bitcoin ETFs pulling in nearly $1 billion in a single day.

Oil prices halted their recent downward trajectory as investors weighed diplomatic developments against ongoing geopolitical risks. Extensive discussions between U.S. and Iranian delegations at the United Nations General Assembly briefly sparked optimism for a diplomatic resolution. However, underlying tensions remain high as the prolonged conflict in the Middle East continues to cloud the global energy supply outlook.