While wage growth has eased since its 2022 peak, it remains higher than any point in the decade before the pandemic. However, despite this strength in labor data, business and consumer surveys have reflected weaker sentiment.
Four Federal Reserve policymakers on Monday backed further reductions in interest rates following the central bank’s decision to cut borrowing costs by an outsized 50 basis points in September.
Oil prices steadied near $74 a barrel on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world’s top oil importer, continued to weigh.
While speculation over a Donald Trump victory had initially boosted crypto prices, recent polls pointed to a tight race between Trump and Vice President Kamala Harris, denting risk appetite. Broader risk-driven assets retreated, which in turn weighed on sentiment towards crypto.
Hyundai Motor India shares fell as much as 7.6% in their market debut on Tuesday after a tepid response from retail investors to the country’s largest initial public offering on concerns the price was set too high and an auto industry slowdown.
