In oil markets, the barrel of Brent continued to decline towards $65 as traders weighed higher stockpiles along the prospect that OPEC+ may raise production at a faster pace. EIA data released yesterday showed that U.S. commercial crude oil inventories had increased by 1.8 million barrels last week (but still stand about 4% below the 5-year seasonal average).
Euro area headline inflation rose to 2.2% yoy in September while core inflation remained at 2.3%. In the U.S., the ISM manufacturing advanced to 49.1 points in September (a 7-month high) while the private ADP employment report showed a 32k drop in payrolls in September (official non-farm payrolls are due on Friday but could be delayed by the shutdown).
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