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Just in: Canada added more jobs than expected last month.<\/p>\n
Canada\u2019s economy has posted a surprise 60,400 net job gains in September, almost entirely reversing the losses of the previous month, new official data shows.<\/p>\n
But, that leaves Canada\u2019s jobless rate at 7.1%, the same as in August, when the rate hit a nine-year high outside of the pandemic years.<\/p>\n
Share<\/a><\/p>\n China\u2019s increasing restrictions of exports on minerals critical to the technology industry are of \u201cgreat concern\u201d, the German government says.<\/p>\n While it\u2019s too soon to assess the impact of China\u2019s latest curbs, \u201cthe issue is now being discussed intensively at both national and EU level,\u201d a spokeswoman for the Economy Ministry said in an emailed response to questions from Bloomberg. More here.<\/a><\/p>\n As we covered yesterday<\/a>, Beijing has added several new rare earth elements to its list of goods with export restrictions including holmium, erbium, thulium, europium and ytterbium.<\/p>\n Share<\/a><\/p>\n There are three reasons why the US dollar is recovering, reports \u200bRazan Hilal, market analyst at City Index, even though the US Federal Reserve is expected to cut interest rates at its next meeting.<\/p>\n The rate-cut sentiment for Q4 2025 is already priced in.<\/p>\n The U.S. government shutdown is increasing haven demand for precious metals and the U.S. dollar.<\/p>\n Global uncertainties, especially within the EU, are weakening the EURUSD and supporting the relative bounce of the DXY [the US dollar index].<\/p>\n Share<\/a>Sterling has worst week since January as dollar advances<\/p>\n The pound is on track for its worst week since January, amid anxiety over the UK economic outlook and the looming autumn budget.<\/p>\n Sterling has dropped by 1.35% against the US dollar this week, down from $1.3478 at the end of trading last Friday to $1.3295 now.<\/p>\n That\u2019s its biggest monthly drop since 6 \u2013 10 January.<\/p>\n This week\u2019s fall is partly because some investors have been nudging up the value of the US dollar, after a tough year for the US currency.<\/p>\n Neil Wilson, Saxo UK investor strategist, says \u201ca basket of bad news for the UK is not exactly helping\u201d either, citing:<\/p>\n Weakest wage growth in 4 years, Hays numbers bad, retail footfall down and Niesr tells the Chancellor that a 3p hike in income tax would be a good idea to plug the fiscal black hole.<\/p>\n On top of that the ONS keeps revealing itself to be a bit of a shambles (see Wednesday\u2019s \u00a32bn borrowing error<\/a>), which is not helping.<\/p>\n Share<\/a><\/p>\n Updated at\u00a006.56 EDT<\/p>\n China\u2019s State Administration for Market Regulation has opened an antitrust investigation of Qualcomm\u2019s acquisition of Autotalks, the regulator said on Friday.<\/p>\n According to state newswire Xinhua, the regulator is investigating whether Qualcomm violated China\u2019s anti-monopoly law by failing to declare \u201cthe concentration of undertakings in accordance with the law\u201d.<\/p>\n Qualcomm\u2019s shares are down 2.3% in pre-market trading in New York after the announcement.<\/p>\n Share<\/a><\/p>\n Shares in US gas supplier Venture Global are set to tumble later today, after it lost an arbitration case brought by BP.<\/p>\n BP had accused Venture of breaching contracts, by not making liquefied natural gas (LNG) deliveries under long-term supply contracts once prices jumped after Russia\u2019s invasion of Ukraine.<\/p>\n Venture, BP claimed, had instead sold that LNG for higher prices on the spot market.<\/p>\n The UK oil group is reportedly seeking damages in excess of $1bn, as well as interest, costs and attorneys\u2019 fees. Shares in Venture are down 14% in pre-market trading.<\/p>\n Share<\/a><\/p>\n Updated at\u00a005.38 EDT<\/p>\n Brickmaker Ibstock reports weaker demandA construction site for a residential apartment block in Walthamstow, east London. Photograph: Tolga Akmen\/EPA<\/p>\n Building materials maker Ibstock has warned that demand in the construction sector has weakened, as customers grew less confident.<\/p>\n Ibstock, which makes bricks and concrete, has told the City this morning that demand in its core construction markets has been weaker than expected, due to \u201ca more uncertain near term economic and political backdrop\u201d.<\/p>\n Joe Hudson, CEO of Ibstock, told shareholders:<\/p>\n \u201cWith clear, long term structural imperatives for residential construction growth, it is disappointing that additional near term headwinds are impacting momentum in our markets in the latter part of the year. In spite of this difficult and uncertain market backdrop, the Group has continued to make good operational progress and maintain share.<\/p>\n \u201cWhilst it remains difficult to predict the pace and timing of market recovery, we will continue to focus on strong execution and progressing our long term strategic growth projects. These initiatives, combined with the increasing contribution from our recent investments, leave us well positioned to benefit as the market returns.\u201d<\/p>\n Shares in Ibstock have dropped almost 10% this morning, making it the top faller on the FTSE 250 index of medium-sized companies.<\/p>\n Share<\/a><\/p>\n There\u2019s a calm start to trading in London, where the FTSE<\/a> 100 share index has dipped by 13 points, or -0.14%, to 9496 points.<\/p>\n Mining stocks are leading the fallers, with Endeavour Mining (-4.3%) and Fresnillo (-3.5%) hit by a drop in the gold price, back below $4,000 per ounce, after a series of record highs.<\/p>\n But advertising group WPP (+2.2%) and catering firm Compass (+2%) are leading the risers.<\/p>\n Richard Hunter, head of markets at interactive investor, says there are \u201csome pockets of profit taking\u201d in the markets, as the ongoing US government shutdown reprives investors of some economic news.<\/p>\n Share<\/a>UK retail footfall drops<\/p>\n Visits to UK retailers also fell last month, a sign that consumers are more nervous about spending.<\/p>\n Total UK footfall at retailers decreased by 1.8% in September, on an annual basis, worse than the 0.4% drop recorded in August, according to the British Retail Consortium (BRC).<\/p>\n BRC-Sensormatic data found:<\/p>\n High Street footfall decreased by 2.5% in September (YoY), down from +1.1% in August.<\/p>\n Retail Park footfall decreased by 0.8% in September (YoY), up from -1.1% in August.<\/p>\n Shopping Centre footfall decreased by 2.0% in September (YoY), down from 0.0% in August.<\/p>\n Customers \u201cput the brakes on non-essential spending\u201d, according to the BRC. Their CEO, Helen Dickinson, says:<\/p>\n This was due largely to declines in Non-food sales, as fashion and full price big-ticket items were held back by lower consumer confidence. Gaming bucked the trend, thanks to some popular new releases. Food sales remained solid as the month saw the conclusion of football tournaments and two bank holidays, prompting spending on BBQs and picnics.<\/p>\n Share<\/a><\/p>\n The pound dropped to a two-month low against the US dollar last night, with investors showing sterling little love.<\/p>\n The UK currency dipped below $1.33 for the first time since 6 August. This morning it\u2019s trading around $1.329.<\/p>\n It\u2019s also slightly lower against the euro, at \u20ac1.149.<\/p>\n Ipek Ozkardeskaya, senior analyst at Swissquote Bank, says:<\/p>\n Sterling remains very much unloved heading into the Autumn Budget.<\/p>\n Even though French political shenanigans have capped the upside in the EURGBP since late September, the outlook remains more supportive for continental Europe than for the UK, where sluggish growth, persistent fiscal pressures and a hesitant Bank of England continue to weigh on sentiment.<\/p>\n Share<\/a><\/p>\n New results from recruitment firm Hays underline how the jobs market has weakened.<\/p>\n Hays has reported that the fees it earns for placing candidates into jobs fell by 9% in the United Kingdom & Ireland in the third quarter of this year, and by 8% globally.<\/p>\n The company, which has cut its consultant headcount by 15% over the last year, also reported that fees from filling permanent positions, worldwide, is down 13%.<\/p>\n And looking ahead, Hays warns that it sees little improvement soon, telling the City:<\/p>\n Given ongoing macroeconomic uncertainty, we expect near term market conditions to remain challenging and, although we have limited forward visibility, we believe this is likely to persist through FY26.<\/p>\n Share<\/a>Permanent placements decline again<\/p>\n Today\u2019s KPMG and REC UK Report on Jobs survey also shows that the number of permanent placements fell again in September, but at the slowest rate in a year.<\/p>\n The report shows that firms often noted that employers were hesitant to take on new workers due to weaker economic conditions and cost concerns.<\/p>\n Jon Holt, group chief executive and UK senior partner at KPMG, says:<\/p>\n \u201cWith very little positive news out there on the economy in recent months, and lots of speculation about the Budget, it is understandable that employers are cautious with their hiring. But despite these headwinds, our annual CEO Outlook revealed this week that chief executives are more upbeat about future growth prospects for their industry and the UK economy than might be expected. They are resilient and responding to challenges by adapting their investment strategies to focus on AI adoption, managing cyber risk and upskilling their talent.<\/p>\n \u201cThe jobs market has not yet turned a corner and remains tough, but we saw stabilisation in some of the numbers last month. While the public finances provide little room for manoeuvre in November, some clear signals from the Chancellor that build on business confidence will hopefully support renewed hiring as we head into 2026.\u201d<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/10\/462.png\")
Photograph: KPMG\/REC<\/p>\n