Wolf Money(World market review 28 Sept - 4 Oct 2026)

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Market Summary 28 Sept – 4 Oct 2026

*USA* 

± US PCE rose 0.3% MoM or 3.4% YoY in Aug, Core PCE up 0.2% or 3% YoY, both unchanged from Jul’s revised readings  

+ US inflation data for Aug came in softer than expected, lowering market expectations for Oct Fed interest rate hike  

+ US Q2 GDP growth revised to 2.2% annualised rate from 1.5% on higher investment, consumer spending, govt spending  

+ US Manufacturing PMI reached 54.5% in Sept vs 54.6 in Aug, prices index jumped 6.8 pts to 77.9, highest reading since May 

-US consumer confidence hits its lowest level since 2014 

+ US consumer spending up 0.9% or US$190.8bn in Aug, the most since Mar  

+ US inflation-adjusted personal spending up 0.6% MoM in Aug, the most in 17 mths 

+ US personal income rose 0.2% MoM to US$27,627bn in Aug

± US economy added just 29k jobs in Sept, vs expectation of 90k, with unemployment rising to 4.2% vs 4.1% in Aug 

+ US private businesses added 90k jobs in Sept, vs expectations of 70k 

+ US job cuts down 18% MoM to 43,281 in Sept 

-US goods trade deficit widened to US$132.6bn in Aug from US$118.9bn in Jul, largest deficit since Mar 2025 

+ US new orders from manufactured goods grew by 0.1% of US$700m to US$663.5bn in Aug 

-US average 30-year fixed mortgage rate rose 18bps to 7.3%, highest level since Nov 2023, mortgage application falls for 4th week

+ Trump announced US$15bn steel mill project in Iowa 

-US emergency oil stockpile plunged to lowest level in nearly 44 years 

-US said to have asked Europe to release diesel reserves 

 + Broadcom to lend Anthropic up to US$42bn to lease its chips 

+ Nvidia boosted its biggest-ever buyback authorisation plan by a record US$150bn 

+ SpaceX’s giant Starship rocket reached orbit for the first time and deployed new Starlin satellites 

+ Tesla’s car business back on growth path as deliveries beat forecasts 

*North America*

+ Canada to fast-track oil pipeline to diversify economy away from US 

*CHINA*

+ PBOC cuts interest rate on it pledged supplemental lending (PSL) facility by 0.25% pts, lowering 1-year PSL from 1.75% to 1.5% 

+ China’s Manufacturing PMI rose 0.3% in Sept to 50.1, back to expansion for the first time in 3 mths 

+ China’s nonmanufacturing PMI rose to 50.2 in Sept from Aug’s 49 

+ China RatingDog Manufacturing PMI rose to 52.1 in Sept, fastest pace in 5 mths

+ RatingDog services PMI at 51.6 in Sept, vs 51.4 in Aug

+ China offers annual interest rates subsidy of 1% pt for up to 5 years to eligible 1st-time home buyers  

+ China, US pledge tariff cuts on US$60bn worth of goods imported from each other  

+ China’s AI users top 700m as adoption rate exceeds 50%: report

-Shanghai issued new rules tightening requirements for commercial housing pre-sales 

+ China’s carmakers eye record 12m overseas sales in 2026

+ Chinese firms eye SEA as next frontier for growth: FutureChina Forum 

+ China’s excavator exports exceeded domestic sales in first 8-mth, exports up 31.8% YoY 

+ China aims to achieve large-scale application of solid batteries by 2030: Blueprint 

+ CXMT to invest US$5.2bn to enhance R&D, memory wafer testing capabilities 

+ CATL starts its largest overseas production plant in Hungary, supplying to Mercedes-Benz and BMW  

-Shein H1 profit plunges over 50% despite more orders 

+ China’s durian trees in experimental orchards in Yunnan Province have steadily come into bearing after years of trial cultivation 

+ HK’s IPO doubled in first 9-mth, reaching highest level since records began in 1980; total 112 companies raised US$48.4bn 

+ HK accounted nearly 2/3 of China’s outbound investment 

+ Taiwan’s S&P Global Manufacturing PMI rose to 56.7 in Sept, strongest reading since Aug 2021 

*EUROPE*

-Eurozone annual inflation accelerated to 3.8% in Sept, vs 3.2% in Aug

+ Europe agrees to ‘immediately’ release ‘massive’ diesel stocks: Trump

+ UK GDP grew 0.5% in Q2, beating expectations 

-UK business confidence hits 17-mth low in Sept 

-Germany’s annual inflation rate rose to 3.3% in Sept, highest level since Dec 2023 

-France’s 10-year OAT yield surged to 4.9%, highest level since Jun 2022

-France’s 2027 budget remains highly uncertain: Moody’s Ratings 

-France's inflation at 3%, Spain 4.9% and Italy 4.1% 

+ Russia posts highest crude export earning’s since 2022: Bloomberg 

*ASIA*

-Japan 10-year bond yield increased to 3.12%, hitting 30-yield high  

+ Japan’s S&P Global Manufacturing PMI at 54.1 in Sept, softest expansion since Mar 

-Japan’s industrial production fell 2.2% YoY in Aug, vs expectations for 0.5% increase 

+ BoJ’s sentiment index for large manufacturers rose to 24 in Q3, highest reading since Q1 2018 

-India 10-year rose to around 7.21% at more than 2-year high

-India’s external debt increased by US$15.4bn in the qtr, reaching record high of US$778.2bn at end Jun 

+ South Korea posts monthly record trade surplus of US$49.85bn in Sept, up 83.5% YoY to US$120.9bn  

+ South Korea S&P Global Manufacturing PMI rose to 53.9 in Sept, strongest expansion since May  

-Australia raises interest rate to 4.6% hitting 15-year high 

-Australia S&P Global Manufacturing PMI fell to 49.6 in Sept, sharpest decline in 21 mths  

-Australia’s 10-year yield govt bond yield rose above 5.4%, near its highest level since mid-2011 

+ Indonesia’s S&P Global Manufacturing PMI climbed to 52.4, highest since Feb 

+ Indonesia’s trade surplus at US$3.55bn in Aug, vs expectations of US$0.6bn 

+ Thailand’s S&P Global Manufacturing PMI rose to 54.3 in Sept at 9-mth high 

-Malaysia’s S&P Global Manufacturing fell to 49.9 in Sept, the first deterioration in operating conditions since May 

+ Sg PMI edged up 0.2 pt from Aug to 51.7 in Sept, marking 14 consecutive mths of expansion: SIMPMM 

+ MAS selected 5 int’l asset managers to handle S$1.45bn in locally focused equity strategies 

+ Sg private home prices up 1.4% QoQ in Q3, fastest growth since 4th qtr of 2024 

-Sg mortgage rates crossed 2% mark after Fed hike 


Contribution by Derek@valueinvestments chat group. Thank you.

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All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.

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