Global markets
MARSH Capital | Global Market Highlights
Marsh Capital
Macro & Geopolitics
- US payrolls +29k vs ~90k expected; prior two months revised -60k.
- Unemployment rose to 4.2%; wage growth slowed to 3.0% YoY.
- OPEC+ kept November output targets unchanged; Saudi cut Asian Arab Light OSP by $3/bbl.
Rates & Credit
- US 10Y rebounded to ~5.28% after initially falling on payrolls.
- SOFR 3.87% (01/10).
Equities
- GIFT Nifty ~22,800
- Wall Street: S&P +0.7% | Nasdaq +1.2% | Dow +0.5%.
GCC
| Instrument | Level | Change |
|---|---|---|
| ADX | 9,973 | -0.25%down 0.25% |
| DFM | 5,901 | -0.49% down 0.49% |
| Tadawul | 10,506 | +1.09%up 1.09% |
| Kuwait | 8,690 | -0.25%down 0.25% |
| Oman | 7,678 | +1.04%up 1.04% |
Real Assets & Commodities
| Instrument | Level | Change |
|---|---|---|
| WTI | ~$90.3 | — |
| Brent | ~$101.8 | — |
| Gold | ~$4,159 | — |
| Silver | ~$61.2 | — |
| Copper | ~$6.57/lb | — |
Crypto
| Instrument | Level | Change |
|---|---|---|
| Bitcoin | ~$85,500 | — |
| Ethereum | ~$2,700 | — |
Marsh view
The payrolls shock materially reduces near-term Fed-hike risk, but 10Y yields remain above 5.2%. The market is shifting from “inflation/Fed risk” toward “growth slowdown vs. persistent energy inflation.”
Levels are indicative and as at the time of writing. This note is general market commentary prepared for professional discussion. It is not investment research, advice, an offer, a recommendation or a solicitation relating to any financial product or transaction, and it does not take account of any particular objectives or circumstances.