- Markets in September
- Global market indices
- Commodity sector news
- Currencies
- Cryptocurrencies
- Fixed Income
- What to think about in October
- Key events in October
Markets in September
Markets started September with a degree of trepidation due to uncertainty about how quickly the US economy is slowing and whether the Fed was willing to front-load rate cuts in the hope of avoiding a harder landing or if it would still take a more gentle approach. With the Fed’s first rate cut in four years being an outsized 50 bps, investors appeared to have regained confidence that the soft landing scenario would be achieved. Tech and growth stocks regained ground while the S&P 500 reached a new high the day after the Fed meeting and the rally broadened out beyond the Magnificent Seven.
The S&P 500 is +1.31% MTD, the Dow is up +1.55% MTD, while the Nasdaq 100 is +1.89% MTD. The NYSE is +0.46% MTD.
European equity markets also turned positive in September as the dovish shift from the Fed and continuing disinflation in the eurozone may lead the ECB to reduce lending rates more quickly in an attempt to manage a slowing economy.
In the bond market, yields continued to slide in the US and in Europe. The yield on the 2-year US Treasury note, which is closely tied to the Fed Funds rate, has fallen from 3.87% at the end of August to 3.549% as of 25th September. The benchmark 10-year US Treasury note yield has declined to 3.784% from 3.836% in August. In Europe, the 10-year German bunds yield has dropped -4.20 basis points (bps), and the UK 10-year yield is +7.40 bps.
The Economic Picture
The US labour market continues to soften, with total nonfarm payroll employment increasing by 142,000 in August, below the average monthly gain of 202,000 over the prior 12 months. Average hourly earnings increased by 0.4%. The unemployment rate is currently at 4.2%, down from July’s 4.3%. The labour force participation rate remained at 62.7% in August. The Conference Board's consumer confidence index suffered its biggest one-month decline in three years in September, coming in at 98.7 in September, from an upwardly revised figure of 105.6 in August. The Expectations Index, based on consumers' short-term outlook for income, business, and labour market conditions, fell by 4.6 points to 81.7, but remained above 80. A reading below the threshold of 80 usually signals a recession ahead. The share of consumers who viewed jobs as "plentiful" was 30.9%, down from 32.7% in August. Some 18.3% of consumers said jobs were “hard to get,” up from 16.8% in August. The September report indicated that all five components of the Index deteriorated. Consumers’ assessments of current business conditions turned negative while views of the current labour market situation softened further. Consumers were also more pessimistic about future labour market conditions and less positive about future business conditions and future income. The Flash Composite PMI Output Index in September was 54.4 compared to a final reading of 54.6 in August. The Flash US Services Business Activity Index for August came in at 56.0, also up from June’s 55.3, a 28-month high. The service sector outperformed manufacturing for a fourth straight month. The Flash US Manufacturing PMI contracted for a third month, falling to 48.0 from July’s 49.6. All five components of the PMI weakened in August and manufacturing employment growth meanwhile slowed to near-stagnation. Average prices charged for goods and services rose at their quickest pace since March, marking the first acceleration of selling price inflation in four months.
In the eurozone the ECB cut rates again in September by 25 bps as eurozone inflation fell to 2.2% in August 2024, down from 2.6% in July. Core inflation - excluding volatile items such as food, energy, alcohol, and tobacco -was 2.8% year on year, slightly down from July’s 2.9%. Services inflation increased from 4% in July to 4.2% in August. On the growth front, the eurozone HCOB Flash Composite PMI fell from 51.0 in August to 48.9 in September. The Flash Composite PMI for Germany also continued to fall, signalling a contraction of output for a third successive month. The index dropped from 48.4 in August to 47.2 to signal the steepest contraction since February. The steepest fall in manufacturing output for 12 months in Germany was accompanied by a near-stalling of service sector growth. Overall, this suggests that the risks of the eurozone economy facing a 'hard landing' have risen. According to money markets, traders are currently estimating a greater than 40% chance of an ECB rate cut in October.
Global Market Indices
US:
S&P 500 +4.79% QTD and +19.97% YTD
Nasdaq 100 +1.33% QTD and +18.54% YTD
Dow Jones Industrial Average +7.90% QTD and +11.99% YTD
NYSE Composite+7.51% QTD and +15.00% YTD
The Equally Weighted version of the S&P 500 posted a +0.78% increase this month, its performance is +12.01% YTD, 7.96 percentage points lower than the benchmark.
The S&P 500 Consumer Discretionary sector is the top performer this month at +7.25% MTD, and +13.46% YTD, while the Energy sector is -3.66% MTD, and +4.74% YTD.
US stocks experienced a downturn on Wednesday, reversing some of their recent gains due to the absence of a significant catalyst to maintain the upward momentum. Blue-chip stocks were particularly affected, with the Dow Jones Industrial Average declining 0.7%, or roughly 293 points, and breaking its four-day winning streak. The S&P 500 also saw a slight decrease of 0.2%, while the Nasdaq 100 managed to close slightly higher, ticking up +01%.
The record highs achieved by both the Dow and the S&P 500 on Tuesday, driven by the Fed's recent interest rate cut, were not sustained. The day was relatively quiet in terms of economic data and corporate earnings reports, and the slightly better-than-expected new home sales data had minimal impact on the markets.
Following the muted response to China's latest stimulus measures beyond Asian markets, investors are now eagerly anticipating unemployment claims and durable goods orders scheduled to be released Thursday. On Friday, the Commerce Department will release closely-watched data on personal income and spending trends, as well as the Fed’s preferred inflation gauge.
Shares of Amgen, a Dow component, fell 5.5% after analysts expressed disappointment with the results of a late-stage study of a drug intended to treat a type of eczema. Additionally, Visa shares continued their decline, dropping another 1.2% after a 5.5% slide on Tuesday following the Justice Department's announcement of an antitrust lawsuit against the company.
Europe:
Stoxx 600 +1.51% QTD and +8.38% YTD
DAX +3.75% QTD and +12.94% YTD
CAC 40 +1.15% QTD and +0.30% YTD
FTSE 100 +1.28% QTD and +6.92% YTD
IBEX 35 +7.76% QTD and+16.73% YTD
FTSE MIB +2.07% QTD and +11.50% YTD
In Europe, the Equally Weighted version of the Stoxx 600 is +0.08% in September, and its performance is +6.80% YTD, 1.58 percentage points below the benchmark.
The Stoxx Europe 600 Travel & Leisure is the leading sector this month, up +5.77% MTD +5.26% YTD, while Autos & Parts has exhibited the weakest performance at -6.57% MTD and -9.19% YTD.
STOXX 600 Earnings Q2 2024
As of 24th September, according to LSEG I/B/E/S data for the STOXX 600, Q2 2024 earnings are expected to increase 3.0% from Q2 2023. Excluding the Energy sector, earnings are expected to increase 2.1%. Q2 2024 revenue is expected to decrease 0.8% from Q2 2023. Excluding the Energy sector, revenues are expected to decrease 1.3%. Of the 295 companies in the STOXX 600 that have reported earnings by 24th September for Q2 2024, 52.9% reported results exceeding analyst estimates. In a typical quarter 54% beat analyst EPS estimates. Of the 354 companies in the STOXX 600 that have reported revenue by 24th September for Q2 2024, 58.5% reported revenue exceeding analyst estimates. In a typical quarter 58% beat analyst revenue estimates.
Financials, at 74%, is the sector with most companies reporting above estimates. At 9%, Financials is also the sector that beat earnings expectations by the highest surprise factor. In the Real Estate sector only 20% of companies reported above estimates. Basic Materials’ earnings surprise factor was the lowest at -9%. The STOXX 600 surprise factor is 4.3%. The forward four-quarter price-to-earnings ratio (P/E) for the STOXX 600 sits at 13.3x, below the 10-year average of 14.4x.
During the week of 30th September, there are no companies scheduled to report.
Global:
MSCI World Index +5.43% QTD and +16.82% YTD
Hang Seng +7.96% QTD and +12.21% YTD
Mega cap stocks had a mixed performance in September with Alphabet -1.16%, Amazon +7.86%, Apple -1.15%, Meta Platforms +9.02%, Microsoft +3.59%, Nvidia +3.47%, and Tesla +20.04%.
Energy stocks haveexperienced a negative performance so far this month, with the Energy sector -3.66% in September and +4.74% YTD due to different economic data signalling softening demand in China and subdued demand in the US compared to previous years. Energy Fuels +15.11%, and Baker Hughes Company +2.50%, while Apa Corp -13.76%, Marathon Petroleum -8.73%, Phillips 66 -7.45%, Halliburton -7.14%, Shell -5.56%, ConocoPhillips is -7.08%, Chevron -2.69%, and ExxonMobil -2.69%.
Materials and Mining stocks had a slightly positive month in September. The Materials sector is +1.27% so far in September and +11.36% YTD. Gold reached new highs in September and is +6.63% MTD +28.94% YTD, and copper prices rose by +6.83% MTD. Sibanye Stillwater +10.16%, Freeport-McMoRan +9.10%, Yara International +4.66%, and Newmont Mining +3.50%, while Mosaic -11.27%, Albemarle -4.07%, Nucor Corporation -1.99%, and Celanese Corporation -0.44%.
Commodities
Oil prices had a difficult September with WTI -3.95% MTD and Brent -4.84% MTD. This was largely due to concerns around Chinese demand and increasing oil inventories in the US, despite hurricane Francine disrupting production temporarily in the US Gulf of Mexico coast. It has also been reported in the Financial Times that Saudi Arabia is ready to abandon its unofficial price target of $100 a barrel for crude. OPEC+ has been due to unwind long-standing production cuts from the start of October. But this has been delayed by two months, increasing speculation that the group may not be able to raise output due to the price of global benchmark Brent dropping, at one point this month below $70, its lowest level since December 2021. Increased supply from non-Opec producers, particularly the US, and weak demand growth in China, have reduced the impact of the group’s cuts over time.
Gold has rallied this year, surging +28.94% and reaching a peak of $2,658.09, marking its best performance since 2020. Gold prices increased by 0.02% to a record high on Wednesday as rising expectations for a sequential 50 bps cut by the Fed.
Additionally, data from the World Gold Council reveals that global gold ETFs witnessed inflows of 28.5 tonnes, equivalent to $2.1 billion, in August. All regions reported positive flows, with Western funds contributing the majority. North America alone added 17.2 tonnes or $1.4 billion in inflows last month.
These inflows follow three consecutive years of outflows from gold ETFs. While the recent four months of inflows have helped mitigate year-to-date losses, a net outflow of 44 metric tons persists.
Oil prices experienced a decline of over 2% on Wednesday as concerns regarding supply disruptions in Libya subsided. Additionally, lingering apprehensions about Chinese demand persisted despite the latest stimulus plans introduced by the PBoC.
In Libya, a positive development emerged with the signing of an agreement between factions on the process for appointing a central bank governor. This represents a preliminary measure towards resolving the ongoing dispute over control of the central bank and oil revenue, a conflict which has significantly impacted Libya's oil output and exports.
EIA reports broad decline in US oil inventories, gasoline and distillate stocks fall. The Energy Information Administration (EIA) reported on Wednesday that US oil inventories experienced a broad decline last week, exceeding expectations. Crude oil stockpiles, in particular, reached their lowest point in nearly two and a half years.
Specifically, crude stocks decreased by 4.5 million barrels to 413 million barrels in the week ending 20th September. Excluding the Strategic Petroleum Reserve, US crude inventories were at their lowest since April of 2022.
However, stocks at the Cushing, Oklahoma delivery hub for US crude futures increased by 116,000 barrels, marking the first rise since early August.
Refinery crude runs decreased by 124,000 barrels per day (bpd), while utilisation rates dropped by 1.2 percentage points to 90.9% of total capacity.
Furthermore, gasoline stocks fell by 1.5 million barrels to 220.1 million barrels, and distillate stockpiles, which include diesel and heating oil, decreased by 2.2 million barrels to 122.9 million barrels. Notably, distillate inventories on the US Gulf Coast saw their most significant decline since September of 2021.
Finally, the EIA reported that net US crude imports increased by 826,000 bpd last week, while exports decreased by 692,000 bpd to 3.9 million bpd.
Currencies
The dollar continued to fall in September on rising expectations of the Fed beginning its rate cutting cycle in September. The outsized 50 bps cut contributed to the dollar index falling over the month; it is -0.76% MTD.
The GBP is +1.48% MTD and +4.62% YTD against the USD. The EUR is +0.79% MTD and +0.89% YTD against the USD.
However, the US dollar rebounded from a 14-month low against the euro on Wednesday, amidst volatile trading conditions. Nevertheless, investors appear to have maintained their expectations of a further 50 bps interest rate cut by the Fed in November, driven by waning optimism in the labour market.
Data released on Wednesday indicated a smaller-than-anticipated decline in sales of new US single-family homes in August. The primary focus for US economic data this week remains on the Personal Consumption Expenditures (PCE) index for August, which is scheduled for release on Friday.
The euro, after reaching a peak of $1.1214 earlier in the day - its highest level since July 2023 - closed at $1.1131, marking a +0.44% decrease. Concurrently, the dollar index experienced a +0.58% increase to 100.93, having earlier touched 100.21, equalling its lowest point since July 2023, observed on 18th September.
Meanwhile, the British pound depreciated against the US dollar on Wednesday, retracing from a two-and-a-half-year high achieved on Tuesday. Sterling declined by -0.69% to $1.3317, ending a five-day streak of gains. Against the euro, the pound weakened to 83.6 pence, having traded near its strongest level since April 2022 on Tuesday.
This shift in sentiment is due to stagnating growth with the S&P Global Flash UK PMI Composite Output Index falling to 52.9 in September, down from August’s 53.8. Consumer confidence also fell sharply in September with the Gfk Consumer Confidence Index falling to -20 points in September from -13 points in August, marking the sharpest monthly decline in consumer confidence since April 2022.
During the September monetary policy meeting, the Bank of England (BoE) kept its rates at 5.00%. BoE Governor Andrew Bailey said easing would continue “gradually” and that interest rates were unlikely to fall back to ultra-low levels in the UK without another bout of economic crises on the scale of the financial crisis and the pandemic. The prospect of a more gradual pace of interest rate reductions in the UK compared to other regions has contributed to Sterling's relative strength against major currencies.
However, given weakening PMIs, cooler wage growth and a slow down in services inflation, markets may be underpricing the extent of cuts the BoE may need to do in the next two quarters. In addition, investors are waiting on the new budget, due 30 October, to understand the fiscal policy implications for the economy and consider how the BoE may react during its policy meeting eight days later. Market derivatives imply an additional 40 bps of cuts by December, which would position the base rate closer to 4.50%.
In other currency movements, the US dollar appreciated by +1.06% against the Japanese yen, reaching ¥144.65 and subsequently peaking at ¥144.75, its highest point since 3rd September.
Cryptocurrencies
Bitcoin +7.47% MTD and +51.29% YTD
Ethereum +2.25% MTD and +12.53% YTD
Cryptocurrencies have benefitted from the Fed’s outsized 50 bps cut last week, with the broader cryptocurrency market rallying last week on the signal of increasing market liquidity and recording large inflows of $321 million, according to CoinShares data. Crypto ETFs have also seen positive inflows as demand for cryptocurrencies has increased as investors have been in a more “risk-on” mode, moving away from safer assets such as bonds for higher returns in assets like equities, cryptocurrencies, and other crypto-related products. In early September the market was hit by a 21-day streak without positive flows including 11 trading days of zero flows and two days of net outflows on 29 August and 9 September. According to the latest data from SoSoValue, US Bitcoin ETFs saw an inflow of $105.84 million on 25 September, with BlackRock's IBIT ETF having an inflow of $184.38 million. Since the Fed’s rate cut announcement on 18 September there has been roughly $444 million of positive inflows into the US Bitcoin ETF market. In addition, the dollar weakening experienced throughout September has also made cryptocurrencies more attractive, as some investors view alternative assets like cryptocurrencies and gold, as stores of value or hedges against currency devaluation.
Note: As of 6:00 pm 25 September 2024
Fixed Income
US 10-year yield -58.61 basis points QTD -9.7 basis points YTD to 3.784%.
German 10-year yield -28.30 basis points QTD +17.6 basis points YTD to 2.185%.
UK 10-year yield -15.60 basis points QTD +45.2 basis points YTD to 3.991%.
US Treasury 10-year bond yields are -9.7 basis points (bps) YTD and -1.93 bps over the past month. Yields have been declining on signs of a softening economy and cooling inflation.
The CME's FedWatch Tool gives a 39% probability of a 25 bps cut and a 61% probability of a 50 bps cut at the Fed’s 7th November meeting. Swap traders are pricing in a total of about 75 bps worth of reductions for the year. However, traders will be looking closely at Friday’s PCE data for further indications of the Fed’s future rate cut policy.
The benchmark German 10-year yield is -4.20 bps in September at 2.185%, while the UK 10-year yield is +7.40 bps at 3.991%. The spread between US 10-year Treasuries and German Bunds increased by 3.3 bps from 157.8 bps in August to 161.1 bps now.
Italian bond yields, a benchmark for the eurozone periphery, are -2.2 bps this month to 3.542%. Consequently, the spread between Italian and German 10-year yields is -3.9 bps to 134.6 from 138.5 bps in August.
Given contraction in the eurozone’s private sector activity and an unexpected drop in Germany’s business confidence, the futures markets are pricing in a 60% chance of an ECB interest rate cut in October from around 20% early this week.
On Wednesday, US Treasury yields saw a broad increase, with the 10-year notes rising for five of the past seven sessions, as investors continued to believe that the Fed will be able to engineer a soft landing in its current monetary easing path.
Notably, US two-year yields, which are highly sensitive to the Fed's monetary policy, haven't declined as much as anticipated following the central bank's 50 bps rate cut last week. In the seven days since the cut, these yields have only decreased by about -5 bps. US two-year yields were last up +3.7 bps at 3.557%.
US 10-year yields rose by +5.1 bps to 3.784%. Wednesday's data revealing a decline in US new home sales in August had minimal impact on the Treasury market. However, the expectation is that housing demand could rise in the future due to lower mortgage rates, further supporting the soft landing narrative. US 30-year mortgage rates recently dipped to 6.13%, their lowest level in about two years.
US five-year Treasury yield climbed +3.9 bps to 3.518%, following the sale of $70 billion in five-year notes. The auction witnessed robust demand, securing a high yield of 3.519%, which aligned with market expectations at the bid deadline. Indirect bidders, including foreign central banks, acquired 70.3% of the note, surpassing the average of 68%. Conversely, dealers, who typically step in when demand is weak, were allocated just 11.5%, compared to a 14.6% average.
At the longer end of the curve, US 30-year bond yields increased by +4.8 bps to 4.138%.
Eurozone bond yields also experienced a rise on Wednesday, reversing the downward trend of the previous two sessions as investors are now anticipating further, and potentially deeper, rate cuts from the ECB.
Germany's 10-year bond yield increased by +3.7 bps to 2.185%, following a -9 bps decline over the preceding two sessions. The country's two-year bond yield, which is sensitive to ECB rate expectations, rose by +3.5 bps to 2.13%, after a -16 bps drop on Monday and Tuesday.
Investors are closely monitoring French yields, which recently surpassed Spain's for the first time since 2008 due to concerns about the new government's ability to address the budget deficit. The spread between French and German 10-year yields widened by 3.3 bps to 80.1 bps.
Italy's 10-year yield rose +6.9 bps to 3.546%, and the spread between Italian and German 10-year yields widened by 3.2 bps to 136.1 bps.
Note: Data as of 5:00:pm EDT 25 September 2024
What to think about in October 2024
Eurozone weakness fuels ECB cut bets, prompts bearish outlook for the euro. Recent eurozone economic data, including the September PMIs, has underscored the case for quicker ECB easing, with analysts observing broad-based weakness. Stagnant employment growth, cooling wage increases, and anticipated further deceleration of inflation suggest a challenging economic landscape. While ECB officials haven't signalled urgency for faster cuts, the possibility of an October rate reduction is gaining traction if weak economic news persists. The probability of a 0.25% ECB cut in October has jumped from 25% to 42%, and could climb further.
This weakening economic picture, coupled with US election risks, and market misinterpretations of Fed policy, has led financial institutions like Deutsche Bank and Citi to adopt a bearish outlook for EUR/USD. They believe the market underestimates the Fed's terminal rate and overestimates the impact of Fed easing on the US dollar. Additionally, structural challenges in Europe and China are not fully accounted for.
These factors, along with Germany's economic challenges, make a significant near-term rally in EUR/USD unlikely. Germany's economy is showing signs of weakness, with below-trend growth and rising unemployment. The September Ifo index reading dropped for the fifth consecutive month to 85.4 in September from 88.6 in August. It is now back at levels last seen at the start of the year. The Bundesbank has warned that the German economy may already be in recession, with another contraction in the third quarter possible after a 0.1% decline in Q2. This slowdown in the eurozone is reflected in the weak performance of luxury goods companies and German automakers, which are trading at yearly lows.
In light of these factors, the euro's weakness is becoming a more widely held view, with significant near-term rallies for EUR/USD seeming unlikely.
OECD raises global growth outlook as inflation eases. The OECD, in its interim economic outlook update, has indicated that global growth is stabilising as the effects of central bank rate hikes diminish and falling inflation bolsters household incomes. The organisation has marginally raised its growth projection for this year.
The world economy is now forecast to expand by 3.2% in both 2024 and 2025. This represents a slight upward revision for 2024 from the previous forecast of 3.1%, while the 2025 projection remains unchanged.
The OECD attributes this to the fading impact of central bank tightening and the positive effects of falling inflation on consumer spending. Additionally, if the recent decline in oil prices continues, global headline inflation could be 0.5 percentage points lower than previously anticipated over the coming year.
As inflation approaches central bank targets, the OECD projects that the Fed's main interest rate will gradually ease to 3.5% by the end of 2025, from its current range of 4.75% - 5%. Similarly, the ECB is expected to cut rates to 2.25% from the current 3.5%.
US growth is predicted to moderate from 2.6% this year to 1.6% in 2025, although interest rate cuts are expected to cushion the slowdown. The Chinese economy is also projected to decelerate, from 4.9% in 2024 to 4.5% in 2025, as government stimulus spending is counterbalanced by subdued consumer demand and a struggling real estate sector.
In contrast, the eurozone is expected to experience a near doubling of its growth rate, from 0.7% this year to 1.3% next year, as incomes rise faster than inflation. This will help offset the slower growth in the two largest economies.
The OECD has also revised its outlook for the UK economy upwards, projecting growth of 1.1% in 2024 and 1.2% in 2025, driven by high wage growth. This is a significant improvement from the May forecasts of 0.4% and 1% respectively.
The OECD anticipates global growth to remain resilient in both 2024 and 2025, supported by robust trade, improving real incomes, and more accommodative monetary policies in many economies. Furthermore, inflation is projected to return to central bank targets in most G20 economies by the end of 2025. Headline inflation in these economies is expected to ease to 5.4% in 2024 and 3.3% in 2025, down from 6.1% in 2023. Core inflation in the G20 advanced economies is also anticipated to moderate to 2.7% in 2024 and 2.1% in 2025.
Key events in October
The potential policy and geopolitical risks for investors that could negatively affect corporate earnings, stock market performance, currency valuations, sovereign and corporate bond markets and cryptocurrencies include:
1 October 2024 Mexico presidential inauguration, Mexico. Claudia Sheinbaum will be sworn in as Mexico’s first woman president.
6-11 October 2024 ASEAN Summit 2024, Vientiane, Laos. The ASEAN Summit will bring together heads of state and other government officials from member countries to discuss policy issues and strategic decisions.
16 October 2024 EU-GCC Summit, Brussel, Belgium. The first-ever summit between the EU and the Gulf Cooperation Council (GCC). The Ukraine and Israel-Hamas conflicts will likely be discussed in-depth along with other issues of bilateral relevance.
17 October 2024 ECB Monetary Policy meeting. The ECB seems to be experiencing a bit of an internal conflict following its decision to cut rates by 25 bps in September. Although ECB President Christine Lagarde avoided committing to a monetary-policy path following that meeting, other ECB officials are suggesting that another cut is on the cards for the October meeting.
21-26 October 2024 IMF and World Bank Annual Meetings, Washington, DC, USA. The 2024 annual autumn meetings of the International Monetary Fund (IMF) and the World Bank Group. It will include the main ministerial meetings and events taking place between 23-25 October.
22-24 October 2024 BRICS summit, Kazan, Russia. This will be the first summit with an expanded membership that includes not just Brazil, Russia, India, China and South Africa – but five important new members: Saudi Arabia, United Arab Emirates, Iran, Egypt and Ethiopia. Turkey’s potential membership may also be discussed along with further attempts to create a BRICs currency for use in trading relationships. Russia is reported to be planning a new denomination for oil, – the petroyuan – its own mBridge system to pay for oil along with a BRICs currency.
30-31 October 2024 Bank of Japan Monetary Policy meeting. Following on from the BoJ's board decision to not to raise rates again at the September meeting, BoJ Governor Kazuo Ueda has suggested that the central bank was in no rush to raise interest rates further and that much will depend on the October service-price data. The board will also conduct a quarterly review of its growth and inflation forecasts at this meeting.
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