General Market News

British utility SSE reported a nearly 20% increase in renewable energy output for the first half of the year, driven by investments in major projects and favorable weather conditions. The company reiterated its full-year adjusted earnings per share guidance of 168p to 193p and maintained its 2029/30 target range of 225p to 250p.

• Investment in SSE's regulated networks business surged approximately 70% year-over-year, primarily driven by transmission projects across 11 major developments
• The company is executing a £33 billion ($43.74 billion) five-year investment plan launched last year to expand renewables and upgrade Britain's aging electricity grid
• SSE expects to invest around £2.5 billion in the first half and forecasts adjusted net debt and hybrid capital of approximately £11.5 billion

Norway's gas transportation system operator Gassco announced that the country is well-prepared to deliver high volumes of natural gas to Europe throughout the upcoming winter season. October marks the start of the new gas year and peak delivery season, with maintenance completed and systems functioning properly. This is significant as Europe continues to rely heavily on Norwegian gas supplies.

• October marks the beginning of both the new gas year and the peak season for gas deliveries to Europe
• Gassco's Director of System Operations confirmed that maintenance has been completed and the transportation system is well-functioning
• The Norwegian continental shelf is positioned to meet European demand during the critical winter heating season

EU officials are questioning crypto platform Binance about its use of a legal exemption to continue serving customers in the region despite receiving an order to wind down its business in the bloc, according to a Financial Times report citing sources familiar with the matter.

• Binance is reportedly using a legal exemption to maintain operations in the EU while under a wind-down order
• EU regulators are scrutinizing whether Binance's continued customer service in the region is compliant with the directive to cease operations
• Reuters was unable to immediately verify the Financial Times report

Oil prices are consolidating as WTI trades near $101 and Brent near $90, with recovering Gulf exports limiting gains while stalled US-Iran negotiations and fuel shortages maintain supply concerns. The market faces conflicting forces between improving Middle East crude flows and persistent uncertainties over shipping conditions and fuel availability. Traders await clear signals on diplomatic progress and sustained export stability.

• WTI needs a daily close above $93 to target $104, while a break below $87 could trigger a decline toward $82; Brent maintains positive structure above $95 support with potential rally to $113
• Gulf crude exports are approaching pre-conflict levels, but fuel supplies are recovering more slowly, creating uneven supply restoration across the market
• US consideration of a diesel export ban adds policy uncertainty, potentially lowering domestic diesel costs but raising gasoline prices and affecting global fuel markets

Huawei unveiled its Mate 90 smartphone series on October 1, utilizing its homegrown HarmonyOS 7 operating system and a proprietary 'LogicFolding' chip architecture to overcome US restrictions on advanced semiconductor access. The launch tests whether Huawei can continue advancing its smartphone lineup despite ongoing constraints in obtaining cutting-edge chips, as the company still faces limited access to advanced semiconductor manufacturing capacity in China.

• The Mate 90 Pro Max uses Huawei's Kirin 9050 Pro chip built with 'LogicFolding' technique, which restructures chip wiring in three dimensions for denser processing, though it requires more wafers to produce
• Huawei's domestic shipments rose 13% year-on-year through August while China's overall smartphone market fell 7%, though rising memory costs added approximately $200 per handset
• Huawei holds about 75% of China's foldable phone market, with its Pura X Max sales surging 76% week-on-week after Apple's iPhone Duo launch and exceeding 1.2 million units shipped since April

Limited information is available as the original article content could not be accessed. Based on the title, President Trump has indicated he is still considering implementing a ban on diesel exports, a policy that would affect U.S. fuel trade and potentially impact domestic and international energy markets.

• Trump confirms continued consideration of a diesel export ban policy
• Such a ban would restrict U.S. diesel fuel from being sold to international markets
• The policy could affect global diesel supply chains and domestic fuel pricing dynamics

President Trump said he is 'thinking about' a diesel export ban to address record-high diesel prices but expressed concerns it could negatively impact gasoline prices. His comments suggest he is cooling on the idea compared to three days earlier when he said he was 'very seriously' considering it. Diesel prices have surged due to supply disruptions from conflicts in Iran, Ukraine, and Russia.

• Trump noted that a diesel export ban might help diesel prices 'come down a little bit' but would cause gasoline prices to 'go up a little bit', indicating a tradeoff between fuel types
• Energy Secretary Chris Wright stated diesel supplies are 'tight' due to export losses from conflicts in Russia, the Middle East, and China, though American refiners are running at record highs
• The Strait of Hormuz, a major oil throughway, saw daily exports rebound this week after ship traffic was disrupted by U.S. and Israeli attacks on Iran in late February

Minneapolis Federal Reserve President Neel Kashkari participated in an exclusive CNBC interview to discuss the U.S. economy and monetary policy. The conversation followed the release of key economic data, including the Fed's preferred inflation gauge which came in lower than expected, and ADP's September jobs report which exceeded forecasts.

• The Fed's preferred inflation index registered below economist forecasts, suggesting potential easing of price pressures
• ADP reported higher-than-expected job additions in September, with the official jobs report scheduled for Friday
• The Federal Reserve recently issued its first rate increase in three years and signaled another potential hike ahead

Blue Origin is conducting its first outside funding round after 26 years of being solely funded by founder Jeff Bezos. CEO Dave Limp disclosed that the round is 'oversubscribed' and still open, with reports indicating the company raised $10 billion at a $140 billion valuation. The move marks a strategic shift as Blue Origin scales operations and aims to attract talent while recovering from a May rocket explosion.

• According to the Wall Street Journal, the funding round has raised $10 billion at a $140 billion valuation, with Bezos contributing $2 billion of his total $30 billion investment since 2000
• Blue Origin plans to return its New Glenn rocket to flight by year-end 2026 after a catastrophic explosion in May, with 1,000 workers operating in 24-hour shifts to repair the Cape Canaveral launch pad
• The company unveiled two satellite constellations: TeraWave (5,400+ satellites for enterprise communications) and an AI computing network (56,000 satellites), aiming to build an orbital data center economy powered by constant solar energy in sun-synchronous orbit

Higher starting yields in today's bond market provide significantly more cushion against rate volatility compared to 2022, when fixed income investors faced near-zero yields. Current investment grade corporate bonds yielding around 6% and high-yield bonds at 8% can absorb substantial rate increases before producing negative returns, offering better downside protection than four years ago.

• A 6% investment grade bond can absorb approximately 95 basis points of yield increases before hitting zero total return, while an 8% high-yield bond can withstand about 237 basis points
• In 2022, bonds entered the tightening cycle with near-zero starting yields and little income to offset price declines, creating a painful combination for investors
• Higher starting yields now provide income as a 'first line of defense' against rate volatility, mark-to-market fluctuations, and potential credit spread widening

South Korea unveiled implementation plans for three major energy initiatives in the United States, part of a $350 billion strategic investment package aimed at securing exemptions from US import tariffs. The centerpiece is a $22.3 billion gas-fired power project in Texas designed to power data centers, with operations expected to begin in 2029.

• The gas-fired power project in Encinal, Texas will cost $22.3 billion and is targeted for initial commercial operations in 2029
• The strategic investment package totals $350 billion and is designed to secure critical exemptions from US import tariffs
• US President also announced the plan in a briefing at the White House on Wednesday

New York Fed President John Williams said the Fed has 'time' and no need for urgency on rate hikes, causing October rate hike odds to fall below 50% from 70% earlier in the week. However, Williams and two other Fed governors left the door open for another rate increase later in 2026, following the Fed's quarter-point hike to 3.75%-4.00% on September 16. This creates uncertainty for investors holding bonds and rate-sensitive stocks amid two-decade-high Treasury yields.

• Williams stated 'there is no need for urgency' but noted one more rate increase 'may be appropriate late this year,' keeping the December 9 meeting in play
• The 10-year Treasury yield reached 5.26%, the highest since 2007, while the 30-year approached 5.6%, lowering the market value of existing bonds
• Governors Barr and Cook expressed less patience, citing inflation at 3.7% (well above the 2% target) and supply-side pressures from AI buildout and higher oil prices

Consumer confidence in the U.S. dropped to 81.9 in September 2026, its lowest level since 2014, missing economist expectations of 89.2. The Consumer Discretionary Select Sector SPDR Fund had already declined 8.03% year-to-date, suggesting markets had partially anticipated the weakness. The decline reflects concerns about high energy prices, elevated mortgage rates, and future economic conditions.

• The Expectations Index fell to 63.6, well below the 80 threshold that historically signals recession risk, while the Present Situation Index dropped 7.9 points to 109.3
• Energy costs are pressuring consumers, with WTI crude reaching $96.41 per barrel and gasoline averaging $4.46 per gallon as of late September 2026 due to geopolitical tensions
• The XLY fund's heavy concentration in Amazon (22.22%) and Tesla (19.64%) makes it a poor gauge of broader consumer spending, particularly among lower-income shoppers served by retailers like Home Depot and Target

Sycamore Partners, the owner of Walgreens, is nearing a deal to sell British pharmacy chain Boots for approximately $9 billion, according to sources cited by the Wall Street Journal. The sale represents a significant divestiture of a major international retail pharmacy asset.

• The deal is valued at around $9 billion for the British pharmacy chain Boots
• Sycamore Partners, which owns Walgreens, is the seller in this transaction
• The sale is close to completion, though no final agreement has been announced

Options traders made heavily bullish bets on Alphabet and Microsoft on Wednesday, with options volume exceeding 30-day averages by over 50% in both stocks. The trades suggest expectations of significant gains ahead for these two Magnificent Seven members, which haven't reached new highs since at least May, even as the Nasdaq trades near record levels.

• In Alphabet, call volume was more than double put volume with nearly 150,000 calls initiated; 14 of the top 20 trades by dollar amount were bullish, with over $260 million in premium traded
• Microsoft saw over 130,000 calls purchased versus fewer than 52,000 puts, with nearly $500 million in options traded; one notable trade was a $12 million bullish spread with breakeven at $530 (2.3% higher)
• The bullish positioning comes as both stocks lag the broader Nasdaq, with traders targeting strikes requiring gains of up to 9% in Alphabet and potential new all-time highs in Microsoft

The Nasdaq Composite rose 0.85% to 27,025.60 on September 30, 2026, following softer-than-expected Core PCE inflation data (3.0% vs 3.3% forecast), which reduced October Fed rate hike odds from over 50% to 35%. However, the rally faced headwinds from elevated Treasury yields, with the 10-year near 5.27% and narrow market leadership concentrated in megacap tech and software stocks.

• Core PCE at 3.0% year-over-year undershot the 3.3% forecast, causing markets to slash October rate hike probability from 70% earlier in the week to 35%, though December hikes remain priced in
• The 10-year Treasury yield remained elevated near 5.27% (approaching 2007 peaks) and the 30-year at 5.62% (2002 levels), limiting stock rally momentum despite softer inflation data
• Nasdaq gains were driven narrowly by software and megacap names (Alphabet, Amazon, Apple, Microsoft) while chip stocks lagged, with Micron's after-hours earnings report seen as a critical test for semiconductor sector participation

The August core PCE price index rose 0.2% month-over-month and 3% year-over-year, undershooting forecasts of 0.3% and 3.3% respectively. Meanwhile, second-quarter GDP was revised upward to 2.2% annualized growth, and ADP private-sector hiring exceeded expectations with 90,000 jobs added in September. The softer inflation data provides temporary relief for bond markets while the economy continues to show resilience.

• Core PCE inflation came in below forecasts but still accelerated from July's 0.1% monthly increase, while headline PCE rose 3.4% year-over-year
• Second-quarter GDP was revised significantly higher to 2.2% from the previous 1.5% estimate, with consumer spending rising 3.8% and domestic demand showing strength at 4.6%
• The data creates a potential window for the Federal Reserve to control inflation without additional rate pressure, though upcoming employment reports will determine if this balance can persist

A.G. BARR reported 8.5% revenue growth to £247.4 million and 2.6% profit growth to £36.1 million in H1 fiscal 2026/27, despite roughly £10 million in lost sales from supply-chain disruptions. The UK soft drinks company maintained its full-year guidance of approximately 10% revenue growth and £71-72 million profit before tax, expecting supply issues to normalize by end of Q3.

• Core brands Boost and Rubicon led growth, while IRN-BRU Zero grew 7% in revenue and 10% in retail sales value; newly launched Boost Water+ generated £3 million in incremental revenue
• Supply-chain bottlenecks from manufacturing-line refresh, acquisition integrations, and new planning-system rollout caused approximately £10 million in lost sales during peak summer season
• Acquired brands Fentimans and Frobishers now represent 9% of group revenue with integration completed; company plans to bring Fentimans manufacturing in-house in early 2028

The Federal Reserve's inspector general found management and oversight failures led to major cost overruns in the Fed's headquarters renovation, with costs ballooning by roughly a billion dollars from initial estimates. However, the independent watchdog determined there were no reasonable grounds for criminal referral, potentially defusing criticism against former Fed Chair Jerome Powell from President Trump and others who alleged wrongdoing and perjury.

• The IG found no violation of federal criminal law requiring referral to the U.S. Attorney General, despite allegations that Powell misled Congress in June 2025 testimony
• Renovation costs exceeded initial estimates by approximately $1 billion due to design changes and management issues, though the Fed board was not involved in day-to-day project decisions
• Current Fed Chairman Kevin Warsh said the central bank would adopt the report's recommendations following the review that began in July 2025

US drone startup Powerus is set to go public in early October by merging with a Nasdaq-listed company backed by Donald Trump Jr. and Eric Trump, who will hold a 9.9% stake through their investment fund. The year-old company aims to bring Ukrainian and other foreign military drone technology to the US market to meet growing Pentagon demand, leveraging international partnerships and domestic manufacturing.

• Powerus reported only $1.2 million in first-quarter sales and had no revenue-generating operations at the start of 2025, making it an early-stage company despite recent deal activity
• The company secured a potential $90 million US Air Force award and a $22.3 million commercial deal, while pursuing partnerships with Ukrainian defense firms and Gulf states
• Recent agreements include a limited order from Pakistan's defense ministry and a previously unreported memorandum of understanding with the Pakistan Air Force for potential technology cooperation