Marketmind: October market fillip as govt stays open
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., September 26, 2023. REUTERS/Brendan McDermid/File PhotoA six-week reprieve for U.S. government funding that keeps public services functioning through mid-November has been enough to give stocks and bond yields a lift as the final quarter of 2023 gets under way.
While positive for the economy in the short term, the temporary extension only keeps the government functioning to Nov. 17, McCarthy faces attempts by right-wing factions to remove him and concerns about the stop-go nature of the U.S. system of public financing will weigh on its only trip-A credit rating.
Goldman Sachs analysts, however, think the risk of another shutdown in November is slightly less this time around and reckon some progress on a strategy for full-year spending bills is possible from here. The dollar was higher too, with the dollar/yen exchange rate probing just under the 150 level many suspect will sound intervention alarm bells at the Bank of Japan.The Organization of the Petroleum Exporting Countries with Russia and other allies, or OPEC+, holds a Joint Ministerial Monitoring Committee meeting on Wednesday, although four OPEC+ sources told Reuters it's unlikely to tweak its current oil output policy this week.
On labor relations more generally, the third week of autoworkers' strikes escalated on Friday as unions expanded the action again to the ire of auto company executives.
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