Equity markets are hesitant ahead of Germany data
In Europe, indices are hesitant at the start of the session as investors await Germany's growth data. Q3 GDP is forecast to fall by -0.3% quarter-on-quarter.
Asia-Pacific equity markets
Asia-Pacific equity markets ended the first session of the week lower. In Australia, retail sales rose by 0.9% in the September month-over-month (MoM), accelerating from an upwardly revised 0.3% gain in August. This was the third straight month of growth and the fastest pace since January.
European indices
In Europe, indices are hesitant at the start of the session as investors await Germany's growth data. Q3 gross domestic product (GDP) is forecast to fall by -0.3% quarter-on-quarter (QoQ). Consumer price index growth is expected to slow to 4% in September year-on-year (YoY), down from 4.5% in August.
HSBC Holdings
Elsewhere on the equity market, HSBC Holdings pre-tax profit jumped in the third quarter as higher interest rates boosted the bank's profitability. Pre-tax profit rose to $7.7 billion, compared to $3.2 billion in the same quarter last year. However, it missed the $8.1 billion anticipated by analysts as operational costs as well. It also helps the bank fund a fresh $3 billion share buyback. HSBC aims to complete the share buyback by next February, lifting the total buybacks announced this year to $7 billion. The bank also announced a third-quarter dividend payout this year of 10 cents per share.
Chrysler
Chrysler maker Stellantis has struck a tentative pay deal with the United Auto Workers union to end a six-week strike. The agreement, which still needs to be approved by union leaders and members, follows a similar deal that was struck with Ford last week. McDonald's is due to report Q3 before the opening bell. The Street expects earnings of $2.99 per share on revenue of $6.57 billion. Analysts say that the factors at play are strong comparable sales growth, innovative menu additions, expansion initiatives, increased average check value, and menu price adjustments. However, inflation is an issue expected to have hit margins with elevated commodity prices and increased wages.
The commodity market
On the commodity market, oil continues to be dominated by the twin forces of concerns that supplies are not enough to fulfil demand but that demand has the potential to weaken as growth subsides. Last Friday, the US weekly oil rig count rose last week by a net margin of one, adding rigs for a third week in a row, to 625. Gold hovers around $2000 after hitting a new five-and-a-half-month hiatus on Friday.
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