Five things you need to know to start your day

There would be agreement, for now

There is much relief evident in the markets this morning, as senators appear to have almost agreed a deal on a short-term increase in the limit of debt. Senate Majority Leader Chuck Schumer suggested that a deal could be finalized this morning. While the deal is surely good news for markets worried about an impending default, it only delays the problem until December when the drama and risky politics take effect again.

Unemployment claims

ADP’s September employment data released yesterday was much stronger than expected and the pace of hiring indicated that companies are having more success filling vacant positions since the end of federal supplemental unemployment benefits. This morning, attention turns to weekly jobless claims, a number that has been increasing for the past three weeks. All of this data serves as an introduction to tomorrow’s critical payroll report, which is expected to show that around half a million positions were added in September.

Cripto

In the sometimes confusing world of cryptocurrencies, where joke coins can go up more than 350% due to a tweet from Elon Musk, there is one thing that is supposed to make sense: cryptocurrencies stable. Theoretically, they are backed 1 to 1 per dollar and are used by investors to transact in cryptocurrencies. The problem for regulators is that the amount of cryptocurrencies stablecoins is increasing very rapidly and it is not clear whether the most popular ones are fully backed by dollars. Tether’s circulation has risen by 48 billion coins to 69 billion this year, which, if the issuer maintains $ 69 billion to maintain 1-to-1 endorsement, would make it one of the 50 largest banks in America, if it were. a bank and not an unregulated offshore company.

Markets go up

The possible postponement of the limit of the debt and the reversal of some of the increases in energy prices is increasing risk appetite. Overnight, the MSCI Asia Pacific Index rose 1.2%, while Japan’s Topix Index closed 0.1% lower. In Europe, the Stoxx 600 Index was up 1% as of 5:50 am ET, and all industry sectors were in positive territory. S&P 500 futures pointed to a solid gain at the open, the 10-year Treasury yield was at 1.522%, oil was down to about $ 76 a barrel and gold was down.

Also today …

Minutes from the last ECB meeting are released at 7:30 am Data for initial claims for unemployment insurance will be released at 8:30 am US consumer credit figures for August will be released It will be released at 3:00 pm The Nobel Prize in Literature will be announced. Tilray Inc., Conagra Brands Inc. and Accolade Inc. are among the companies reporting results today.