Your market briefing

The change doesn’t alter exchange hours, but it does shift when global liquidity overlaps. Asia-Pacific desks now see US cash trading start and finish an hour later on their clocks, which narrows the gap between the Wall Street close and the Asian open and changes when US-driven moves first reach Asian markets.

The delay adds to a run of setbacks that point to rising execution risk across Australia’s (and global) data centre sector, where permitting, energy supply and community opposition are all lengthening timelines.

The survey has an uncomfortable mix for policymakers: demand and output are contracting, but input costs and selling prices are rising faster.

Taken at face value, a thaw in US-Canada trade relations would support the Canadian dollar and trade-exposed Canadian equities, which have carried the cost of months of tit-for-tat tariffs. Markets are likely to discount the headline until there is text to read, though, because neither side has said what tariffs would change or when.

China’s private-sector manufacturing PMI is due at 01:45 GMT on Monday (20:45 US Eastern on Sunday), with economists expecting factory activity to keep growing in October, though at a slower pace than in September. The RatingDog China General Manufacturing PMI, compiled by S&P Global, is forecast to ease to 51.6 from 52.1, according to a Reuters poll.

Because the data came out on a Saturday, Monday’s Asian session is the first chance for markets to price the miss. Softer Chinese factory demand is usually a headwind for industrial metals such as copper and iron ore, and for China-sensitive currencies including the yuan and the Australian dollar.

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Dollar rises for October as rate hike bets remain elevated, euro and yen slip

Next week’s calendar gives traders plenty to work with. US congressional elections bring political uncertainty, the Reserve Bank of Australia and Bank of England are expected to raise rates, and Friday delivers employment reports from both the US and Canada.

Comments from Canada PM Carney cross the wires: Canada, EU working towards deepest possible partnership, short of accession. We will determine substance, scale and scope of this form of membership over coming months.

Fitch’s assessment of the UK Budget points to a familiar problem: setting out a path to stronger public finances is one thing. Delivering it is another.

Why Deutsche Bank says the AI dollar is here