Producers of metals and other raw materials are on hold as traders eagerly await the outcome of government shutdown negotiations. There is a small possibility that a compromise will be reached over the weekend, according to a strategist. Despite some holdouts, party leadership is expected to put pressure on them, including personal friendships and support from the Senate side, in order to prevent further damage to the party. Quincy Krosby, Chief Global Strategist at brokerage LPL Financial, emphasizes the potential negative consequences these holdouts could cause.
Analysts at brokerage Macquarie suggest that any impact from auto strikes on supplier BlueScope Steel may be offset by its other operations. This positive outlook provides some relief to the market.
In other news, Alcoa shares have rebounded as the aluminum maker schedules its quarterly earnings report for Oct. 18. This announcement brings some optimism to the industry.
Meanwhile, the eurozone’s inflation rate for September was lower than expected, potentially indicating that the European Central Bank has reached the peak in its current tightening cycle. This news sheds light on the current state of the European economy.
In addition, lithium miner Albemarle has agreed to pay over $218 million to settle an investigation into bribes paid by third-party sales representatives. This settlement shines a light on the importance of maintaining ethical business practices in the industry.