Top-of-mind economic news as we start the week:
— The Islamist militant group Hamas attacked Israel, unleashing a war that is affecting global asset pricing, amid fears of destabilized Mideast.
— U.S. job reports varied for September, with the Labor Dept. reporting a big jump in payrolls (+336,000) while hiring in the private sector was far less than expected (+89,000).
— The yield on 10-year Treasury bonds rose to levels not seen since 2007 (4.8%); government bond rates are also rising in the U.K., Italy and Germany.
— Analyst forecasts for S&P 500 earnings for Q3 2023 are -0.3% vs. Q3 2022, the 4th straight quarter of decline; a 12% rebound is expected for 2024.
— The European Parliament will require issuers of green bonds to specify use of proceeds, a plan for decarbonization, and progress toward that plan.
