According to Jin10 data, Olivia Cross from Capital Economics stated in the report that this week's non-farm employment numbers must experience a 'significant decline' for the Federal Reserve to cut rates by 50 basis points again next week.
Economists surveyed by The Wall Street Journal expect that due to the impacts of hurricanes and strikes, the number of new jobs will slow from 254,000 in September to 100,000. The report states that data would need to be much lower than expected to prompt the Federal Reserve to become more dovish. On the other hand, Cross believes there are upside risks to inflation, which is another reason for the Federal Reserve to act cautiously.
● U.S. initial jobless claims gradually decline due to the fading impact of hurricanes
According to Jin10 data, the number of initial jobless claims in the U.S. has decreased due to the fading impact of hurricanes. At the beginning of this month, Hurricane 'Helen' disrupted economic activity in the Southeastern U.S., leading to a surge in initial jobless claims. Following Hurricane 'Milton' hitting Florida, initial jobless claims remained high through mid-month; the strike by Boeing factory workers also increased the number of unemployment claims, forcing the aircraft manufacturer to implement rolling layoffs. However, after the fluctuations caused by the hurricanes and strikes, the situation in the U.S. labor market may not change much. Economists expect that the Federal Reserve officials may overlook the employment report when they meet next week and cut interest rates by 25 basis points.
● U.S. September core PCE price index year-on-year recorded 2.7%, month-on-month rebounded to 0.3%
According to Odaily Planet Daily, the U.S. September core PCE price index year-on-year recorded 2.7%, unchanged from the previous month. The month-on-month core PCE price index recorded 0.3%, a rebound from 0.2% last month. The dollar index DXY short-term rose by 16 points, currently reported at 104.00.
● BlackRock's spot Bitcoin ETF holdings exceed 2% of total Bitcoin supply
According to BlockBeats, BlackRock has officially updated its spot Bitcoin ETF holdings information. As of October 30, BlackRock's IBIT holds 429,185 Bitcoins, accounting for over 2% of the total Bitcoin supply, with a market value exceeding $30.86 billion. Recently, BlackRock increased its holdings by an additional 12,127 Bitcoins, bringing the total market value to approximately $31.04 billion.
Binance Chief Marketing Officer (CMO) Rachel Conlan stated at the closing of Binance Blockchain Week that, 'This year's discussions have gradually shifted to how we respond to the significant challenges facing blockchain. I believe the momentum we have built is evident. The 2024 Dubai Binance Blockchain Week event had over 5,000 attendees, with more than 500,000 participating through live broadcasts. Binance's vision is to enhance global currency freedom, and we hope to provide infrastructure for the cryptocurrency industry and Web 3, with a continued focus on users as our core spirit.'
● Google executive: Binance ranks among the top 30 most popular financial services brands globally
On the second day of the 2024 Dubai Binance Blockchain Week, a panel discussion titled 'Decentralized Pulse: How Platforms Drive Crypto Engagement' was held on the main stage, featuring a lively conversation between Binance Marketing Director Kushal Manupati, Google executive (Head of Financial Services) Serge Kuzmin, and TikTok executive (Head of Vertical, Apps & Fintech) Nikhil Rolla. Kuzmin pointed out that only 4 of the top 30 most popular financial services brands globally are fintech companies, including Binance. People still tend to rely on well-known brands, so we must do a lot of education and trust-building. YouTube is precisely what the audience needs, acting as a video platform, educational platform, and social platform, exerting a significant influence on the audience while bringing value to brands.
