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- Monday trading gets underway with the bond market in focus, alongside fresh currency moves.
- The Euro has hit a 17-month low against the dollar amid concerns over the French budget and speculation of an early Spanish election.
- President Donald Trump is pressuring South Korea to sign the Alaska LNG deal.
- Brazil is headed for a runoff vote between the two lead candidates after the first round of the presidential election.
The euro steadied near its lowest in a month on Wednesday, nursing steep losses this week as investors counted the cost of the U.S.-EU trade pact. Olena Malik | Moment | Getty Images
Hello, this is Leonie Kidd coming to you from London. Welcome to another edition of CNBC’s Daily Open.
In a jittery market, it doesn’t take much to make the situation worse.
A weaker-than-expected jobs report in the U.S., strained discussions over the French budget, and the risk of a snap election in Spain are creating a wall of uncertainty that is playing out across asset classes.
Throw in some midterms campaign profanity and a contentious runoff in Brazil, and it makes for a tricky environment for investors.
Read on for more.
What you need to know today
Investor discomfort has been playing out across global bond markets, but now currency pairs are also showing signs of pressure.
The Euro has hit a 17-month low against the dollar, falling to its weakest level versus the greenback since May 2025. A combination of economic and political uncertainty has investors on edge, with the French budget debate driving risk sentiment, while speculation of an early election in Spain also has markets jittery.
It’s not all rosy stateside. The jobs report on Friday showed the U.S. economy added just 29,000 roles in September, well short of the 84,000 forecast. However, the major indices rose on the news, as traders priced in a high probability that the Federal Reserve will stay put on interest rates when it meets later in October.
Futures are flat as investors focus on the minutes from the Fed’s latest meeting, due on Wednesday.
‘Fiscal apocalypse’
With U.S. government borrowing costs at their highest level in decades, should investors be bracing for a “fiscal apocalypse?”
Experts speaking to CNBC said not yet, calling fears of an imminent crisis “exaggerated.”
For more, read on here, and join “Squawk Box Europe” for the view from Goldman Sachs co-CEO of International, Anthony Gutman.
Strained relations
Economic uncertainty is putting strain on international relations.
U.S. President Donald Trump has threatened South Korea, saying he will “charge more” if the country fails to sign the Alaska LNG deal.
“If they don’t want to do it, that’s OK with me. I’ll just charge them more,” Trump told reporters Friday, according to the White House. “Tell them if they don’t sign shortly, I’m going to double it up.”
Trump did not specify what would be doubled.
Meanwhile, the president turned to profanity in a speech during an Ohio rally. He warned voters that financial help for the state would be contingent on a Republican win during the midterm elections.
“Just get out and vote,” Trump said at a rally for Republican candidates. “If you do that, we’re going to win, and we’re going to win big, and we’re going to shove it up their a–.”
Brazil runoff
Brazilian voters are heading to a runoff election on October 25 after the two leading candidates fell short of the majority required for an outright win. Right-wing Senator Flavio Bolsonaro holds a narrow lead over leftist incumbent Luiz Inacio Lula da Silva, who is seeking a fourth term.
A victory for the senator would extend a wave of wins across Latin America by right-wing candidates aligned with U.S. President Trump.
— Leonie Kidd
And Finally…
Gen Z is betting on sports. Experts warn of the risks
Wagering on sports outcomes has exploded in the 2020s, but recent surveys show just how widespread gambling has become for Generation Z.
A survey of retail investors released in August by Betterment, an investment advisory platform, found that 66% of Gen Z investors participate in sports betting. The Bank of America Institute found in a September report that Gen Z made up almost 50% of all online betting activity in July, during the height of the 2026 FIFA World Cup, outnumbering millennials for the first time.
“It is more unusual for someone not to have, for example, a Kalshi account, DraftKings … than it is” to have such an account, said Cynthia Grant, vice president of clinical at Birches Health, which provides online therapy for online gambling addiction recovery. “It’s part of the experience of watching sports now.”
— Davis Giangiulio
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