Australia Jobs Blow Past Expectations In Oct, Unemployment Falls

Summary:

Australia's job market grew more than twice as expected in October, while unemployment fell from a near four-year high as more people either joined the workforce or returned to employment.

Net employment rose by 42,200 people in October, data from the Australian Bureau of Statistics showed on Thursday. The print was more than double the 20,000 expected by analysts, and accelerated sharply from the 14,900 increase seen in September.

Australia's unemployment rate fell to 4.3%, beating expectations of 4.4% and retreating from a near four-year high of 4.5% hit in the prior month. The country's participation rate remained steady at 67%.

The ABS noted that more unemployed people moved into employment this month when compared to a "typical October."

A rise in full-time employment, on more female workers, also aided Thursday's reading, ABS data showed.

Strength in the labor market raises more doubts over future interest rate cuts by the Reserve Bank of Australia, given that local inflation also picked up sharply in recent months. Employment and inflation are the central bank's biggest considerations to move rates.

Thursday's data further cements bets that the RBA will leave rates unchanged when it meets in December, especially after an overheated inflation print for the third quarter.

Source: Investing

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James Whitman

Economic

The European Union is set to propose a plan to the US that would implement the next phase of the trade agreement the two sides reached this summer, according to people familiar with the matter.

The push comes as the EU's trade chief, Maros Sefcovic, is due to meet his US counterparts later this month, said the people, who spoke on the condition of anonymity.

The move is in response to proposals Washington sent Brussels earlier this year demanding a legally binding plan to revise EU regulations it said hurt US businesses, according to the people.

The deal agreed between European Commission President Ursula von der Leyen and US President Donald Trump in August set a 15% tariff on most EU goods entering the US, but also included pledges to keep working on issues like how to deal with steel exports and non-tariff barriers.

The 15% ceiling also applies to cars and the EU is keen to ensure that it will also cover other industries the US might be hit with sectoral duties in future. As part of the accord, a small number of EU goods benefit from lower rates, while the bloc has presented legislation to scrap tariffs on US industrial goods and some non-sensitive agricultural exports.

A commission spokesman declined to comment on the plan but confirmed the EU was engaging at both political and technical level with the US.

The so-called implementation action plan, which has yet to be shared with the US, would focus on five areas, according to the people. Those areas include tariffs and market access, where the EU is seeking lower rates for several additional goods including wines and spirits.

The plan also seeks a dialog to address issues such as standards, digital trade, technical barriers and other trade grievances, said the people. It would also explore cooperation on steel and aluminum where the bloc wants to work with the US to tackle global overcapacity.

The EU is still facing a 50% tariff on steel and aluminum exports, as well as on many derivative products. The commission, which handles trade matters for the bloc, wants a quota system that would allow a certain amount of the metals exports to receive lower duties.

The proposed action plan would also seek to set up an economic security working group to focus on issues such as investment screening, export controls, procurement and the supply of critical raw materials, according to the people.

It would also cover and monitor the strategic purchases and investments the EU pledged to make in liquefied natural gas and chips as part of the deal it agreed with Trump, the people said.

Source: Bloomberg

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James Whitman

Political

President Donald Trump will only agree to another meeting with Russian leader Vladimir Putin if there is a significant opportunity to help end the war in Ukraine, US Secretary of State Marco Rubio said Wednesday.

"There was agreement on both sides that the next time our presidents meet there has to be a concrete result — we have to know going in that we have a real chance to get something positive coming out," Rubio told reporters after the Group of Seven foreign ministers meeting in Ontario, Canada.

"We'd love to see that happen, we'd love to see the war end, but we can't just continue to have meetings for the sake of meetings," Rubio added.

In October, Trump announced surprise plans to hold a new summit with Putin to discuss the war in Ukraine after the two spoke by phone.

But that summit has failed to materialize with Russia tamping down expectations for a quick meeting between the leaders and continuing its attacks on Ukraine. Trump has also moved to increase pressure on Russia to halt the fighting by sanctioning its biggest oil companies.

Source: Bloomberg

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Manuel

Central Bank

Economic

Two Federal Reserve officials expressed opposition Wednesday to another interest rate cut at the central bank's next meeting in December, further muddying the outlook for the Fed's next steps.

The remarks by Susan Collins, president of the Federal Reserve Bank of Boston, and Raphael Bostic, president of the Atlanta Fed, suggest that the central bank's rate-setting committee could be tilting against what had been an expected third straight cut next month.

The officials cited several reasons for keeping rates unchanged, after a reduction in September and in October. They argued that inflation is stubbornly elevated and has been above the Fed's 2% target for nearly five years, while the economy is resilient and doesn't appear to need more rate cuts. The job market is stumbling, with hiring nearly at a standstill, but layoffs still seem muted, they said.

Another factor has been the government shutdown, which has cut off the economic data the Fed relies on to discern the economy’s path. On Wednesday White House spokeswoman Karoline Leavitt said that the jobs and inflation reports for October would likely never be released.

“Formulating an economic outlook is challenging — and the limited data compounds the difficulty,” Collins said in a speech in Boston.

“It will likely be appropriate to keep policy rates at the current level for some time ... in this highly uncertain environment,” she added.

That is a shift from her previous speech in October, when she expressed support for at least one more rate cut.

Earlier Wednesday, Bostic said he remains concerned inflation is too high, and added that, "I ... favor keeping the funds rate steady until we see clear evidence that inflation is again moving meaningfully toward its 2% target.” Bostic said earlier Wednesday that he will retire when his current term ends on Feb. 28, 2026.

Their remarks come at an unusually challenging time for the Fed, with the economy facing both weak hiring and elevated inflation. Typically, the Fed would reduce its rate to encourage borrowing, spending and job gains, while it would keep it unchanged — or even raise it — to combat inflation.

The 19 officials on the Fed's rate-setting committee narrowly supported three rate cuts this year at their September meeting, but Chair Jerome Powell said at a news conference late last month that the committee remains divided and another cut in December was not a “foregone conclusion.”

David Seif, chief economist for developed markets at Nomura Securities, expects the Fed will skip a rate cut in December and won't reduce borrowing costs again until March.

“There is a large segment of the Fed that is uncomfortable with a December cut,” Seif said.

Collins also said that additional reductions to the Fed's rate could, by boosting the economy, accelerate inflation.

“Absent evidence of a notable labor market deterioration, I would be hesitant to ease policy further, especially given the limited information on inflation due to the government shutdown,” she said.

Bostic, meanwhile, said the Atlanta Fed's surveys of businesses show that many companies intend to raise prices next year, a sign that inflation may not cool anytime soon.

“We cannot breezily assume inflationary pressures will quickly dissipate after a one-time bump in prices from new import duties,” Bostic said, referring to President Donald Trump's tariffs. "Across all our information sources, I see little to no evidence that we should be sanguine about the forward trajectory of inflation.”

Some Fed officials, such as Fed governor Stephen Miran, have argued that the tariffs will only temporarily lift prices and outside those one-time increases, inflation is cooling.

Source: AP

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Manuel

Cryptocurrency

Political

Washington has long wrestled with who should police digital assets. The Digital Asset Market Clarity Act of 2025 passed the House this summer, but the Senate had not acted.

Now, two Senate committees have released competing drafts, each promising regulatory order. These drafts create a new jurisdictional map poised to reshape everything from Bitcoin spot markets to Ethereum disclosures and exchange rulebooks.

One draft from the Senate Agriculture Committee expands the Commodity Futures Trading Commission’s role. The Senate Banking Committee’s version creates new SEC authority over “ancillary assets” and clarifies when tokens outgrow securities status.

For anyone in crypto, this choice is vital. These bills could transform custody, classification, and disclosure, redrawing U.S. digital-asset market boundaries.

The Agriculture draft and CFTC authority

The Agriculture Committee’s plan, from Senators John Boozman and Cory Booker, grants the CFTC authority over “digital commodities” and their spot markets. It sets up registration for exchanges, brokers, and dealers, mirroring CFTC oversight of traditional commodities.

Intermediaries would be required to use qualified custodians and segregate customer assets to prevent conflicts of interest with affiliates. The bill allows for joint CFTC–SEC rulemaking for overlapping entities or dual registration, leaving some issues, like DeFi, for later debate.

This version builds on the House Clarity Act and aims to bring crypto spot markets under CFTC oversight. U.S. Bitcoin platforms would have to register as digital-commodity exchanges, meet new capital and custody rules, and offer stricter retail protections.

It could standardize data sharing across venues, improving the surveillance ETF issuers use. ETFs, however, would remain under SEC jurisdiction.

The impact goes beyond paperwork. Moving Bitcoin spot oversight to the CFTC would make exchanges follow commodity-exchange logic, focusing on clear reporting and market surveillance over investor disclosures.

This could give analysts and traders better insight into market quality and liquidity. Despite the CFTC’s expanded role, the SEC would still oversee securities instruments and crypto futures. Dual oversight endures.

The Banking draft and SEC’s “ancillary asset” lane

Across the Capitol, the Senate Banking Committee’s draft, called the Responsible Financial Innovation Act, focuses on digital assets that straddle the line between securities and commodities. It defines an “ancillary asset” as a “fungible digital commodity” distributed through an arrangement that also constitutes an investment contract.

The draft would give the SEC explicit authority to oversee these instruments, requiring issuers to provide disclosures on token distributions, governance, and associated risks. It also gives the agency roughly two years to finalize a rule defining what constitutes an “investment contract,” and it introduces a decentralization certification process that allows a project to exit securities treatment once network control falls below certain thresholds.

This framework provides a conditional escape hatch for coins linked to “active projects,” such as Ethereum. A token could begin life under SEC oversight, subject to disclosure and investor protections, but later “graduate” once governance becomes sufficiently distributed.

This adds structure to a gray area that has haunted the industry since the days of the DAO report. It also compels the SEC to articulate, in writing, what decentralization means, rather than relying on ad hoc enforcement.

Under this model, practical distinctions become sharper. Bitcoin would likely be treated as a digital commodity under the CFTC.

Tokens with enterprise ties would stay under the SEC’s ancillary-asset regime until they prove decentralization. Centralized exchanges would be caught between both frameworks. They would register as CFTC digital-commodity exchanges for spot crypto, but remain subject to SEC oversight for listed securities.

The combined effect could force U.S. platforms to adopt dual registration, stricter capital requirements, and more transparent trading books.

Looking across both approaches, timing is one of the biggest unknowns. The Banking draft imposes specific deadlines for rulemaking.

However, the Agriculture draft leaves key questions unresolved. Both rely on future coordination rules and public consultations before any of this takes effect. The House version has already passed. The Senate proposals are still in discussion, and opposition within both parties has surfaced.

The two drafts currently serve as a working field guide for builders and traders. First, they reveal how U.S. spot venues might evolve under a CFTC-led regime.

Next, they illustrate how token projects could eventually graduate from securities treatment, and how exchanges might need to rebuild internal firewalls. While the drafts do not deliver the clarity their titles promise, they do map out the next stage of the regulatory tug-of-war.

In a market where classification dictates liquidity, custody, and compliance, knowing which agency draws the line first could prove as valuable as any on-chain signal.

Source: Cryptoslate

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Manuel

Political

Economic

A deal to end the government shutdown is being considered Wednesday by the House of Representatives in what is expected to be the bill's final stop before it is sent to President Trump's desk.

White House Press Secretary Karoline Leavitt said Wednesday afternoon Trump looks forward to signing the deal "and we hope that signing will take place later tonight."

The measure is widely expected to pass the House with the main final question around timing. The combination of lawmakers braving shutdown-induced travel delays to get back to Washington and final wrangling could push the climactic vote into late Wednesday night or early Thursday morning.

For now, the formal schedule has a final vote penciled in for around 7 p.m. ET.

Meanwhile, the economic headaches of the shutdown continue to mount, with daily flight cancelations topping 1,000 in recent days and Transportation Secretary Sean Duffy warning that things could take days to get back to normal even if the shutdown ends.

Leavitt added Wednesday that economic data delays will also likely linger noting both the Consumer Price Index and jobs report for October are likely never released and that economic data "will be permanently impaired."

The bill to end the shutdown would give federal workers back pay and keep the government open until Jan. 30 of next year. It would also fund some federal programs like the Agriculture and Veterans Affairs departments for the entire year, and put limits on Trump’s ability to fire federal workers for the next few months, among other provisions.

It’s part of an agreement that includes a promise from Senate Majority Leader John Thune to hold a separate vote on the issue of healthcare before the end of the year.

Food benefits also remain in limbo at the Supreme Court, which on Tuesday extended a pause on the $4 billion Supplemental Nutrition Assistance Program (SNAP) program. That makes it likely that millions of low-income families will need to wait for the government to reopen before they get assistance.

Source: Yahoo Finance

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Manuel

Political

Commodity

Top Trump officials indicated the administration would soon reduce tariffs on coffee, bananas and other foods, after voter anger over the cost of living saw Republicans defeated in state and local elections.

“You’re going to see some substantial announcements over the next couple of days in terms of things we don’t grow here in the United States, coffee being one of them, bananas, other fruits, things like that,” Treasury Secretary Scott Bessent said Wednesday on Fox News.

Bessent didn’t specify he was referring to tariff reductions, identify which countries’ goods would be affected or say whether the move would apply to categories of products across nations, but another Trump economic adviser confirmed that the administration is discussing cutting levies on food items.

“One of the things that people have been talking about, just the last few days, is, you know, thinking about changing tariffs for foodstuffs,” National Economic Council Director Kevin Hassett said Wednesday in an interview with Bloomberg host and Carlyle Group co-founder and co-Chairman David Rubenstein at an Economic Club of Washington event. Hassett called Trump’s tariff plans “an ongoing process.”

The White House, the Office of the US Trade Representative and the Treasury Department didn’t immediately respond to a request for comment.

Bessent also reiterated his assurance that “the American people are going to start feeling better” about affordability by the first half of next year. Wage gains are going to accelerate past the pace of inflation “in the first quarter, second quarter, next year,” he said.

The secretary again blamed inflation angst on the Biden administration, saying that “we inherited this affordability mess.”

Asked about President Donald Trump’s idea of sending $2,000 tariff dividend checks to individual Americans, Bessent said that no decisions have been made.

“There are a lot of options here,” Bessent said. “The president is talking about a $2,000 rebate that would be for families making less than, say, $100,000.”

Bessent also highlighted that “substantial” tax refunds would be distributed in 2026, when withholding rates will also be changed. This will produce “natural, real wage growth,” he said.

Trump and his aides have been playing up their economic policies in recent days after last week’s election losses in races including the Virginia and New Jersey governorships, where Democrats assailed Republican opponents over unease about the cost of essentials including utilities, housing and health care.