NFPs ahead this week as possible U.S. shutdown looms - what’s moving markets

Economic

Summary:

U.S. futures climbed ahead of key NFP data, though a looming government shutdown could delay its release. Carnival reports earnings amid strong cruise demand. Gold hit a record $3,800/oz on Fed cut bets and safe-haven flows.

U.S. stock futures edge higher ahead of a trading week that is set to feature crucial economic data and drama over a possible federal government shutdown. The monthly nonfarm payrolls report could offer insight into the American labor market, which may factor into how the Federal Reserve approaches monetary policy in the coming months -- but analysts are worried that the publication of the numbers could be impacted by the possible government shutdown. Meanwhile, cruise-operator Carnival is set to report its latest earnings and gold touches a new all-time peak.

Futures higher

U.S. stock futures were pointing higher on Monday, as investors awaited the release of a key jobs report later in the week and eyed the implications of a looming federal government shutdown.

By 02:56 ET (06:52 GMT), the Dow futures contract had risen by 161 points, or 0.4%, S&P 500 futures had climbed by 27 points, or 0.4%, and Nasdaq 100 futures had advanced by 124 points, or 0.5%.

The main averages ended in the green at the end of the last session, underpinned by fresh U.S. inflation data which broadly met expectations. Still, the three indices finished lower for the week, with the benchmark S&P 500 and tech-heavy Nasdaq Composite in particular snapping three-week winning streaks.

Jobs report in focus

Attention is turning to the unveiling of September’s nonfarm payrolls report on Friday, which could provide a glimpse into the state of the American labor market.

Supporting a cooling jobs picture has been a major focus for Federal Reserve policymakers. When the central bank slashed interest rates by 25 basis points earlier this month, officials widely suggested that a need to prioritize the slowing employment situation over signs of sticky inflation.

A collection of rate projections from the Fed also showed that many members are anticipating further drawdowns before the end of the year. In theory, cutting rates can spur on investment and hiring, albeit at the risk of driving up prices.

Economists are anticipating that the U.S. added 51,000 roles this month, compared to 22,000 in August. The unemployment rate, at the same time, is tipped to equal August’s level of 4.3%.

Observers have predicted that, given elevated inflation data, a strong jobs report could persuade the Fed to roll out further rate cuts at a more measured pace. But, in a note, analysts at ING said the broader jobs market "looks ominous," adding that this is partially due to "consumers themselves [...] noticing that hiring conditions are deteriorating."

Possible U.S. government shutdown looms large

Yet worries remain that a possible U.S. government shutdown this week may delay the publication of the jobs numbers.

Congressional lawmakers are currently facing an impending deadline to pass a stopgap funding bill before the fiscal year ends on Tuesday. If not, the federal government would enter its 15th partial shuttering since 1981.

Republicans currently control both chambers of Congress, although the votes of some opposition Democrats would be needed to pass the legislation. However, Democrats have so far rejected a short-term proposal, calling for any potential bill to reverse Republican reductions to health care programs.

Leaders from both parties in Congress are due to meet with President Donald Trump -- a Republican -- at the White House on Monday to discuss the matter. Speaking to Reuters over the weekend, Trump said he has "the impression" that Democrats may want to reach an agreement.

Carnival to report

Carnival Corp is due to headline the slate of company earnings on Monday, with investors keen to check in on a recent surge in popularity in sea-based vacations.

Many consumers -- wary of wider economic uncertainty -- have been opting to shell out cash on experiences like cruises, rather than on land-based options, fueling a jump in Carnival’s margins to their highest mark in almost 20 years in the second quarter.

Against this backdrop, the Holland America and Princess cruise operator lifted its annual profit outlook in June, noting that the business has shown "remarkable resilience amid heightened volatility." Analysts also said that the second-half forecast has been boosted by more favorable exchange rates.

Shares of Carnival, which is tipped by Bloomberg consensus estimates to post third-quarter per-share earnings of $1.32, have rallied by more than 22% so far this year.

Gold soars to new record high

Gold prices hit a record high above $3,800 per ounce as safe-haven demand was boosted by the concerns over a potential U.S. government shutdown.

Ongoing bets that the Fed will continue to lower interest rates also buoyed the yellow metal. Bullion tends to perform well when rates are brought down, as well as in times of economic or geopolitical uncertainty.

By 03:34 ET, spot gold had jumped by 1.4% to $3,810.85/oz, while gold futures had risen by 0.8% to $3,839.10/oz.

Elsewhere, broader metal prices logged strong gains, advancing against a weaker dollar after the in-line inflation data last week kept markets wagering on more rate cuts before the end of 2025.

Source: investing

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Warren Takunda

Economic

The dollar starts the new week on a softer footing, letting the likes of the pound and euro catch a breather and recover recently lost value.

However, this reprieve comes ahead of some important U.S. data releases, namely two ISM PMI surveys and the all-important non-farm payrolls job report on Friday; any above-consensus readings here will turbo-charge the Greenback's recovery.

For the euro to dollar exchange rate (EUR/USD) pre-data relief takes the form of a bounce from Thursday's low at 1.1650 to 1.1718 on Monday.

The market is now back at the nine-day exponential moving average (EMA), but while below here, we would anticipate ongoing weakness.

In short, we look for periods of euro strength to be relatively short-lived, with gains ultimately drawing sellers in and delivering new multi-week lows.

A look at the daily chart shows how the euro-dollar outlook as turned down a gear: last week's selloff broke through a rising trendline, which signals an end to the September rally.

Euro-to-Dollar Week Ahead Forecast: Looking Vulnerable_1

Last week, U.S. Treasury yields rose as investors responded to a mix of strong U.S. economic data and slightly 'hawkish' signals from the Federal Reserve, leading to gains for the dollar and new multi-day lows for the EUR/USD.

"A more hawkish-than-expected September FOMC meeting, initial month-end flows and better US data last week drove EUR/$ well inside the 1.14-1.18 range that has held since May," says Themistoklis Fiotakis, an analyst at Barclays.

U.S. second-quarter GDP was upgraded to 3.8% annualised, marking the fastest pace of growth in nearly two years.

Such a clip of growth doesn't exactly scream of a need for the Federal Reserve to lower interest rates, which draws a massive question mark over the market's prior expectation that the Fed will cut rates at every meeting this year.

As the tide goes out on maximum Fed rate cut bets, so the dollar rises.

"Fed Chair Powell pushed back against expectations for aggressive rate cuts, emphasising the need to remain vigilant on inflation risks, while acknowledging the recent slowdown in jobs growth," says a note from Lloyds Bank.

In the U.S. this week, the theme of U.S. economic resilience and the debate about Fed rate cuts will continue, with ISM PMI survey data due for release (Wednesday: manufacturing ISM, Friday: services ISM).

These surveys will give a good snapshot of activity in September, and all indications point to a set of robust figures that can further bolster the dollar.

Analysts are nevertheless wary that labour market data will disappoint, underpinning a picture of an economy that is shedding jobs, even if top-line activity is good.

Non-farm payrolls are the week's highlight in this regard, with the market looking for another downshift in job creation.

The expectation is for just 39K jobs to have been created.

For the dollar, any above-consensus outcomes will provide a boost and further pressure EUR/USD.

Important data out of the Eurozone this week comes in the form of national and official Eurostat inflation data for September.

Already on Monday, Spain's inflation numbers undershot expectations, with headline CPI coming in at -0.4% m/m, which is below expectations for -0.2%. The annual figure stood at 2.9%, which was up on August's 2.7% but below the 3.0% expected.

Euro-to-Dollar Week Ahead Forecast: Looking Vulnerable_2

Spain is quite important as it has a relatively fast pass-through rate of inflationary prices, meaning it can serve as a barometer of where the rest of the Eurozone will end up in the next couple of months.

The headline, then, is that inflation is still above the European Central Bank's 2.0% target, but the undershoot could point to a below-consensus reading in the all-Eurozone flash estimate, due Wednesday.

If so, then the euro could trade on the soft side.

Eurozone headline inflation is expected to rise to 2.3% from 2.0% in August, driven by petrol base effects. Core inflation is expected to rise to 2.4%.

Such an outcome gives the European Central Bank (ECB) to retain a cautious approach to interest rates, underpinning market expectations that it has finished the rate cutting cycle.

The ECB's committment to holding interest rates contrasts with the Federal Reserve which cut interest rates earlier this month and is likely to do so again in the coming months.

This divergent policy path can help the euro retain support against the dollar, even if near-term trends show the dollar is prone to appreciation.

Source: Poundsterlinglive

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Blue River

Technical Analysis

The EUR/USD pair extended gains for a second consecutive session, trading around 1.1727. The move reflects market concerns over a potential US government shutdown and caution ahead of key economic releases due this week.

A partial shutdown of US federal agencies could begin as early as Wednesday if Congress fails to pass a funding bill before the fiscal year ends on Tuesday. President Donald Trump is scheduled to meet with congressional leaders in an effort to reach a compromise.

Investor attention is also focused on upcoming US data, including the September non-farm payrolls report, JOLTS job openings, the ADP private employment survey, and the ISM manufacturing index. Strong indicators last week have tempered expectations for aggressive Fed easing, with markets now pricing in roughly 40 basis points of rate cuts by year-end.

Broad-based US dollar weakness has provided additional support for the euro.

Technical Analysis: EUR/USD

H4 Chart:

On the H4 chart, EUR/USD established a consolidation range above 1.1645 before breaking upward into a corrective phase. We expect the pair to advance toward 1.1730, followed by a pullback to 1.1695. A subsequent rise toward 1.1780 is anticipated, at which point the corrective potential is likely to be exhausted. A new decline toward 1.1625 may then develop. The MACD indicator supports this view, with its signal line below zero but exiting the histogram zone—suggesting potential upward momentum toward the zero line.

H1 Chart:

The H1 chart shows the completion of a decline to 1.1645, followed by the formation of a corrective structure. The initial advance to 1.1730 appears complete. A dip toward 1.1695 is possible before another rise toward 1.1780. Once this correction concludes, a new decline toward 1.1625 is expected. A break below this level could open the way toward 1.1470. The Stochastic oscillator aligns with this outlook, with its signal line above 80 and turning downward toward 20.

Conclusion

EUR/USD is drawing support from US fiscal uncertainty and a softer dollar, though the broader technical structure remains corrective. Traders are likely to remain cautious ahead of critical US employment and activity data, which may determine the near-term direction for the pair.

Source: ACTIONFOREX

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Adam

Stocks

Economic

Asia Market Wrap - Nikkei Slips

Most stock markets in Asia rose on Monday, while the U.S. dollar eased. This investor reaction was triggered by the possibility of a U.S. government shutdown, which would lead to the delayed publication of the September jobs report and other key economic data.

China's blue-chip stocks added 0.7% ahead of the start of the Golden Week holidays on Wednesday. The broader MSCI index for Asia-Pacific shares (excluding Japan) firmed 0.4%, bringing its monthly gain to almost 4%.

South Korean stocks bounced 1.5%, contributing to their strong 7.8% gain for September.

The exception was Japan's Nikkei index, which slipped 0.8% as investors focused on the upcoming weekend vote for the new leader of the ruling party, a decision that will have implications for Japan's future fiscal and monetary policy.

European Session - Healthcare and Tech Stocks Lead to Positive Open

European stock markets saw a slight increase on Monday, driven by gains in healthcare and technology company shares.

Investors were keeping a close watch on the possibility of a U.S. government shutdown, which would likely postpone the release of important economic data.

The main pan-European index, the STOXX 600, rose by 0.2%.

Healthcare stocks were among the biggest gainers, with Britain's GSK jumping 3.3% after the drugmaker announced that its CEO, Emma Walmsley, will step down and be replaced by Luke Miels in January.

The UK's AstraZeneca added 1.3% after stating it will keep its listing and headquarters in London but will now directly list its shares on the New York Stock Exchange, moving away from its current depository shares system.

Technology shares advanced by 0.6%, with chipmakers ASMI and BE Semiconductor both rising by over 1%. The industrial goods and services sector also performed well, gaining 0.4%.

On the FX front, the US dollar slightly weakened on Monday. The dollar index, which tracks its value against other major currencies, was down by 0.22% to 97.90, following a gain of 0.5% last week.

The dollar fell against the Japanese yen by 0.6%. Meanwhile, the euro and the British pound both strengthened against the dollar, rising by 0.25% and 0.34%, respectively.

In other news, the Australian dollar rose by 0.35%, reaching $0.6571. Investors are currently looking ahead to the Reserve Bank of Australia's interest rate decision on Tuesday, where the central bank is widely expected to keep rates unchanged.

Currency Power Balance

Oil prices fell on Monday due to two main reasons that signal an increase in global supply. First, Iraq's Kurdistan region started shipping crude oil again through Turkey over the weekend. Second, the group of major oil producers, OPEC+, plans to increase oil production again in November.

Specifically, Brent crude futures dropped by 43 cents (0.6%) to $69.70 a barrel, pulling back after reaching their highest price since July 31 on Friday. US West Texas Intermediate (WTI) crude also fell by 49 cents (0.8%) to $65.23 a barrel, giving back most of the gains it made on Friday.

Gold prices soared past the $3,800 an ounce mark for the first time ever on Monday. This major surge was fueled by rising market expectations that the US Federal Reserve will soon cut interest rates, a prospect that weakened the US dollar and made the precious metal more attractive.

Furthermore, concerns over a potential US government shutdown encouraged investors to seek safety in gold, a traditional safe-haven asset. The price of spot gold jumped 1.4% to $3,812.49 per ounce, having peaked at $3,819.59 earlier in the trading session.

Economic Calendar and Final Thoughts

Looking at the economic calendar, the European session will be a quiet one from a data perspective but we do have a host central bank speakers on the docket.

Later in the day, markets will focus on US pending homes index as well as Federal Reserve policymakers who are scheduled to speak. Markets will also hope for a resolution on a potential US government shutdown. The lack of a resolution could add to uncertainty and stoke further haven demand.

Chart of the Day - FTSE Index

From a technical standpoint, the FTSE 100 index finished last week on the front foot.

Gains have continued this morning but the index is currently in overbought territory and a short-term pullback could be on the cards

The 9357 handle remains key, with a break above this level potentially leading to further upside toward the 9500 level.

A pullback from here could find support at the swing high around 9280 before the 100-day MA at 9254 comes into focus.

FTSE 100 Four-Hour Chart, September 29. 2025

Source: marketpulse

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Warren Takunda

Economic

London stocks had extended gains by midday on Monday, with GSK and AstraZeneca powering ahead as investors shifted their focus to the US - where a potential government shutdown looms - and to Friday’s all-important non-farm payrolls report.

The FTSE 100 was 0.7% higher at 9,353.17.

Richard Hunter, head of markets at Interactive Investor, said: "The possibility of a government shutdown this week is a complication which investors could do without. Quite apart from any disruption, there could be an impact on jobs and in addition, such an outcome would delay Friday’s release of the non-farm payrolls report, which to some extent would leave the Fed flying on one engine.

"Even so, the NFP report - should it happen - is expected to show that around 40,000 jobs were added in September, compared to 22,000 the previous month, with unemployment staying unchanged at 4.3%. Such a weak reading for the second consecutive month would be indicative of the Fed’s current dilemma.

"On the one hand, the economy is still not in need of obvious support, as evidenced by last week’s readings such as strong ongoing GDP growth. By the same token, a weakening labour market is offset by inflation levels which are still north of the Fed target."

Hunter said that in any event, the market is pricing in another cut in October and one more before the year is out. "By definition, this leaves any decision open to disappointment and with valuations at stretched levels, and with the third quarter reporting season imminent, markets could be vulnerable," he said.

Hunter said the UK also remains "economically prone" to disappointment this week, with the release of GDP numbers following comments expected later from the Chancellor at the Labour Party conference ahead of the November Budget.

"The speech is unlikely to give any specific clues as to how the government may attempt to balance its books, but the inevitability of further tax rises has weighed on recent sentiment, with any strength in sterling, for example, being the result of US dollar pressure rather than optimism on UK economic prospects," he said.

Investors were mulling the latest Bank of England money and credit report, which showed that mortgage approvals dipped in August despite the cost of borrowing coming down.

The latest survey from the Confederation of British Industry was also in focus, showing that business confidence remained low in September as companies forecast further falls in activity during the coming quarter.

In equity markets, GSK pushed higher as it announced that chief executive Emma Walmsley is to leave the company after nearly a decade in the role. She will be replaced by the biopharma’s chief commercial officer Luke Miels.

Richard Hunter said the announcement removes "some recent management uncertainty surrounding the stock, leaving the shares 13% higher this year despite the overarching concerns around pricing in the pharma sector as a whole".

Berkeley Group advanced as the housebuilder announced the promotion of a divisional finance director to its chief financial officer position. Neil Eady, who has been with the company for 12 years and currently leads the finance function of Berkeley Capital, has been appointed to the board with immediate effect.

Insurer Admiral rallied after a double upgrade to ‘buy’ at Jefferies.

Precious metals miner Fresnillo and gold miner Hochschild Mining also gained as gold prices hit a new high.

AstraZeneca rose after saying it plans to list its shares directly on the New York Stock Exchange, rather than the current depository shares, and that it will remain listed and headquartered in London.

Pets at Home ticked up as it said chief financial officer Mike Iddon was retiring after nine years in the job and would be replaced by Sarah Pollard, who joins from consumer goods group PZ Cussons.

Genuit advanced after saying it has bought Davidson - a business which comprises leading brands in the plumbing and heating sectors including Salamander Pumps, Cistermiser, Talon and Keraflo - for £49m.

CMC Markets surged as it struck a key deal with Australia’s Westpac Banking Corporation to provide Westpac Share Trading and St George Directshares - the bank’s online share trading services - with branded web and mobile white label platforms.

On the downside, Rentokil fell as Berenberg started coverage of the stock at ‘sell’. "We recognise the potential for market-level growth in the long term, but think it is too early for investors to count on an upswing, due to challenges relating to the integration of Terminix," it said.

Source: Sharecast

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Glendon

Economic

Stocks

Bank of America has raised its 12-month target for the S&P 500 to 7,200, implying an 8% gain from current levels.

“We mark our 12-month return models to market, shift to positive on our EPS Surprise indicator, yielding a 12-month return target of 8% – solidly average,” BofA analysts said.

The bank said its outlook “harkens back to the 80s/90s: productivity (it’s happening, even without AI) and business investment.”

According to BofA, easier monetary policy is boosting rate-sensitive sectors while goods and services spending is normalizing, a trend that is “better for the S&P than GDP.”

BofA added that “operating leverage, efficiency, cooling wage inflation and cost-cuts from de-regulation are profits-positive.”

While tariffs remain a headwind, the bank noted that “consumers and small suppliers have mostly shouldered the pain, and companies are still running through stockpiled inventory.”

Megacap performance may soften, but BofA sees opportunities in other sectors. “Megacaps are slowing – they’re really big, which eventually matters, and have higher capex to cash flow … capital raising and derating are imminent if AI monetization disappoints,” the analysts said. Instead, the “AI train should shift to energy, tooling up … and burgeoning use cases.”

Executives also appear more optimistic. “CEOs who skew conservative – they’re paid on positive surprises – look almost giddy: the S&P 500 EPS guidance ratio is higher than since the COVID re-open,” BofA said.

Despite valuations being “expensive on 19/20 metrics,” BofA argued that “stocks anticipate earnings: if we’re right about EPS, the S&P 500 should trade rich.”

Source: Yahoo Finance

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Adam

Stocks

MARKET WRAPS

Stocks:

European shares were up ahead of inflation data for the eurozone set to be released this week. Investors are also wary about the approaching U.S. government shutdown, which could delay the release of key economic reports.

Spanish inflation accelerated in September, further cementing expectations that the European Central Bank will continue to hold off on any further cuts to interest rates.

The data should act as a precursor to French and German inflation figures on Tuesday and the wider eurozone release on Wednesday, ING said.

Pantheon Macroeconomics said this will be a " disappointing week for ECB doves hoping to push through a rate cut in the fourth quarter," if inflation for the eurozone proves hotter than forecast.

Investors will also hone in on U.S. jobs data this week, where any signs of weakness could reignite prospects of a series of interest-rate cuts in the months to come.

But a U.S. government shutdown could overshadow important economic data releases and "damage the Federal Reserve's policy signalling," FP Markets said.

Shares on the move

European oil companies fell as fears of a supply glut grew. This was driven by reports which indicate OPEC+ might increase production once again.

London and Johannesburg listed miners rose in early trade as gold hit a fresh record high on a weaker dollar as investors fear a potential U.S. government shutdown.

Stocks to Watch

Rentokil has potential for sustained market growth over the long term, but it is premature for investors to count on an immediate upswing, Berenberg said. Rentokil faces challenges related to the integration of Terminix, a company it acquired in 2022 that helped it become the largest pest control firm in North America.

U.S. Markets:

Stock futures were up as investors turned their attention to a possible government shutdown.

Prediction markets are tilting slightly in favor of a shutdown happening. Polymarket puts the chance at 57%, and Kalshi gives it a 58% chance.

Forex:

The euro extended gains against the dollar slightly after data showed Spanish inflation accelerated in September.

Sterling rose helped by improved risk appetite and a renewed rise in stocks.

The currency could fall on any signs the U.K. Labour government could U-turn on plans to reduce the budget deficit through spending cuts, ING said.

The dollar fell against a basket of currencies as U.S. lawmakers raced to avert a government shutdown.

Bonds:

Treasury yields declined as markets awaited key labor data due this week.

"We now head into a pivotal week for markets and the Fed, with a heavy slate of labor market data," Danske Bank said.

Jefferies was biased toward an underweight position in Treasurys relative to Bunds, expecting the economy to stay resilient .

"We see the economic picture remaining resilient, which should limit any aggressive cuts from the Fed."

Energy:

Oil prices fell on growing fears of an impending supply glut , fueled by reports that OPEC+ might increase production once again and that Kurdistan resumed crude exports via Turkey.

European natural-gas prices fell. Prices remained confined to a narrow range, as risks of Russian supply disruption amid escalating tensions between Moscow and NATO countries continued to cap losses.

However, "the market is taking comfort from Europe's sufficient gas storage ," analysts at ANZ said.

Metals:

Gold prices hit a fresh record high, boosted by a weaker dollar.

The precious metal has risen more than 45% this year , supported by Fed rate cuts, central-buying and strong inflows into gold-backed ETFs.

Investors are shunning the greenback and U.S. debt , Swissquote Bank said.

Copper

Copper rose amid supply concerns.

"Sustained supply disruption will squeeze the market surplus that has been present this year , and presents an upside risk to our forecast for the price of copper to fall to $8,750 per tonne by the end of 2026," Capital Economics said.

Iron

Iron ore fell as steel mills have slowed their restocking ahead of a holiday in China, while rising shipments from Australia didn't provide much support , ANZ said.

EMEA HEADLINES

AstraZeneca to List Shares Directly on New York Stock Exchange

AstraZeneca plans to list its shares directly on the New York Stock Exchange in a push to broaden its investor base, while retaining its listing and headquarters in the U.K.

The move by Britain's biggest company by market value comes at a time when several of Europe's most prominent companies are looking to bolster their exposure to U.S. markets to broaden their investor bases, with some adding or giving priority to listings in New York and others skipping European bourses altogether.

GSK Chief Emma Walmsley to Step Down, Luke Miels Named Successor

GSK said Emma Walmsley would step down as the British drugmaker's chief executive, naming Luke Miels as her successor at a pivotal time for the company.

Under Walmsley, the U.K. pharmaceuticals giant reinvigorated its research and development pipeline and strengthened its balance sheet after the demerger of its consumer healthcare business Haleon in 2022.

BP Approves $5 Billion Tiber-Guadalupe Project in Gulf of Mexico

British energy giant BP said it would proceed with its $5 billion Tiber-Guadalupe project in the Gulf of Mexico, its second new platform in the region in less than two years as it doubles down on production in the U.S.

Under a reset strategy, BP is refocusing its attention toward oil and gas production and away from renewables, with a target of more-than doubling production in the U.S. by the end of the decade.

Genmab to Buy Cancer-Treatment Developer Merus For $8 Billion in Cash

Danish biotechnology company Genmab agreed to buy Nasdaq-listed cancer-treatment developer Merus for around $8 billion in cash, as it looks to bolster its late-stage pipeline as part of a shift toward commercializing more drugs in-house.

Genmab said Monday it would pay $97 a share, a premium of around 41% on Merus's closing stock price on Friday of $68.89.

Jaguar Land Rover Gets $2 Billion U.K. Government Loan Guarantee After Cyberattack

The U.K. government has stepped in to provide financial support for Jaguar Land Rover as the British automaker reels from a cyberattack that has crippled production for around a month.

The government will underwrite a 1.5 billion-pound ($2.01 billion) loan guarantee in a bid to support the company's cash reserves and help it pay suppliers.

TotalEnergies Sells 50% Stake in North American Solar Assets to KKR

TotalEnergies said it agreed to sell a 50% stake in a North American solar business to U.S. private equity company KKR in a deal that values the portfolio $1.25 billion including debt.

The French energy major said Monday that it will receive $950 million upon the closing of the deal.

Lufthansa to Cut 4,000 Jobs by 2030 Amid AI Push

Deutsche Lufthansa said it would cut about 4,000 jobs by 2030, mostly in Germany, as the airline continues to roll out artificial intelligence and automation of tasks.

The airline group said Monday that it is reviewing activities that won't be necessary in the future, for example due to duplication of work or the increased use of artificial intelligence.

GLOBAL NEWS

Global Markets Rise as U.S. Lawmakers Race to Avoid Government Shutdown

Global stock markets and U.S. stock futures started the week mostly higher while the U.S. dollar eased as U.S. lawmakers race to avert a government shutdown. The shadow of that looms over important economic data releases this week, with any shutdown having the potential to knock off course policy signals from the Federal Reserve. Jobs data will be the center of attention, notably Friday's U.S. nonfarm payrolls figures for September, subject to what happens in Washington. President Trump is due to meet with lawmakers later on Monday to try to avoid a shutdown.

Elsewhere, gold hit fresh record highs while oil benchmarks slipped.

Spain Inflation Picks Up Pace as ECB Looks Set to Keep Holding Rates

Consumer prices picked up pace in Spain, further cementing expectations that the European Central Bank will continue to hold off on any further cuts to interest rates.

Prices rose 3.0% on year this month in the eurozone's fourth-largest economy, according to EU-harmonized figures released Monday. That marks an acceleration from the 2.7% rate registered in August, and hitting the highest level since June last year.

Deadline Comes Today in Trump's Big Drug Pricing Initiative

The deadline that President Donald Trump set in late July for 17 large drugmakers to make "binding commitments" to lower U.S. drug prices expires on Monday. Now it's up to the White House to decide whether the industry's efforts to appease the administration over the past few months have gone far enough.

In letters sent to the top executives of major U.S. and European pharmaceutical companies, Trump demanded that they agree to a series of measures to sharply reduce the list prices of the medicines they sell in the U.S., or else the administration would "deploy every tool in our arsenal" against the companies' pricing schemes.

Trump to Host Last-Ditch Talks to Avoid Government Shutdown

WASHINGTON-President Trump and congressional leaders are headed into dramatic last-minute talks just as Republicans and Democrats are bracing for a government shutdown by midweek that could also involve a fresh round of firings of federal workers.