Gold surged to yet another record, rising 1.9% to $3,833 an ounce, as investors weighed risks of a US government shutdown and the potential impact on economic data releases. The dollar weakened, with the Bloomberg Dollar Spot Index down 0.25%, while cryptocurrencies staged a strong rally: Bitcoin and Ethereum both gained more than 4%.
In Asia, Hong Kong’s Hang Seng Tech Index climbed 1.2%, led by gains in Alibaba and electric-vehicle makers.
US markets are bracing for a sixth consecutive month of weak payroll numbers, though the data release could be delayed if the government shuts down. Vice President JD Vance said negotiations with Democrats had stalled, putting the country on track for a budget impasse.
In Europe, Italy’s EU-harmonised CPI rose 1.8% year-on-year in September, just above expectations of 1.7% but still shy of the European Central Bank’s inflation target.
Both US futures and European stocks edged lower, as traders assessed the dual risks of slowing growth and heightened political uncertainty in Washington.