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Dancing in the Dark

Dancing in the Dark

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Thursday 2nd October 2025


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Markets will have to feel their way through the next few weeks, because with the US government shutdown means there’s an absence of key government data. No weekly jobless claims today, and no non-farms payrolls tomorrow. Betting suggests it will last longer than two weeks. NAB’s Gavin Friend joins Phil to talk through the market reaction and the implications. They also examine the surprise fall in the ADP jobs report, the ISM manufacturing survey, Japan’s Tankan survey and European inflation numbers. Today Australia’s trade numbers will be of most interest.

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