• European bourses are under pressure following the strong gains seen in Tuesday's session with fresh newsflow fairly limited heading into key US data, Euro Stoxx 50 -1.1%.
• Stateside, ahead of those metrics which will be eyed for further clues around a 'pivot', futures are under similar pressure
• USD has benefited from a rebound in yields and perhaps on phycological/technical grounds, DXY nearing 111.00 to the detriment of peers
• Core debt is pressured across the board with Gilts lagging despite upside from a well-received DMO outing; US yields firmer, though curve is slightly mixed
• Crude benchmarks are currently dictated by broader risk and are modestly softer as such, though attention will turn to the OPEC gathering shortly
• Consensus heading into OPEC is that there will be a sizeable production cut announced, the magnitude of which is unknown but source updates are becoming increasingly skewed towards the top-end of a 0.5-2.0mln range.
• Looking ahead, highlights include US Final PMIs, US ISM Services, ADP, OPEC, speech from Fed's Bostic.

As of 11:10BST/06:10ET

LOOKING AHEAD

• US Final PMIs, US ISM Services, ADP, OPEC, Speeches from Fed's Bostic.
• Click here for the Week Ahead preview.
• Click here for the newsquawk OPEC preview.

GEOPOLITICS

• Russian Kremlin says President Putin has no plan for a national address; in reference to earlier reports that Russian President Putin could today issue a new address to the nation, according Readovka sources; will concern the change in the status of the special operation
• Russian ambassador to the US said Moscow perceives the US decision to send more military aid to Ukraine as an immediate threat to Russia's strategic interests and the decision raises the danger of a direct military clash between Russia and the West, according to Reuters.
• South Korean and US militaries test-fired four surface-to-surface missiles in response to North Korea's launching a missile over Japan, according to Yonhap.
• US aircraft carrier USS Ronald Reagan is to be redeployed to South Korea's east coast, according to Yonhap.

EUROPEAN TRADE

EQUITIES

• European bourses are under pressure following the strong gains seen in Tuesday's session with fresh newsflow fairly limited heading into key US data, Euro Stoxx 50 -1.1%.
• In Europe, sectors are lower across the board with underperformance in Autos, Telecoms and Banking names.
• Stateside, ahead of those metrics which will be eyed for further clues around a 'pivot', futures are under similar pressure though magnitudes are a touch more contained, ES -0.9%.
• TSMC (2330 TW) has reportedly begun negotiating prices with its suppliers of equipment and materials for 2023, considering price reductions of at least 10%, according to sources via DigiTimes.
• Click here for more detail.

FX

• USD has benefited from a rebound in yields and perhaps on phycological/technical grounds, DXY at a 110.84 high.
• Action which has come to the modest detriment of peers across the board, with GBP lagging into a speech from PM Truss after brief PMI-induced upside.
• EUR/USD got within touch of parity, but failed to convincingly test the mark and has since faded back to 0.99.
• NZD the relative outperformer after the RBNZ stuck with consensus for a 75bp hike in contrast to the RBA's slower approach earlier in the week.
• Click here for more detail.
• Click here for OpEx for the NY Cut.

FIXED INCOME

• Core debt is pressured across the board with Gilts lagging despite upside from a well-received DMO outing as the benchmark struggles to get a foothold above 98.00.
• Action which has lifted yields across the board, brining the UK 10yr back in reach of 4.0% while the US curve is a touch more mixed.
• On this, USTs are slightly more contained than peers with downside of around 20 ticks as participants await key data readings.
• Click here for more detail.

COMMODITIES

• Crude benchmarks are currently dictated by broader risk and are modestly softer as such, though attention will turn to the OPEC gathering shortly.
• As it stands, consensus heading into it is that there will be a sizeable production cut announced, the magnitude of which is unknown but source updates are becoming increasingly skewed towards the top-end of a 0.5-2.0mln range.
• US Private Inventory (bbls): Crude -1.8mln (exp. +2.1mln), Cushing +0.9mln, Distillates -4.0mln (exp. -1.4mln), Gasoline -3.5mln (exp. -1.3mln)
• US is reportedly pushing OPEC+ nations not to proceed with an output cut and is arguing to OPEC+ that economic fundamentals do not support an output cut, according to a source familiar with the matter cited by Reuters.
• UN official may visit Moscow, Russia next week to discuss a grain deal, via Ria citing the Russian foreign ministry.
• Spot gold is once again moving at the whim of the USD which has continued to firm throughout the morning and thus the yellow metal has been pushed back to the USD 1710/oz mark and away from the 50-DMA
• Click here for more detail.

NOTABLE EUROPEAN HEADLINES

• Votes to implement the UK government's "mini-budget" will not take place until next spring in an attempt to put off potential rebellions until 2023, according to the understanding of the Telegraph.
• EU ambassadors have now approved all details of the Russian sanctions package and a so-called written procedure launched that will finish at 09:00BST; publication will be in the EU official journal some time tomorrow, according to Radio Free Europe.
• Russia says it does not intend to use additional budget revenues to purchase FX or gold, via Reuters.

DATA:

• EU S&P Global Services Final PMI (Sep) 48.8 vs. Exp. 48.9 (Prev. 48.9); Composite Final PMI (Sep) 48.1 vs. Exp. 48.2 (Prev. 48.2)
• UK S&P Global/CIPS Services PMI Final (Sep) 50.0 vs. Exp. 49.2 (Prev. 49.2); Composite PMI FNL (Sep) 49.1 vs. Exp. 48.4 (Prev. 48.4)

NOTABLE US HEADLINES

• Click here for the US Early Morning Note.

CRYPTO

• Bitcoin is under modest pressure in very slim ranges just above the USD 20k mark, parameters which are well within yesterday's/recent sessions levels.

APAC TRADE

• APAC stocks traded higher across the board as the region sustained the momentum from Wall St where the major indices extended their rally after soft data releases stoked hopes of a Fed pivot.
• ASX 200 continued to benefit following RBA’s recent rate hike slowdown with tech, consumer discretionary and financials leading the advances, while M&A prospects added to the optimism with Link Administration Holdings boosted after it received further proposals from Dye & Durham to acquire some of its businesses.
• Nikkei 225 reclaimed the 27k level although gains were capped by the lack of fresh catalysts and amid lingering geopolitical tensions after the US, Japan and South Korea responded to North Korea’s recent missile launch with military drills and even the test firing of four surface-to-surface missiles by the US and South Korea.
• Hang Seng outperformed as it played catch up to yesterday’s advances on return from its holiday closure and with HSBC among the biggest gainers as it explores a multibillion-dollar sale of its Canadian business.

NOTABLE APAC HEADLINES

• RBNZ hiked the OCR by 50bps to 3.50%, as expected. RBNZ stated that the Committee agreed it is appropriate to continue to tighten policy and members agreed that monetary conditions needed to continue to tighten until inflation was back in target range. RBNZ also stated that core consumer inflation is too high and labour resources are scarce, while they considered whether to increase the OCR by 50bps or 75bps and some members highlighted that a larger increase in the OCR now would reduce the likelihood of a higher peak in the OCR being required.

NOTABLE APAC DATA

• South Korea CPI MM (Sep) 0.3% vs. Exp. 0.4% (Prev. -0.1%); YY (Sep) 5.6% vs. Exp. 5.7% (Prev. 5.7%)