US equities were muted for the week as markets balanced softer labour market data and easing expectations for further Federal Reserve (Fed) tightening against elevated Treasury yields and volatile oil prices. Economic data was generally supportive, with the Fed’s preferred inflation measure rising 3.0% year-on-year in August, below expectations. September nonfarm payrolls showed the economy added just 29,000 jobs, significantly below consensus forecasts of around 90,000. 

Elsewhere, Eurozone inflation rose above expectations in September, driven by higher energy prices. UK manufacturing activity remained in expansion territory, while the Reserve Bank of Australia raised rates by 25bps and left the door open to further…