The pound reaches a three-year low against the euro, ISM data is due later today, Twitter soars on Google bid rumors, and oil reaches a three-month high on OPEC’s agreement. Here are four things to know in the market today, October 3.
1. The Pound Tumbles to Three-Year Low against the Euro
The pound fell to a three-year low against the euro as British Prime Minister Theresa May confirmed the March 2017 deadline for triggering Article 50.
Sterling also tumbled to a three-month low against the U.S. dollar, trading at 1.2846 in European morning trade. The pair eventually settled at 1.2879.
The euro was trading at 0.8725 against the pound.
2. U.S. ISM Data Due Later
The U.S. Institute of Supply Management is slated to release its manufacturing PMI today. Analysts are expecting a reading of 50.3. The reading came in at 49.4 the previous month.
Readings above 50 indicate expansion, while readings below 50 indicate contraction.
Investors will be keeping a close eye on ISM data to see if the sector was able to move back into expansion territory in September.
3. Twitter Climbs 6% on Rumors of Google Bid
Market players are still speculating that Twitter (TWTR) could be a potential takeover target. Bloomberg reported on Friday that Google (GOOGL) hired Lazard Ltd. to explore a potential purchase of Twitter.
Twitter shares were up 5.64% in pre-market trade on the news.
4. Oil Climbs to Three-Month High
Markets continue to weigh OPEC’s preliminary agreement to reach a production cap at its next meeting in November. The potential agreement pushed oil higher on Monday, with West Texas Intermediate up to a three-month high and Brent trading at over $50 a barrel.
In morning trade, U.S. crude futures were at $48 a barrel, up 0.74%. Brent oil was up 0.71% to $50.76 per barrel.
