The private sector activities in the U.S. remained robust in September, driven by strong momentum in the service sector. However, private sector activities remained in contraction in the eurozone for the fourth month in a row. China's youth unemployment edged higher as employers avoided adding new staff.
The broad market rally on Wall Street lifted indexes a day after the Federal Reserve lower rates by a jumbo-sized cut that surprised many. The Fed's preemptive move to shore up the faltering labor market may end up keeping inflation higher for longer. Markets in Europe and Asia gained between 1% and 2% following the Fed's big rate cut.