The euro hovered near a one-month low on Wednesday and suffered a sharp decline this week as investors calculated the cost of the U.S.-EU trade deal.
Olena Malik | Moments | Getty Images
Hello, this is Leonie Kidd from London. Welcome to another edition of CNBC’s Daily Open.
In volatile markets, it doesn’t take much for things to get worse.
Weaker-than-expected U.S. jobs data, tense debate over France’s budget and the risk of a snap election in Spain have created a wall of uncertainty across asset classes.
Profanity in the midterm elections and a controversial runoff in Brazil have created a difficult environment for investors.
Read more.
What you need to know today
Investor discomfort is spreading across global bond markets, but currency pairs are now showing signs of pressure as well.
of EUR The dollar has fallen to its lowest level in 17 months, and its lowest level since May 2025. A combination of economic and political uncertainty has kept investors on edge, with debate over France’s budget boosting risk sentiment, while speculation of an early election in Spain has also spooked markets.
Not everything is rosy in America. Friday’s jobs report showed the U.S. economy added just 29,000 jobs in September, well below the expected 84,000. But major indexes rose on the news, with traders betting the Fed was likely to keep interest rates on hold at its late October meeting.
Futures are trading sideways as investors focus on the minutes of the Fed’s latest meeting, scheduled for Wednesday.
“Fiscal Apocalypse”
With U.S. government borrowing costs at the highest level in decades, should investors prepare for a “fiscal apocalypse”?
Experts who spoke to CNBC said that hasn’t happened yet and that concerns about an impending crisis are “overblown.”
Read more here and join Squawk Box Europe to hear from Anthony Gutman, co-CEO of Goldman Sachs International.
strained relationship
Economic uncertainty is putting a strain on international relations.
US President Donald Trump has threatened South Korea, saying he will “charge us more money” if it fails to sign the Alaska LNG deal.
“If they don’t want to do it, that’s fine. We’ll just charge them more,” Trump told reporters Friday, according to the White House. “Tell me you’ll double the amount if I don’t sign right away.”
Trump did not say what he would double.
Meanwhile, the president turned to profanity in his speech at a rally in Ohio. He warned voters that any funding to states would be contingent on Republican victories in the midterm elections.
“Just go out and vote,” President Trump said at a rally for Republican candidates. “Then we’re going to win, we’re going to win big, and we’re going to push their grades.”
Brazil runoff election
Brazilian voters are heading to a runoff election on Oct. 25 after two leading candidates fell short of the majority needed for an outright victory. Right-wing senator Flavio Bolsonaro has a narrow lead over left-wing incumbent Luiz Inacio Lula da Silva, who is seeking a fourth term.
If the senator wins, it will extend a wave of victories by right-wing candidates aligned with US President Donald Trump across Latin America.
— Leonie Kidd
And finally…
Gen Z is betting on sports. Experts warn of dangers
Betting on sports outcomes has exploded in the 2020s, and recent research has revealed just how widespread gambling is among Gen Z.
A survey of retail investors released in August by investment advisory platform Betterment found that 66% of Gen Z investors participate in sports betting. The Bank of America Research Institute revealed in a September report that Gen Z accounted for nearly 50% of all online gambling activity in July, right in the middle of the 2026 FIFA World Cup, surpassing Millennials for the first time.
“It’s more unusual for someone not to have, say, a Calci or DraftKings account than it is to have one,” said Cynthia Grant, vice president of clinical affairs at Birches Health, which provides online treatment for online gambling addiction recovery. “It’s now part of the sports viewing experience.”
— Davis Giangiulio
