Labour Day (1 May 2024)

Easing oil prices offered some relief to financial markets as renewed diplomatic efforts in the Middle East reduced immediate inflation concerns. 

The Bank of Japan raised its key short-term interest rate by 25 basis points to 1.25% in September, pushing borrowing costs to their highest level since April 1995 and taking another step away from decades of ultra-loose monetary policy.

Monetary policy remained a key driver at the end of the week following the Federal Reserve’s first rate hike since July 2023.