Market Daily: Schneider agrees $22.6bn PTC deal as FinCEN withdraws two crypto proposals

Schneider Electric has agreed to buy US software group PTC for $22.6 billion in cash, a deal that helped the Nasdaq to a record close on Monday. In Washington, the US Treasury’s financial crimes unit withdrew two crypto proposals, while UK gilt yields rose again ahead of the 28 October Budget.

This is Cristoniq’s Market Daily for Tuesday 6 October 2026. Sources were checked up to 05:30 BST on 6 October. Figures taken from data providers are given with the provider and observation time. Figures quoted from news reports carry the time or session the report gave. Where a provider gives only a date and no time, as Trading Economics does for gilt yields, we say so. Percentage changes marked “Cristoniq calculation” are our own arithmetic from the stated provider’s figures, not numbers published by the provider. Weekly changes run from the Friday 25 September close to the Friday 2 October close.

The day ahead

Monday’s main stories were takeovers. According to an Associated Press report carried by Newser, Schneider’s offer for PTC and CH Robinson Worldwide’s agreed deal for truck broker RXO helped lift US shares. In London, the FTSE 100 rose while the more domestically focused FTSE 250 fell. The euro weakened on concerns about France’s public finances.

For UK investors the backdrop is still the gilt market. Trading Economics gives the 10-year gilt yield at 5.43 per cent for 5 October, up from 5.38 per cent. Chancellor John Healey will deliver the Budget on Wednesday 28 October, a date confirmed in his letter to the Treasury Select Committee. Our 2 October edition covers the earlier sell-off, when the 30-year yield briefly rose above 6 per cent during the session.

investingLive reported that Bank of Japan Governor Kazuo Ueda was due to address the National Securities Convention in Tokyo at 14:35 Tokyo time (06:35 BST) on Tuesday, after our cut-off. We did not find this time on an official Bank of Japan calendar. The minutes of the US Federal Reserve’s September meeting follow on Wednesday.

UK Market Update

The FTSE 100 ended Monday 5 October at 10,497.94, according to Yahoo Finance (observed 16:35 BST). That is 0.3 per cent above Friday’s close of 10,462.00 (Cristoniq calculation). The FTSE 250 closed at 24,123.75 (Yahoo Finance, observed 16:40 BST on 5 October), down 0.3 per cent from Friday’s 24,194.20 (Cristoniq calculation). On Yahoo Finance’s daily closes, the FTSE 100 fell 2.2 per cent in the week to Friday 2 October and the FTSE 250 fell 0.3 per cent (Cristoniq calculations, Friday 25 September close to Friday 2 October close).

The Alliance News closing report, published by AJ Bell, said Ithaca Energy rose 2.2 per cent after agreeing to buy Canadian offshore oil assets from Suncor Energy for up to US$1.11 billion. Suncor said Ithaca will also take on the assets’ future liabilities, including estimated abandonment and lease liabilities of C$1.4 billion and a C$500 million well compliance programme at Terra Nova from 2027. AJ Bell investment director Russ Mould said the deal could be a “planting the flag moment” in the North American market for Ithaca, and a precursor to adding further assets in the region. The Canadian Press reported that the package includes Suncor’s interests in the Terra Nova, White Rose and West White Rose developments off Newfoundland, with completion expected in early 2027.

Alliance News also reported that BT Group rose 1.4 per cent. The company has said it expects a total cash impact of about £400 million in its 2027 financial year (FY2027, the 12 months to 31 March 2027) from rescuing TalkTalk and PlatformX Communications out of administration. The Competition and Markets Authority (CMA) opened a merger inquiry on 5 October after the Secretary of State issued a public interest intervention notice. The CMA is inviting comments by 9 October and must report by 19 October. Our 5 October edition has the background to the deal.

Separately, Sky News reported, as summarised by Alliance News, that J Sainsbury held “exploratory discussions” with Morrisons about a possible merger earlier this year. The talks are not believed to be currently active, Sky News reported. Sainsbury’s, Morrisons and Morrisons’ owner Clayton Dubilier & Rice declined to comment. Alliance News said CMC Markets shares rose 6.7 per cent after Chief Executive Peter Cruddas disclosed a £1 million share purchase.

On the data side, Alliance News said S&P Global’s UK composite purchasing managers’ index (PMI) fell to 52.0 in September from 52.5 in August, a three-month low. A PMI is a business survey in which a reading above 50 means activity is growing.

US Market Update

According to Yahoo Finance, the S&P 500 closed Monday at 7,773.95 (observed 16:48 EDT), up 0.7 per cent from Friday’s 7,722.72. The Nasdaq Composite closed at 27,477.31 (Yahoo Finance, observed 17:15 EDT), up 1.1 per cent from 27,190.86. The Dow Jones Industrial Average closed at 51,267.90 (Yahoo Finance, observed 16:48 EDT), up 0.2 per cent from 51,176.96 (all Cristoniq calculations). The Associated Press called the Nasdaq close a record and said the S&P 500 was within 0.3 per cent of its all-time high. AP said Nvidia, which rose 2.1 per cent to a record close, was the single strongest force lifting the S&P 500. In the week to Friday 2 October, the S&P 500 fell 0.3 per cent, the Nasdaq rose 0.5 per cent and the Dow fell 1.3 per cent (Cristoniq calculations from Yahoo Finance closes, 25 September to 2 October).

Schneider Electric agreed to pay $205 in cash for each PTC share, the companies announced. That values PTC’s equity at $22.6 billion and its enterprise value, which includes debt, at $23.7 billion. Schneider expects the deal to complete by the third quarter of 2027, subject to PTC shareholder and regulatory approval. Schneider says it expects €250 million of annual cost savings by the third year after completion. AP reported that PTC shares jumped 33.5 per cent. Alliance News said Schneider fell 10 per cent in Paris. The company said the price is a 42.3 per cent premium to PTC’s last closing price, and that the cash cost of about €22 billion is covered by a committed bridge loan, to be refinanced with about €5 billion to €6 billion of new shares and €16 billion to €17 billion of new debt.

AP also reported that RXO jumped 22.5 per cent after CH Robinson agreed to buy it, while CH Robinson fell 10.8 per cent, the biggest drop in the S&P 500. Both buyers pointed to the promise of artificial intelligence. The companies say RXO holders will receive $17.25 in cash plus 0.0856 CH Robinson shares for each RXO share, worth about $30.25 based on CH Robinson’s average share price in the 16 trading days to 2 October. CH Robinson’s 10.8 per cent fall reduces the value of the share part of the offer.

On the data side, Alliance News said the ISM services PMI fell to 54.9 in September from 55.4. Its prices index rose to 74 from 72.6, the highest since July 2022. ISM, the Institute for Supply Management, runs a monthly survey of purchasing managers. That followed Friday’s Bureau of Labor Statistics jobs report, which said non-farm payrolls rose by 29,000 in September and the unemployment rate was 4.2 per cent. Non-farm payrolls count jobs outside farming. The 3 October edition looks at that report in more detail.

Global Markets

The euro touched $1.1161 in Asian trading on Monday, its weakest level since May 2025, Euronews reported. The report said France’s 10-year bond yield rose to 4.917 per cent in early trading. The gap between French and German 10-year yields was about 146 basis points; a basis point is one hundredth of a percentage point. According to Euronews, French Finance Minister Roland Lescure described France as a solid borrower, and Spain’s Prime Minister Pedro Sánchez has called a snap general election for 29 November.

Alliance News said the CAC 40 in Paris closed 0.8 per cent lower on Monday and Frankfurt’s DAX 40 rose 0.1 per cent.

In Asia, investingLive’s Asia-Pacific wrap for Tuesday (timestamped 03:48, time zone not stated) reported Japan’s Nikkei up 0.3 per cent, South Korea down 0.8 per cent and Hong Kong’s Hang Seng up 0.8 per cent. These were moves during the session, not closing levels. The same report said Saudi Aramco’s chief executive warned that rebuilding thin global oil stocks could take two years. It also said Australian consumer sentiment fell 4.7 per cent to 80.4 in October after the Reserve Bank of Australia’s latest rate rise.

Bonds, Currencies and Commodities

Gilts. Trading Economics gives the UK 10-year gilt yield at 5.43 per cent on 5 October, up 0.05 percentage points (5 basis points) from 5.38 per cent. The provider gives a date but no intraday observation time; the page was last updated on 6 October. Trading Economics gives the 30-year gilt yield at 5.94 per cent on 5 October, up 4 basis points, again without an intraday time. Gilt yields rise when prices fall, and higher yields raise the government’s borrowing costs.

US Treasuries. Yahoo Finance showed the US 10-year Treasury yield at 5.311 per cent (observed 14:59 EDT on 5 October), up about 3 basis points from Friday’s 5.277 per cent. In the week to Friday 2 October it rose about 9 basis points (Cristoniq calculations from Yahoo Finance closes).

Currencies. Yahoo Finance showed sterling at $1.3217 (observed 05:29 BST on 6 October), broadly flat against Yahoo’s 5 October 17:00 New York close of $1.3224 (down less than 0.1 per cent). The euro was at $1.1222 (Yahoo Finance, same time), broadly flat against Monday’s 17:00 New York close of $1.1227 (down less than 0.1 per cent). In the week to Friday 2 October, sterling was broadly flat (down less than 0.1 per cent) and the euro fell 1.2 per cent against the dollar (all Cristoniq calculations from Yahoo Finance closes).

Oil. Brent crude futures (NYMEX) were at $100.47 a barrel (Yahoo Finance, observed 05:19 BST on 6 October), against Monday’s close of $100.32. NYMEX WTI futures, the main US benchmark, were at $89.51 (Yahoo Finance, observed 05:20 BST), against $89.43. In the week to Friday 2 October, Brent fell 2.0 per cent and WTI fell 1.4 per cent (Cristoniq calculations from Yahoo Finance closes). AP reported that Brent swung between $100 and $103 on Monday before settling just above $100.

Metals. COMEX gold futures were at $4,154.30 a troy ounce (Yahoo Finance, observed 05:20 BST on 6 October), little changed on Monday’s $4,156.80 close. In the week to Friday 2 October, gold fell 3.7 per cent (Cristoniq calculation from Yahoo Finance closes). COMEX copper futures were at $6.659 a pound (Yahoo Finance, observed 05:19 BST), 1.1 per cent above Monday’s $6.586 close (Cristoniq calculations).

Crypto

On 5 October the Financial Crimes Enforcement Network (FinCEN), part of the US Treasury, withdrew two proposals. The first would have imposed recordkeeping, verification and reporting requirements on certain transactions involving “unhosted” wallets, which users control themselves rather than through an exchange. The second would have imposed a special measure on crypto mixing, the pooling of coins to hide where they came from. FinCEN said it was withdrawing them as part of the administration’s deregulatory agenda, to keep digital asset rules “fit-for-purpose”. Neither proposal ever took effect: the wallet proposal was published in December 2020 and the mixing proposal in October 2023, so withdrawing them removes the prospect of those requirements rather than any current obligation. FinCEN said it will continue to monitor mixing for signs of money laundering and other illicit finance.

The same day, the Commodity Futures Trading Commission (CFTC) sought public comment on an advance notice of proposed rulemaking, an early consultation before formal draft rules. It covers retail crypto transactions and floats a new “crypto asset market” category of regulated exchange. Comments are due within 60 days of publication in the Federal Register. Chairman Michael Selig said the step was “critical” to keeping America “the crypto capital of the world”. CoinDesk reported that the plan covers leveraged, margined and financed trading, where traders use borrowed money or put down only part of a position’s value as collateral, but not spot markets, where coins are bought outright. It notes the consultation does not create comprehensive federal oversight of spot trading: state money-transmission rules continue to govern direct trading, and the CFTC can still police fraud and manipulation in those markets.

As of 05:28 BST on 6 October, CoinGecko showed Bitcoin at $85,574, down 0.2 per cent over 24 hours, and Ether at $2,702.80, also down 0.2 per cent. Among the other coins we track, XRP was at $1.50 (down 0.5 per cent), Solana at $120.21 (down 0.25 per cent) and Chainlink at $13.80 (down 2.1 per cent). These five coins are a selection, not the whole market. CoinGecko shows Bitcoin about 32 per cent below its record of $126,080, set on 6 October 2025. The Crypto Fear and Greed Index, a 0 to 100 sentiment gauge, read 73 (“Greed”) for 6 October, up from 70 the day before. For background on these terms, see our Crypto Decoded guides.

AI, Technology and Investor Tools

OpenAI plans to start testing a new visual ad format in ChatGPT later in October, Engadget reported on 5 October. The ads will appear first in ChatGPT Images, the image-generation feature, for users in the US. OpenAI says the ads “will be clearly labeled, and remain separate from the image being created”. Engadget said Plus, Pro and Enterprise subscribers will not see them. Engadget linked to OpenAI’s announcement, but that page did not load for us, so the details here come from Engadget’s report.

Schneider presents the PTC deal as a move into AI for industry. Euronews reported that Schneider says the combined software will help customers design, make, run and maintain products more efficiently. Those are Schneider’s claims about what it expects, not results.

AI is also part of the inflation debate. investingLive reported that Bank of Japan Deputy Governor Shinichi Uchida described AI as a positive demand shock that adds to price pressures. For readers who want to start with the basics of indices, yields and risk, see our Investing Basics section.

What to Watch Next

• Tuesday 6 October: Bank of Japan Governor Ueda was due to speak at 14:35 Tokyo time (06:35 BST), after our cut-off, according to investingLive. We did not find this on an official Bank of Japan calendar.
• Wednesday 7 October: minutes of the Federal Open Market Committee meeting of 15 to 16 September, at 14:00 EDT (19:00 BST), according to the Federal Reserve’s October calendar.
• Friday 9 October: deadline for comments to the CMA’s BT/TalkTalk inquiry. The CMA’s report is due by 19 October.
• Wednesday 14 October: US consumer prices index (CPI) for September, the main US inflation measure, at 08:30 EDT (13:30 BST), according to the Bureau of Labor Statistics schedule.
• Thursday 15 October: UK monthly GDP estimate for August at 07:00 BST, according to the ONS release calendar.
• Wednesday 21 October: UK consumer prices index (CPI) inflation for September at 07:00 BST, according to the ONS release calendar.
• 27 to 28 October: the next Fed meeting, according to the FOMC calendar, and the UK Budget, also on Wednesday 28 October.

Important: this article is general information and education only. It is not personalised financial, investment, tax or legal advice and does not take account of your circumstances or objectives. Prices can fall as well as rise, and crypto assets are high risk and largely unregulated in the UK. Past performance is not a reliable guide to future results. Consider seeking advice from an authorised adviser before making investment decisions.

Correction and update, 7 October 2026: An earlier version compared the morning sterling and euro quotes with 5 October closes of $1.3243 and $1.1255, and measured the week to 2 October against Friday closes, all taken from Yahoo Finance’s daily data, which gives the session’s opening rate as the close. Against the 17:00 New York closes ($1.3224 and $1.1227 on 5 October), sterling and the euro were broadly flat against Monday’s close, not down 0.2 and 0.3 per cent; in the week to 2 October sterling was broadly flat rather than down 0.1 per cent and the euro fell 1.2 per cent rather than 1.1 per cent.