SQUAWK BOX, TUESDAY 31ST OCTOBER, 2023

The Bank of Japan revises its upper limit on the 10-year JGB yield as a loose reference rather than a strict cap with the yield now hitting its highest level in almost a decade. On Wall Street, the S&P 500 enjoys its best day since August exiting correction territory but all three major U.S. indices are set to close October in the red – their first three-month losing streak since March 2020. In China, manufacturing activity saw a surprising dip for the month with services and construction also falling. And in corporate news, Tesla shares sink after its battery partner warns that EV demand is faltering. X CEO Elon Musk’s stock plan indicates he values the social media company at less than half the price he paid for it last year.