🗓 Wednesday, September 3, 2025
► Europe firmer – rebound after selloff
European equities found some footing after their steepest drop in a month. The Stoxx 600 +0.65%, DAX +0.6%, CAC 40 +0.9%, FTSE 100 +0.5%, Italy’s FTSE MIB +0.45%, IBEX +0.2%. Bargain-hunting supported sentiment, though political risks in France and Italy kept spreads wide. Bund yields edged softer at 2.77% (-1bp), while UK gilts remained fragile, 10Y at 4.78%. EUR/USD 1.166 (+0.15%), GBP/USD 1.341 (+0.1%), EUR/JPY 173.1 (+0.25%).
► Wall Street stabilizing – tech rebound, bonds in focus
US futures turned higher, supported by strong gains in Alphabet (+6% premarket) after a court ruling allowed Google to keep Chrome, easing antitrust fears. Apple also jumped +3% as its lucrative Google Search deal remains intact. Nasdaq 100 futures +0.5%, S&P 500 +0.3%, Dow -0.1%. Nvidia (+ 0.5%) also tries to extend the recovery it's started after a weak opening yesterday. Bond markets stayed under pressure: US 10Y 4.29% (+3bps), 30Y near 5%. Dollar little changed after yesterday’s rebound (DXY flat). Traders eye Friday’s NFP as the next catalyst for Fed policy direction.
► Asia weaker – China & Japan drag
Asian equities mostly slipped as bond market concerns and tariffs weighed. Shanghai -1.2%, Shenzhen -0.7%, Hong Kong -0.6%. Japan’s Nikkei -0.9%, though Korea’s Kospi +0.4% managed gains. Australia’s ASX fell sharply -1.8%, its worst day since April, as tech and real estate dragged. India’s Nifty +0.6% bucked the trend on domestic strength. FX steady overall: USD/JPY 148.5 (+0.2%), USD/CNY 7.15, AUD/USD 0.653.
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