🗓 Wednesday, September 10, 2025
► Europe higher with retail & tech leading
European equities climbed with support from firmer sentiment and strong retail gains. The Stoxx 600 +0.3%, DAX flat, CAC 40 +0.15%, FTSE 100 +0.05%, Italy’s FTSE MIB -0.25%, IBEX +0.8%. Inditex shares advanced on robust quarterly sales, lifting the retail sector. French political concerns persisted, but spreads stayed contained with Bund yields 2.65% (-1bp). EUR/USD 1.171, GBP/USD 1.354, USD/JPY 147.4. Investors await today’s US PPI and tomorrow’s CPI for confirmation of Fed cut expectations.
► Wall Street boosted – Oracle stuns, PPI in focus
US futures traded higher as Oracle’s strong forecast electrified the markets. Nasdaq 100 futures +0.1%, S&P 500 +0.2%, Dow -0.2%. Oracle jumped nearly +30% in pre-market trading, adding about $200bn in value after the company projected explosive AI-driven cloud growth. This triggered profit-taking in Nvidia (+2%) and other AI-related stocks. TSMC also impressed with +34% revenue growth in August, underscoring strong demand for AI chips. Overall sentiment remained supported by upcoming Fed rate cuts; money markets are pricing in three cuts this year. Today brings US PPI data (consensus +0.3% MoM), followed by CPI tomorrow – the last tests before next week’s Fed decision. Yields steady: US 10y 4.08%, 30y near 5%. The dollar slightly weaker (DXY -0.1%).
► Asia firmer; AI optimism drives rally
Asian equities joined the rally, driven by Oracle’s surge and recent Wall Street gains (including breaking ATHs). Japan’s Nikkei +0.9%, Hong Kong’s Hang Seng +1.0%, Shanghai +0.1%, Shenzhen +0.4%. Korea’s Kospi +1.7% led gains, Taiwan +1.35% on strong semiconductor inflows. Australia’s ASX +0.3%, India’s Nifty +0.35%, Singapore +1.1%. FX steady: USD/CNY 7.12, USD/JPY 147.4, AUD/USD 0.661 (+0.4%).
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