🗓 Friday, September 12, 2025
► Europe mixed to softer – consolidation after strong run
After Thursday’s surge, European equities eased as traders digested a busy data week and awaited US sentiment figures. Stoxx 600 -0.05%, DAX -0.2%, CAC 40 -0.4%, FTSE 100 +0.4%, FTSE MIB -0.1%, IBEX -0.6%. Core yields nudged higher (Bund 10Y ~2.69% +4 bps) as the ECB signaled patience before easing further. EUR/USD 1.172 (-0.05%), GBP/USD 1.356 (-0.1%), USD/JPY 147.7 (+0.3%).
► Wall Street: record highs, then a breather; Short-term Fed path clear
US futures little changed after a powerful rally that followed cooler inflation and a jump in jobless claims, reinforcing expectations for a September Fed cut (25 bps almost fully priced; 50 bps still a tail risk). S&P 500 futures -0.05%, Nasdaq 100 +0.1%, Dow -0.15%. Adobe rose premarket on a clean beat and upbeat outlook; Warner Bros. Discovery gained on fresh deal chatter. Focus today is on preliminary University of Michigan sentiment data as a gauge of whether a softer labor market is hurting demand. Treasury curve stable-to-slightly lower (10Y ~4.02%, 30Y ~4.65%) following Thursday’s rally. Dollar modestly firmer off the lows (DXY +0.15%).
► Asia broadly higher; Tech stocks lead, risk tone intact
Strong Friday session across Asia: Nikkei +0.9%, Taiwan +1.0%, Kospi +1.5% led by AI/semis; Also the tech heavy Hang Seng +1.2% rebounded, while Shanghai -0.1%, Shenzhen -0.4% lagged on profit-taking. Australia ASX 200 +0.7%. FX calm: USD/CNY ~7.12, USD/SGD ~1.283, AUD/USD ~0.665.
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