🗓 Friday, September 19, 2025
► Europe flat – investors digest busy central bank week
European equities were little changed as traders digested a week filled with central bank decisions (Fed, BoE, BoC, BoJ) and positioned ahead of today’s triple witching expiry. Stoxx 600 -0.1%, DAX -0.3%, CAC 40 +0.2%, FTSE 100 flat, FTSE MIB flat, IBEX +0.4%. Bund yields ticked higher to 2.74% (+3bps), UK 10Y 4.72% (+3bps). EUR/USD 1.174 (-0.35%), GBP/USD 1.348 (-0.55%), USD/JPY 148.1 (+0.05%) as the dollar extended its third day of gains. The tone remains cautious but resilient as investors await fresh catalysts such as next week’s NFP and ISM data.
► Wall Street steady – quiet finish to a record-setting week
US futures flat after Thursday’s rally that saw the S&P 500, Nasdaq 100, Dow, and Russell 2000 close at all-time highs. Nasdaq 100 futures +0.15%, S&P 500 -0.1%, Dow -0.1%. Treasury yields firmed slightly: 10Y 4.13% (+3bps), 30Y near 4.7%. Minneapolis Fed’s Kashkari backed this week’s cut and projected two more this year, keeping rate-cut expectations alive. Traders are mostly focused on positioning into month- and quarter-end, with implied volatility surprisingly subdued despite today’s $5T triple-witching event.
► Asia mixed – BoJ holds, yen volatile
Asian markets ended mixed after the Bank of Japan left rates at 0.5% and announced plans to sell ETF holdings. Nikkei -0.6%, Kospi -0.45%, Taiwan -0.7%, Shanghai -0.3%, Shenzhen flat; Hang Seng flat after a choppy session. NZX 50 +0.85% and ASX +0.3% outperformed. USD/JPY 148.1 (+0.05%) saw some intraday volatility as Governor Ueda stressed data dependence for future decisions.
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