🗓 Wednesday, September 24, 2025
► Europe weaker with soft German sentiment data
European equities slipped slightly, tracking Tuesday’s declines on Wall Street before today’s rebound. Stoxx 600 -0.35%, DAX -0.20%, CAC 40 -0.30%, FTSE 100 -0.1%, FTSE MIB -0.40%, IBEX -0.25%. Bund 10Y 2.74% (flat), UK 10Y 4.66% (-2bps). EUR/USD 1.177 (-0.4%), GBP/USD 1.348 (-0.35%), USD/JPY 148.3 (+0.5%). Weak sentiment across defensives and banks offset small gains in luxury. Traders reacted on today’s Ifo survey (missed expectations) and US momentum (with Wall Street remaining in outperformance).
► Wall Street futures rebound – AI hype returns
Nasdaq 100 futures +0.2%, S&P 500 +0.15%, Dow flat. Alibaba surged 9% in Hong Kong on plans to expand AI spending beyond its initial $50B pledge, while Micron gained premarket after a strong earnings beat and upbeat guidance (+46% YoY revenue). The AI capex boom remains the primary engine for Wall Street’s record-breaking rally. US 10Y steady at 4.10% (flat), 30Y 4.67% (-1bp). The Fed risk lingers, with traders increasingly concerned that rate-cut optimism could be tempered. Fed's Daly speaks today. The USD moved higher (DXY +0.4%).
► Asia firmer – Alibaba lifts Hong Kong; Japan steady
MSCI Asia Pacific flat overall, but country moves diverged. Hang Seng +1.4% and Shenzhen +1.8% rallied on Alibaba strength and AI optimism, Shanghai +0.8%. Nikkei +0.3% steady, Kospi -0.4% softer, Taiwan -0.2%, ASX -0.9% weighed by miners. USD/JPY 148.3 (+0.5%) stronger dollar kept yen under pressure.
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