🗓 Wednesday, October 15, 2025
► Europe higher – strong earnings boost sentiment
European equities extended gains, supported by robust earnings and easing trade worries. Financials, tech and luxury stocks led the advance after upbeat results from ASML and LVMH, while energy lagged slightly. Stoxx 600 +0.6%, DAX +0.1%, CAC 40 +2.3% (!), FTSE 100 -0.6%, FTSE MIB +0.3%, IBEX +0.7%. Bund 10Y 2.58% (-3bps), UK 10Y 4.55% (-5bps). EUR/USD 1.162 (+0.2%), GBP/USD 1.336 (+0.35%), USD/JPY 151.4 (-0.3%). Sentiment improved as solid Q3 results reassured investors that corporate fundamentals remain resilient despite ongoing trade tensions and high valuations.
► Wall Street higher – earnings beat supports resilience
US markets traded cautiously as investors balanced solid earnings with lingering trade uncertainties. S&P 500 +0.6%, Nasdaq 100 +0.8%, Dow +0.45%. Chips stocks including Nvidia are trading higher with financials and industrials also outperforming. Early results from Bank of America, Morgan Stanley, and PNC Financial beat expectations, underscoring robust credit and investment banking activity following yesterday's strong bank earnings. US 10Y 4.02% (-1bp), DXY -0.2%. Fed officials including Waller, Schmid, and Miran are scheduled to speak later today, while markets continue to anticipate rate cuts in October.
► Asia broadly higher – earnings optimism lifts region
Asian markets followed Wall Street’s positive tone, buoyed by strong corporate earnings and easing trade fears. Nikkei +1.8%, Kospi +2.7%, Taiwan +1.8%, Hang Seng +1.8%, Shanghai +1.2%, Shenzhen +1.7%, ASX +1.0%. USD/JPY 151.4 (-0.3%). The PBoC’s stronger yuan fixing and supportive comments helped stabilize sentiment in China, while AI optimism continued to drive regional chipmakers.
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