🗓 Friday, October 24, 2025
► Europe mixed – defense & banking strength offset tech weakness
European markets traded slightly lower after early gains faded despite a wave of strong earnings. Stoxx 600 -0.2%, CAC 40 -0.6%, FTSE 100 flat, DAX -0.1%, FTSE MIB -0.3%, IBEX -0.2%. EUR/USD 1.161 (-0.03%), GBP/USD 1.331 (-0.1%), USD/JPY 152.8 (+0.2%). Saab +7.8% after raising guidance on robust defense demand, while Sanofi and Holcim also posted solid results. Airbus, Leonardo, and Thales announced a space joint venture to form a “leading European player.” Kering -2.5% reversed Thursday’s 10% surge. Porsche gained about 3% post earnings. Focus stayed on fresh PMI data, which pointed to slower but resilient activity across the Eurozone – exception France which continues to struggle.
► Wall Street higher – inflation in focus, tech leads pre-market gains
US futures rose ahead of the key CPI report as easing trade tensions (at least US-CN) and expectations for Fed rate cuts supported sentiment. S&P 500 +0.3%, Nasdaq 100 +0.5%, Dow +0.1%. Intel +6% after upbeat guidance; Procter & Gamble +3% on strong earnings; Ford +4% after solid results despite supply issues. Traders largely looked past Trump’s decision to suspend Canada tariff talks following a political spat. The USD firmed slightly, 10Y Treasury 4.00% (+2bps). CPI for September is expected at +3.1% YoY, with markets betting the data won’t derail the case for upcoming rate cuts. Optimism over AI momentum and a strong earnings season kept Wall Street on track for its second straight week of gains.
► Asia higher – tech recovery & trade optimism support gains
Asian markets mostly advanced, buoyed by improving sentiment after confirmation of next week’s Trump-Xi meeting. Nikkei +1.4%, Kospi +2.5%, Shanghai +0.7%, Shenzhen +2.0%, Hang Seng +0.7%, Nifty -0.4%, ASX -0.1%. USD/CNY 7.12 (flat), USD/JPY 152.9 (+0.2%). Chinese Commerce Minister Wang reiterated opposition to decoupling and emphasized cooperation, boosting confidence in regional trade ties. Semiconductor and AI-related shares led the rebound, supported by Intel’s strong results and expectations for higher chip demand.
Subscribe to see more
