🗓 Friday, October 3, 2025
► Europe slightly higher – tech strength continues, miners join rally
European equities traded slightly higher (except Germany & France after weak PMIs), tracking Wall Street’s ongoing AI-fueled advance. Tech and mining sectors led the gains as investors continued rotating into growth themes. Stoxx 600 +0.3%, DAX -0.25%, CAC 40 -0.1%, FTSE 100 +0.5%, FTSE MIB +0.25%, IBEX +0.6%. Bund 10Y 2.70% (flat), UK 10Y 4.69% (-3bps). EUR/USD 1.173 (+0.1%), GBP/USD 1.345 (flat), USD/JPY 147.4 (+0.1%). Copper’s surge (+1.3%) lifted mining shares, while AI optimism and resilient tech valuations kept sentiment positive. With NFP data delayed due to the US shutdown, focus shifted to (US) PMI data, expected to show modest growth.
► Wall Street futures higher – AI spree drives new records
US futures edged modestly up, extending gains as the AI momentum showed only very little signs of slowing. Nasdaq 100 +0.1%, S&P 500 +0.1%, Dow +0.2%. The S&P 500 is set for a sixth consecutive gain, its longest winning streak since July. Investors shrugged off shutdown-related uncertainties and focused on AI-driven growth potential after multiple new deals: Hitachi-OpenAI, Fujitsu-Nvidia, and GIP’s $40B data center acquisition talks. Treasury yields stable (US 10Y 4.09%), volatility subdued. Markets expect Fed rate cuts later this year; however, strategists warn valuations are stretched as earnings lag spending optimism.
► Asia mixed – Japan surges on AI tie-ups
Asian stocks traded mixed but mostly firm, led by strong gains in Japan on new AI partnerships. Nikkei +1.9%, Taiwan +1.5%, Kospi +2.7%, Hang Seng -0.5%, Shanghai +0.5%, ASX +0.45%. USD/JPY 147.4 (+0.1%). Japanese tech and chipmakers rallied on renewed optimism after Hitachi and Fujitsu expanded AI collaborations. China lagged slightly amid growth concerns, but broader sentiment across Asia remained supported by the AI boom and Fed easing expectations.
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