🗓 Monday, September 1, 2025
► Europe steadies after last week’s slump
European equities opened higher, rebounding after last week’s weakness in tech and AI-related stocks. Bargain-hunting and better sentiment around pharmaceuticals helped support indices, with Novo Nordisk +3% after positive trial data on Wegovy versus Eli Lilly’s rival treatment. The Stoxx 600 +0.4%, DAX +0.5%, CAC 40 +0.5%, FTSE 100 +0.3%, FTSE MIB +0.5%, IBEX flat. Bond markets were slightly softer with Bund yields at 2.75% (+3bps), UK 10Y at 4.75%. EUR/USD 1.1725 (+0.35%), GBP/USD 1.3530 (+0.2%), USD/JPY 147.05.
► Wall Street closed – focus shifts to data
US futures were little changed, as cash markets (and thus regular stock trading) remained closed due to Labor Day. Last week’s gains (S&P 500 above 6,500 and the Dow hitting record highs) are keeping sentiment overall positive. Traders are now waiting for fresh data: ISM Manufacturing tomorrow and the key labor market report (Nonfarm Payrolls) on Friday. Trump’s ongoing conflict with the Fed also remains in focus. Futures: S&P 500 +0.1%, Nasdaq +0.15%, Dow +0.1%. US Treasuries were also closed, leaving bond markets quiet after Friday’s moves.
► Asia mixed – China tech up, Japan and Korea down
Asian stocks posted mixed results. Shanghai +0.5%, Shenzhen +1.1% supported by renewed domestic inflows. Hong Kong’s Hang Seng jumped +2.2% as Alibaba soared +18% on a sharp AI-driven revenue surge, raising hopes it could regain ground versus rivals. However, BYD fell -3.8% in Hong Kong after reporting its first profit decline in over three years on Friday, weighed by weaker domestic demand and competition, though the stock recovered slightly from intraday lows. Japan’s Nikkei -1.2%, Korea’s Kospi -1.4%, Australia’s ASX -0.5%. India’s Nifty gained +0.8%. FX saw USD/JPY 147.05 (flat), USD/CNY 7.13, AUD/USD 0.656 (+0.25%).
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