🗓 Friday, October 10, 2025
► Europe steady – cautious tone with thin trading before earnings
European markets were mixed, reflecting subdued sentiment before next week’s key earnings releases. Investors largely stayed on the sidelines amid thin trading and limited data flow. Stoxx 600 -0.2%, DAX -0.25%, CAC 40 flat, FTSE 100 -0.1%, FTSE MIB -0.3%, IBEX +0.2%. Bund 10Y 2.68% (-3bps), UK 10Y 4.72% (-4bps). EUR/USD 1.157 (+0.1%), GBP/USD 1.327 (-0.2%), USD/JPY 152.7 (-0.25%). Energy stocks lagged with oil prices (-1.3%; generally positive for European stocks). Investors looked ahead to Michigan sentiment data for potential clues on consumer trends, as broader earnings season remains the key catalyst.
► Wall Street consolidates – traders await earnings clarity
US equities are little changed, with S&P 500 flat, Nasdaq 100 flat, Dow flat. The rally pause reflected investor caution before next week’s major Q3 earnings kickoff (on Tuesday), featuring JPMorgan, Citigroup, Johnson & Johnson, and LVMH. AI-related names remained supported as Nvidia advanced on chip export approvals, offsetting minor weakness in cyclicals. Analysts highlighted that “buying the dip” continues to dominate, keeping downside limited. US 10Y 4.11% (-4bps), DXY -0.2%. Valuations remain elevated, but fundamentals and the Fed’s monetary support stay intact — sentiment therefore remains stable.
► Asia mixed – Japan & China weak, South Korea & Taiwan higher
Asian markets traded mixed, tracking Wall Street’s consolidation. Nikkei -1.0%, Shanghai -0.9%, Shenzhen -2.7%, Hang Seng -1.7%, while Kospi +1.7%, Taiwan +0.9%, Nifty +0.4% gained on renewed chip and AI optimism. USD/JPY 152.7 (-0.2%). Japan lagged amid mild profit-taking after a strong week, while sentiment in China weakened on renewed property and tech concerns. Broader Asia remained supported by resilient tech sector momentum.
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