🗓 Wednesday, October 1, 2025
► Europe firmer – tech & pharma extend gains
European equities advanced, led by strong performance in technology and healthcare as optimism around AI and relief from Trump’s pharma tariff reprieve continued to boost sentiment. European stocks thus see very similar movements as their US counterparts. Stoxx 600 +0.85%, DAX +1.4%, CAC 40 +1.4%, FTSE 100 +0.1%, FTSE MIB +0.30%, IBEX +0.3%. Bund 10Y 2.71% (flat), UK 10Y 4.72% (+2bps). EUR/USD 1.175 (+0.2%), GBP/USD 1.348 (flat), USD/JPY 146.9 (-0.1%). European tech stocks surged further, with ASML, SAP, and Infineon leading Europe higher. Despite the rally, breadth remains thin (~60% of stocks rising), signaling selective strength rather than a broad-based uptrend.
► Wall Street futures higher – AI momentum drives new ATHs
US futures extended gains as the AI boom and OpenAI’s record $500B valuation fueled optimism. Nasdaq 100 +0.6%, S&P 500 +0.3%, Dow flat. The S&P 500 closed at another all-time high, supported by big tech and pharma while overall market participation remains narrow. Investors largely shrugged off shutdown concerns as focus stays on earnings growth in tech and upcoming Q4 Fed cuts. US 10Y 4.12% (+1 bp), DXY little changed with the USD recovering from pre-market losses. Analysts highlight risk of overvaluation and dependence on a few large-cap names driving indices.
► Asia strong – tech rally continues
Asian stocks rallied further on AI enthusiasm and Fed cut optimism. Nikkei +0.9%, Kospi +2.7%, Taiwan +1.5%, Hang Seng +1.6%, Shanghai +0.5%, Shenzhen +0.35%, ASX +1.1%. USD/JPY 146.9 (-0.1%). Chipmakers and AI-linked firms led gains across the region.
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