🗓 Monday, September 22, 2025
► Europe slightly lower – quiet start after eventful week
European equities opened the week with a muted tone after a central-bank-heavy week (Fed, BoE, BoC, BoJ). Stoxx 600 -0.1%, DAX -0.6%, CAC 40 -0.2%, FTSE 100 +0.1%, FTSE MIB -0.25%, IBEX -1.1%. Bund 10Y 2.73% (-2bps), UK 10Y 4.70% (-2bps). EUR/USD 1.178 (+0.3%), GBP/USD 1.349 (+0.2%), USD/JPY 147.8 (-0.1%) as the USD paused after a three-day rally. The German DAX underperformed with weakness in German auto giants – in particular Porsche (SE & AG – Porsche AG was also removed from the DAX_40) and Volkswagen. Sentiment remains cautious but resilient, with traders eyeing Powell’s speech on Tuesday and Friday’s PCE data as the main catalysts.
► Wall Street futures softer – quiet calendar ahead
US futures started the week slightly lower as traders looked for fresh drivers after last week’s record highs. S&P 500 futures -0.2%, Nasdaq 100 -0.3%, Dow -0.3%. US 10Y yield steady near 4.125% (- 1bps). Focus is on Friday’s core PCE print, which is expected to confirm cooling inflation and support the Fed’s rate-cut trajectory. Fed speakers today and Powell’s speech tomorrow will impact rate expectations.
► Asia mixed – Japan leads, China lags
Asian equities were mixed. Nikkei +1.0% led gains, supported by tech and exporters, while Shenzhen +0.7% and Shanghai +0.2% posted small gains. Hang Seng -0.8%, Kospi +0.7%, Taiwan +1.2%. USD/JPY 147.8 (-0.1%) remained in focus as traders assessed BoJ’s ETF sales plan and global yield trends.
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