🗓 Thursday, September 4, 2025
► Europe higher with bonds & equities edging higher
European markets advanced as Fed rate cut expectations supported global sentiment. The Stoxx 600 +0.6%, DAX +0.8%, CAC 40 flat, FTSE 100 +0.3%, Italy’s FTSE MIB +0.5%, IBEX +0.7%. EUR/USD 1.164 (-0.2%), GBP/USD 1.343, USD/JPY 148.3 (+0.2%). Investors remain focused on US data, with ADP and jobless claims today ahead of Friday’s NFP as the decisive test for Fed expectations.
► Wall Street cautious – ADP & NFP in focus
US futures edged higher after a mixed session Wednesday. Nasdaq 100 futures +0.1%, S&P 500 +0.15%, Dow flat. Amazon (+1.8%) and Meta (+1.8%) are higher premarket, while Alphabet (-0.7%) and Apple (-0.3%) see slight profit taking after yesterday’s rally on the antitrust ruling; Nvidia is little changed (+0.2%). Salesforce plunged again (-7% premarket) on weak guidance, dragging sentiment in cloud/software. Broadcom (+0.4%) will report earnings after the bell, a key test for AI demand – expectations are high increasing the chance for a guidance miss according to SmartTrader chief analyst Robert Lindner. Traders await ADP private payrolls (consensus +75K) and jobless claims today as a prelude to Friday’s NFP, with markets nearly fully pricing a September Fed cut.
► Asia mixed – China weak, Japan rebounds
Asian markets diverged. Shanghai -1.3% and Shenzhen -2.8% extended declines as regulators hinted at measures to cool the recent rally. Hong Kong’s Hang Seng -1.1%. Japan’s Nikkei rebounded strongly +1.5% after recent weakness, supported by tech. Korea’s Kospi +0.5% also firmed, while Australia’s ASX +1.0% staged a solid recovery. India’s Nifty +0.1%, Taiwan +0.3%. FX steady: USD/CNY 7.14, USD/JPY 148.3, AUD/USD 0.652 (-0.4%).
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