🗓 Tuesday, September 9, 2025
► Europe higher; French politics in focus
European equities edged higher as investors assessed the latest political developments in France, where President Macron faces the challenge of appointing a new PM after Bayrou’s government collapsed. The Stoxx 600 +0.3%, DAX +0.15%, CAC 40 +0.7%, FTSE 100 +0.25%, Italy’s FTSE MIB +0.8%, IBEX flat. French spreads remained wide but avoided a major blowout, with Bund yields 2.66% (+2bps) and OATs stable. EUR/USD 1.175, GBP/USD 1.356, USD/JPY 147.2 (-0.2%). Political risk remains elevated but contained, while traders eye PPI (Wed) and CPI (Thu) for fresh Fed signals.
► Wall Street steady; Inflation data eyed
US futures were little changed after Monday’s record close for the Nasdaq. Futures: Nasdaq 100 +0.3%, S&P 500 +0.2%, Dow +0.1%. Tech leadership continues, with Broadcom and Nvidia supporting sentiment, though Dell (-2%) slid after its CFO resignation. Fox fell -3% after the Murdoch trust dispute settlement, while Oracle and GameStop report after the bell. Investors are focused on upcoming inflation releases: PPI Wednesday, CPI Thursday, key for next week’s Fed decision. Treasury yields inched higher, 10Y 4.06% (+2bps), 30Y steady near 5%. Dollar softer, DXY -0.1%.
► Asia mixed; China & Japan weaker, Hong Kong firmer
Asian markets showed mixed performance. Shanghai -0.5%, Shenzhen -1.2% dragged by property concerns, while Hong Kong’s Hang Seng +1.1% rebounded. Japan’s Nikkei -0.4% as political uncertainty weighed following PM Ishiba’s resignation. Korea’s Kospi +1.3%, Taiwan +1.25% supported by tech, India’s Nifty +0.35%. Australia’s ASX -0.5% lagged on real estate and commodities. FX steady: USD/CNY 7.126, USD/JPY 147.2, AUD/USD 0.660 (+0.2%).
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