🗓 Monday, September 29, 2025
► Europe firmer support by Wall Street rebound
European equities started the week with gains, tracking Friday’s strong Wall Street recovery and boosted by hopes the Fed remains on course for further easing. Stoxx 600 +0.35%, DAX +0.3%, CAC 40 +0.25%, FTSE 100 +0.7%, FTSE MIB +0.05%, IBEX flat. Bund 10Y 2.72% (-2bps), UK 10Y 4.71% (-4bps). EUR/USD 1.172 (+0.15%), GBP/USD 1.343 (+0.2%), USD/JPY 148.6 (-0.55%). Sentiment improved as traders looked ahead to a key week of US labor data including JOLTS (Tue) and NFP (Fri) expected to confirm a gradual slowdown supportive of more rate cuts. Gold’s surge above $3,800 and falling yields across major economies underlined easing fears of a hawkish Fed shift.
► Wall Street futures higher; Focus shifts to labor data
US futures extend Friday’s rebound with optimism over easing conditions. Nasdaq 100 +0.65%, S&P 500 +0.5%, Dow +0.45%. US 10Y yield 4.14% (-4bps) after Friday’s PCE data reinforced dovish expectations. Traders are pricing in two more rate cuts by January. The S&P 500 is on track for its best September in over a decade, supported by resilient growth, moderating inflation, and a soft-landing narrative. Focus turns to labor market prints this week, with NFP forecast at +50K. The USD index (DXY) points to a second day of easing, while gold and equities gained in tandem – a bullish combination signaling confidence in further Fed support. A potential US government shutdown remains a risk factor.
► Asia mixed – China, HK outperform on tech optimism
Asian markets showed mixed performance. Hang Seng +1.9% and Shenzhen +2.1% rallied strongly on tech strength (Alibaba, Huawei), Shanghai +0.9%, Kospi +1.3%, ASX +0.85%. Japan’s Nikkei -0.7%, Taiwan -1.7% under pressure from profit-taking after recent rallies. USD/JPY 148.6 (-0.55%) as the yen strengthened slightly alongside lower global yields. Investors across Asia remain upbeat on easing expectations and renewed AI-driven optimism.
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