Macroeconomic/ geopolitical developments
- Major US indexes hit fresh records last week, with the Nasdaq, S&P 500, and Dow all advancing as small caps, tech, and communication services led gains, while bond yields and gold also moved higher.
- The Fed delivered its first rate cut in nine months and signaled more easing ahead, with markets interpreting the move as dovish and positioning for further reductions this year and into 2026.
- Nvidia’s $5 billion investment and strategic partnership with Intel sent Intel shares soaring and added $150 billion to Nvidia’s market value, marking a game-changing collaboration that boosts US chip leadership and reshapes the global semiconductor landscape.
- Markets will focus on global flash PMI surveys for September to gauge economic momentum, labor markets, and inflation trends, while Friday’s US core PCE release, alongside GDP, housing, and consumer data, will provide key insight into inflation and the Federal Reserve’s potential rate moves.
Global financial market developments
- US and equity averages were higher, hitting new record levels.
- US bond yields were higher on the week
- The US Dollar Index spiked briefly to a multi-year low, before a bounce from midweek.
- Gold futures posted a new record high.
- Oil futures prices rallied and retreated, still in a broader range.
Key this week
Central Bank Watch: The main central bank events this week are the People’s Bank of China’s Interest Rate decision on Monday and the release of the Bank of Japan’s Monetary Policy Meeting Minutes on Wednesday.
Macro Data Watch: The key focus this week will be on US PCE inflation data, due Thursday and Friday. Other notable releases include Global Flash PMI readings on Tuesday, US GDP on Thursday, and Japan’s CPI on Friday.
| Date | Major Macro Data |
| 09/22/2025 | PBoC Interest Rate Decision; EU Consumer Confidence; |
| 09/23/2025 | Global Flash PMI |
| 09/24/2025 | US New Home Sales Change |
| 09/25/2025 | BoJ Meeting Minutes; German Consumer Confidence; US GDP, Durable Goods, Existing Home Sales, Initial Jobless Claim and PCE (QoQ) |
| 09/26/2025 | Japanese CPI; Canadian GDP; US PCE (MoM) (YoY), Personal Income, Personal Spending and Michigan Consumer Sentiment Index |
