Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
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Morning Brew September 16 2025
Erik Schafhauser
Senior Relationship Manager
Summary: 1 day to US Rate decision
Equities traded friendly yesterday, the S&P ended up 0.5%, Nasdaq up 0.9%, Dow up 0.1% in decent volumes. Google parent Alphabet hit a market capitalization of $3 trillion for the first time on Monday, Tesla shares gained 3.5% as CEO Elon Musk disclosed his purchase of about $1 billion worth of stock. Volumes were high at more a billion shares above the average.
US Yields are at the lower end of the range, 10`s are just above the 4% mark and 30`s are 4.66. Donald Trump got his nominee Stephan Miran on the Feds board but a court rejected his firing of Lisa cook.
The USD weakened and is trading at 97.17 in the Index,. 1.1780 against the Euro and 1.3620 the pound and 147.00 against the JPY:
Gold rose to 3685 and Silver 42.70, Platinum broke the 1405 again.
The United States and China reached a framework agreement to switch short-video app TikTok to U.S.-controlled ownership that will be confirmed in a call between President Donald Trump and Chinese President Xi Jinping on Friday
Trump said he is filing a $15 billion defamation and libel lawsuit against New York Times
The massive round of central bank rate decisions starts next tomorrow, and the expectation is firmly at 25 bps
- Sept 17: USA, Canada & Indonesia
- Sept 18: UK, Norway, Brazil
- Sept 19: Japan
- Sept 23: Sweden, Hungary
- Sept 24: Czechia
- Sept 25: Switzerland
Besides the rate decisions, we are seeing growing concerns on the US economy fuelled by weak housing and labor data.
So far AI, big tech and passive investments hold up markets.
Tuesday Sept 16
- DE ZEW
- US Retail Sales & Import Prices
- Canada CPI
Wednesday Sept 17
- Japan Trade,
- UK CPI
- EU HICP
- BoC Rate Decision
- US Rate Decision
Thursday Sept 18
- Norway Rate decision
- UK Rate Decision
- US Philly Fed & Initial Jobless rate
Friday Sept 19
Quadruple Witching Friday
Trump Xi phonecall
Japan CPI
UK Retail Sales
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