Morning Brew September 24 2025

A bump in the road?

A little weaker than expected PMIs but more so a comment by Jerome Powell stating that equities were fairly high weighed on sentiment yesterday. The Dow ended down 0.2%, the S&P 500 lost 0.6%, and the  Nasdaq closed down 0.9%. Powells speech did little to shift rate expectations, we remain at 4.10 in the 10 year. It seems his comments were mainly taken as a reason to take some profits by traders as the recent strong gainers gave up ground most.

Apple broke even for the year, now 1.6% in the green, all Mag 7 are up for the year with Alphabet and Nvidia in front at nearly 33%

Gold and Silver also saw some profit taking, currently trading at 3763 and 44.10 – both up more than 10% on the month. Platinum tested the 1500 yesterday before reverting to 1486.

EURUSD is 1.18, GBPUSD 1.3510 and USDJPY 147.85. Bitcoin is trading sideways at 112500.

Donald Trump spoke in the UN and met with Ukrainian President Zelinsky,  he said he believed Ukraine could retake all its land occupied by Russia and that Kyiv should act now with Moscow facing "big" economic problems. He also argued for lower levels of global migration and urged a turn away from climate change

The speech was “interesting” but did not provide immediate market impact.

Japan's manufacturing sector activity fell at the fastest pace in six months

We are expecting a slow day in terms of data, tomorrow the SNB Rate decision and US Data will provide more insight before Fridays PCE will be the key market event of the week. Month- end quarter end are approaching fast so we can expect position adjustments in FX and stocks.

US Trade Representative Greer is meeting Asian counterparts today, maybe causing moves if either an agreement or disagreements outweigh.

Trade safely.

Wednesday September 24

Australia PMI

• DE IFO Index
• Speakers: Mary Daly ,

Thursday September 25

• Swiss SNB Decision
• US Durable Goods Orders
• Initial Jobless Claims
• Speakers: Goolspee, Williams, Daly,

Friday September 26

• US PCE Deflator
• Canada GDP
• University of Michigan Consumer Conficdence
• Speakers: Baqrkin
• Erik goes on Holiday