- US stock indices are ending today's session in a much worse mood than when they started. All major futures contracts representing the main indices have wiped out their morning gains and are currently trading lower on an intraday basis. The US100 is currently down 0.05%, while the US500 is down 0.45% and the US2000 is down 0.9%.
- Eli Lilly shares are down more than 14% today following disappointing results from a clinical trial of an oral weight loss drug.
- Intel is currently at the center of controversy after US President Trump called for the immediate resignation of the company's CEO on his Truth Social account, describing him as "highly conflicted." In light of this political intervention and a recent analysis of the Intel CEO's alleged ties to China, the company's shares are currently down 4.4% ahead of the Wall Street opening.
- The US released further macroeconomic data indicating deteriorating conditions on the American labor market. Data on unemployment claims surprised with a higher reading, which could theoretically justify a Fed interest rate cut in September.
- European markets ended Thursday's session with solid gains. The German DAX index leads the way, gaining 1.1%. It is followed by the CAC40, which is up 1%. The Swiss index is up 0.8% and the IT40 is up 0.9%. The FTSE 100 is performing the worst, falling 0.7%.
- The Bank of England cuts rates by 25 basis points. The decision is in line with market expectations, but the vote is much more hawkish than anticipated. The market expected seven votes in favor of a cut and two in favor of keeping rates unchanged, but the final vote was 5-4 (five in favor of a cut, four in favor of keeping rates unchanged).
- On the Forex market, the British pound (as a result of the BoE's decision) and the New Zealand dollar are once again performing very well. On the other hand, we are seeing increased downward pressure on the euro and the Swiss franc.
- Gold is up 0.7%, pushing the precious metals market higher amid declines in stock indices. Silver prices are up 0.84% today.
- The EIA report indicates a much smaller increase in gas inventories than expected. It is worth noting that, looking at the seasonality of inventory changes, we are entering a period when gas inventories should typically be growing. Hence, the sharp slowdown in growth compared to the previous report (when inventories rose by 48 billion cubic feet) was reflected in a strong reaction in gas contracts.
- We are seeing slightly better sentiment in cryptocurrencies. President Donald Trump will sign an executive order that will make it easier to invest 401(k) retirement plan funds in alternative assets such as private equity, real estate, cryptocurrencies, and other alternative funds. The order directs the Department of Labor and other government agencies, including the Securities and Exchange Commission, to review and adjust regulations and guidelines to allow broader access to these assets in retirement plans, potentially opening up a market worth approximately $12.5 trillion.
Daily Summary: U.S.-China Tensions Trigger the Sharpest Sell-Off Since “Liberation Day” ✂️
Three Markets to Watch Next Week (10.10.2025)
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