-
Futures on major indices in the US and EU entered a sharp correction as investor sentiment deteriorated following the shutdown of US federal agencies (US500, U100, EU50: -0.3%).
-
The first government shutdown since 2018 began after the US Senate rejected the Democrats’ spending bill, which in turn had not supported the Republicans’ proposal in Congress, mainly due to disagreements over healthcare spending. The BLS announced on Monday that it will not publish Friday’s NFP data during the shutdown.
-
Austan Goolsbee said he does not want to cut rates preemptively, hoping that the current inflation is temporary. However, the Chicago Fed President expressed hope that the latest inflationary episode will not turn into lasting pressure.
-
Sentiment in the Asia-Pacific region is mixed, with activity subdued by the market holiday in China due to National Day. Japan’s Nikkei is falling for the third session in a row (JP225: -0.6%) in reaction to the BOJ survey, which showed improved sentiment among regional manufacturers, increasing expectations of a rate hike. AU200.cash and SG20.cash gained 0.1% and 0.3% respectively. India’s Nifty 50 rebounded 0.3% after yesterday’s correction, while South Korea’s Kospi (+0.8%) was also lifted by tech stocks.
-
Japan’s manufacturing PMI for September came in slightly above expectations (48.5 vs. Bloomberg consensus 48.4, previous 49.7), but also pointed to the fastest pace of production decline in six months. Business activity fell most sharply among intermediate goods producers. Companies reported weaker orders as customers cut inventories amid softer demand from China and the US.
-
Australia’s manufacturing PMI unexpectedly dropped from 51.6 to 51.4, pointing to a slowdown in sector growth amid the first decline in new orders since June, as demand weakened partly due to price pressures from rising raw material and fuel costs.
-
The dollar index began its fourth straight losing session (USDIDX: -0.15%), weakening the most against the yen (USDJPY: -0.2%) and the euro (EURUSD: +0.2% to 1.1757). The weakest G10 currency, however, is the Australian dollar, which is correcting after its recent rebound driven by hawkish RBA expectations (AUDUSD: -0.2%).
-
Gold continues its rally (+0.1% to $3,863/oz) amid political turbulence in the US, with silver following suit (+0.7% to $47.01/oz). Palladium (-1.4%) and platinum (-0.3%), however, are correcting down.
-
Oil prices are stabilizing after two days of declines (OIL: +0.1%), with downside pressure from increased OPEC production offset by expectations of falling US inventories. NATGAS is up 0.75%.
-
Bitcoin is up 0.4% to $114,780, while Ethereum is down 0.1% to $4,154.
Chart of the day: GOLD (22.10.2025)
Economic calendar: All eyes on earnings; EIA report and ECB speeches (22.10.2025)
Morning wrap (22.10.2025)
Netflix disappoints with Q3 2025 results. Shares drop over 5% in after-hours trading!
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
