Morning Wrap (10.12.2025)

The American session ended mixed: the Dow Jones fell by 0.3%, the S&P 500 dropped 0.09%, while the NASDAQ rose by 0.13%. The best performer was the Russell 2000, which added 0.21%, although despite a new intraday record, it failed to close at an all-time high.

Today’s FOMC meeting is attracting the full attention of the market, which has been moving in a clear wait-and-see mode since the beginning of the week. Expectations for today’s Fed decision focus not only on the interest rate level but primarily on the tone of the statement and the new projections, which are intended to indicate the pace of future cuts.

Most markets are anticipating a 25 basis point rate cut to 3.75%.

Yesterday, Kevin Hassett, a favorite for the Fed chair position, stated that the Federal Reserve still has considerable room for further rate cuts, which could exceed the standard 25 basis points. He emphasized that decisions should be data-driven.

In October, the number of job openings in the U.S. rose slightly to 7.67 million, compared with 7.66 million in September, indicating that labor demand remains relatively high, although the increase is moderate and signals slow recruitment activity in the economy.

In November, China’s CPI rose 0.7% year-on-year, marking the fastest annual increase since March 2024 and in line with expectations. Nevertheless, the monthly CPI fell by 0.1%, and deep producer deflation shows that the economy is still struggling with weak demand and deflationary pressures in the industrial sector.

China’s November CPI was in line with expectations, but the month-on-month reading was weak, as was the PPI. Combined with new signals of possible economic stimulus and reports of a cut in the reserve requirement ratio (RRR), this creates an interesting outlook for 2026, especially as recent profit-taking has put pressure on Chinese equity markets.

In October, approximately 2,400 net migrants arrived in New Zealand, indicating a moderate but steady increase in the country’s population.

In the precious metals market, silver hit a new all-time high today, surpassing $60 per ounce for the first time. This rise is driven by limited global supply, increasing industrial demand, and heightened investor interest. Gold, meanwhile, remains around $4,200.

In the cryptocurrency market, Bitcoin is currently holding around $92,600, while Ethereum is hovering near $3,320.