Stock Market Update
23-Sep-25 08:59 ET
Global markets mostly higher
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +3.00. Major European indices are modestly higher but have pulled back from better levels following the release of some weak preliminary manufacturing PMI readings for September. Manufacturing PMIs for Germany, France, the UK, and the eurozone were all in the sub-50 contraction zone, and activity was weaker than the prior month in all cases. Services PMI readings for the eurozone and Germany, however, were above 50 and signaled an acceleration from the prior month. Sweden's Riksbank cut its policy rate by 25 basis points to 1.75%, saying the rate will likely remain there "for some time to come" if the outlook for inflation and economic activity holds. Separately, UK home improvement retailer Kingfisher is a standout winner after raising its guidance on better domestic demand.
The S&P 500 futures are currently in line with fair value.
Equity indices in the Asia-Pacific region were mixed on Tuesday, with Japan's Nikkei closed in observance of the Autumn Equinox. Several contenders for Japan's prime minister position spoke of the need to maintain fiscal discipline. South Korea's Kospi followed suit with major indices in the U.S. and advanced to a new record high. Chinese markets were on the softer side after an acknowledgment from PBOC Governor Pan that policy is appropriately loose and that there are no systemic financial risks. That was interpreted to mean that additional stimulus won't be forthcoming soon. Separately, press reports suggest New Zealand could announce the appointment of a new RBNZ governor as soon as tomorrow.
- In economic data:
- South Korea's August PPI -0.1% m/m (prior 0.4%) and 0.6% yr/yr (prior 0.5%)
- Australia's September Judo Bank Manufacturing PMI 51.6 (prior 53.0) and Services PMI 52.0 (prior 55.8)
- India's September S&P Global Manufacturing PMI 58.5 (prior 59.3) and S&P Global Services PMI 61.6 (prior 62.9)
- Singapore's August CPI 0.5% m/m (prior -0.4%) and 0.5% yr/yr (expected 0.6%; prior 0.6%); Core CPI 0.3% yr/yr (expected 0.4%; prior 0.5%)
---Equity Markets---
- Japan's Nikkei: holiday
- Hong Kong's Hang Seng: -0.7%
- China's Shanghai Composite: -0.2%
- India's Sensex: -0.1%
- South Korea's Kospi: +0.5%
- Australia's All Ordinaries: +0.4%
- In economic data:
- Eurozone's September HCOB Manufacturing PMI 49.5 (expected 50.7; prior 50.7) and HCOB Services PMI 51.4 (expected 50.6; prior 50.5)
- Germany's September HCOB Manufacturing PMI 48.5 (expected 50.0; prior 49.8) and HCOB Services PMI 52.5 (expected 49.5; prior 49.3)
- France's September HCOB Manufacturing PMI 48.1 (expected 50.2; prior 50.4) and HCOB Services PMI 48.9 (expected 49.7; prior 49.8)
- UK's September S&P Global Manufacturing PMI 46.2 (expected 47.1; prior 47.0) and S&P Global Services PMI 51.9 (expected 53.4; prior 54.2); September CBI Industrial Trends Orders -27 (expected -30; prior -0.33)
- Spain's July Trade Balance -EUR4.01B (prior -EUR3.59B)
---Equity Markets---
- STOXX Europe 600: +0.5%
- Germany's DAX: +0.4%
- U.K.'s FTSE 100: +0.2%
- France's CAC 40: +1.0%
- Italy's FTSE MIB: +0.3%
- Spain's IBEX 35: +0.3%
