MORNING BRIEFING - USA/Asia
DJ MORNING BRIEFING - USA/Asia
The morning market overview, compiled by Dow Jones Newswires:
HOLIDAY NOTICE
MONDAY: In Japan, stock exchanges will remain closed due to the "Respect the Elderly Day" holiday.
TOPIC OF THE DAY
Microsoft and OpenAI have agreed to extend their partnership. This appears to have eased the recently strained relationship between the software giant and the AI startup. This could ease OpenAI's path to becoming a for-profit company. Microsoft was one of OpenAI's first partners and is one of its largest investors. The company has already integrated the startup's technology into many of its products. However, as OpenAI's exclusive cloud provider, Microsoft also has influence over the smaller company. Both sides did not disclose the terms of the new contract and stated that the current agreement is non-binding. The new contract concludes a summer of difficult negotiations. According to information from the Wall Street Journal, OpenAI is said to have considered turning to antitrust authorities to withdraw from the contract.
OUTLOOK COMPANY +
There are no important appointments on the agenda.
ECONOMIC OUTLOOK
-US 16:00 Consumer Sentiment Index University of Michigan (1st Survey) September FORECAST: 58.1 previously: 58.2
OVERVIEW OF INDICES
last +/- % E-Mini Future S&P-500 6,258.80 +0.0% E-Mini Future Nasdaq-100 22,906.90 +0.1% S&P/ASX 200 (Sydney) 8,873.50 +0.8% Nikkei-225 (Tokyo) 44,829.11 +1.0% Hang-Seng (Hongk.) 26,455.57 +1.4% Shanghai-Comp. 3,884.33 +0.2% Kospi (Seoul) 3,387.30 +1.3%
FINANCIAL MARKETS
EAST ASIA (HISTORY)
Friendly - The stock markets are following the positive trend in the US, where the indices once again reached all-time highs. US consumer prices for August were largely in line with expectations, which is why they did not change the widespread expectation that the US Federal Reserve would cut interest rates next Wednesday. Furthermore, the weekly labor market data were unfavorable, fueling interest rate cut speculation. Seoul remains the star in East Asia, where it has been rising for the ninth consecutive trading day. Among other things, the fact that uncertainty about capital gains tax policy has eased after President Lee Jae-myung rejected an increase is contributing to the continued buying mood, according to analysts at DS Investment & Securities. In Tokyo, the Nikkei 225 index continues its record run following the resignation of Prime Minister Ishiba. Analyst Dilin Wu of Pepperstone says the leading candidate to succeed him, Takaichi, favors stronger fiscal stimulus, a stronger national defense, and a stance against premature interest rate hikes. But even if rival Koizumi prevails, the markets see little downside potential, Wu says. Stocks from the technology segment continue to be favored, after Oracle recently rekindled the AI euphoria with a huge order backlog. Real estate stocks in Hong Kong are also performing very well. Evergrande Property Services is up 30 percent. The company announced that the insolvency administrators of its parent company, China Evergrande Group, have received non-binding offers from potential buyers.
WALL STREET
INDEX last +/- % absolute +/- % YTD DJIA 46,108.00 +1.4% 617.08 +6.9% S&P 500 6,587.47 +0.8% 55.43 +11.1% Thursday Wednesday NYSE turnover (shares) 1.16 billion 1.10 billion Winners 2,279 1,426 Losers 505 1,318 Unchanged 63 100
Fester - The prospect of an interest rate cut next week, which remained intact following the release of new US consumer price data, fueled a buying mood. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite each reached new record highs. Recent inflation and, in particular, weekly labor market data further reinforced expectations of an interest rate cut. Among individual stocks, Warner Bros. Discovery jumped 29 percent on takeover speculation. Paramount Skydance is reportedly preparing a cash offer. Paramount jumped nearly 16 percent. Adobe shares rose 0.2 percent ahead of the earnings release, which was due after the market closed. Oracle shares fell 6.3 percent following the previous day's jump.
US BONDS
Yields declined following the inflation data. The yield on ten-year bonds fell 1 basis point to 4.022 percent.
CURRENCY
last +/- % 00:00 Thu, 09:04 % YTD EUR/USD 1.1732 -0.0 1.1735 1.1690 +12.9% EUR/JPY 172.94 0.1 172.73 172.72 +5.9% EUR/GBP 0.8653 0.1 0.8645 0.8647 +4.5% GBP/USD 1.3559 -0.1 1.3575 1.3518 +8.1% USD/JPY 147.39 0.1 147.19 147.74 -6.3% USD/KRW 1,393.07 0.3 1,393.07 1,393.01 -5.8% USD/CNY 7.0939 0.1 7.0900 7.0940 -1.6% USD/CNH 7.1170 0.0 7.1149 7.1202 -2.9% USD/HKD 7.7834 -0.1 7.7890 7.7872 +0.3% AUD/USD 0.6659 -0.0 0.6659 0.6612 +6.8% NZD/USD 0.5969 -0.1 0.5974 0.5935 +6.1% BTC/USD 115,697.80 1.0 114,528.25 114,117.25 +20.3% YTD based on the previous day's closing price
US inflation data and the ECB provided some momentum. One market participant pointed out that a quarter-percentage-point interest rate cut in the US next week was firmly priced in. The euro jumped significantly above the $1.17 mark to 1.1734 after the ECB confirmed the deposit rate at 2.00 percent, as expected.
++++ RAW MATERIALS +++++
last VT closing +/- % +/- USD % YTD WTI/Nymex 61.88 62.37 -0.8% -0.49 -11.4% Brent/ICE 65.90 66.37 -0.7% -0.47 -9.7% YTD based on the previous day's closing price
WTI prices fell by 2.2 percent, and Brent lost 1.8 percent. According to the International Energy Agency's monthly report, the global oil market is heading toward a significantly higher oversupply, which is also due to the higher production volumes from OPEC+.
METALS
last previous day +/- % +/- USD % YTD Gold 3,652.49 3,634.10 +0.5% +18.39 +38.7% Silver 42.08 41.575 +1.2% +0.50 +42.6% Platinum 1,193.07 1,178.15 +1.3% +14.92 +35.7% Copper 4.69 4.66 +0.6% +0.03 +14.0% YTD based on the previous day's closing price
The price of gold closed 0.2 percent lower at $3,635 in US trading. Traders spoke of profit-taking after the record highs. It currently stands at $3,676.
REPORTS SINCE THURSDAY 8 PM
BRAZIL - Politics
Former President Jair Bolsonaro has been found guilty by the country's Supreme Court of plotting a coup to remain in office after his 2020 election defeat. The right-wing politician was sentenced to 27 years and three months in prison. The panel of judges in Brasilia voted 4-1 to convict the 70-year-old.
USA - Monetary policy
The Trump administration is seeking to oust Federal Reserve Governor Lisa Cook before next week's meeting. To that end, it is asking a federal appeals court to stay a lower court order that blocked her removal from office.
ADOBE
earned more than expected in the third quarter of its 2024/25 fiscal year and once again raised its outlook for the full year. Adjusted earnings amounted to $5.31 (previous year: $4.65) per share on revenue of $5.99 (5.41) billion. Analysts had estimated $5.18 and $5.92 billion, respectively. Net income was $1.77 (1.68) billion. For the fiscal year, Adobe now expects adjusted earnings of between $20.80 and $20.85 per share. The company had previously forecast $20.50 to $20.70 per share. Revenue for the year is now estimated at $23.65 to $23.70 billion, compared to the previous forecast of $23.50 to $23.60 billion.
GEMINI SPACE STATION
The cryptocurrency exchange raised approximately $425 million in its IPO in New York. The shares were issued at a price of $28 each, significantly above the initial price range of $17 to $19.
PARAMOUNT SKYDANCE/WARNER BROS. DISCOVERY
Paramount Skydance is apparently preparing a cash offer for Warner Bros. Discovery. According to people familiar with the situation, the offer applies to the entire company, including cable television and film studios.
Contact the author: [email protected]
DJG/ros/cbr/gos
(END) Dow Jones Newswires
September 12, 2025 01:52 ET (05:52 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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