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

Signs of a weakening economy in China continued to emerge in August. Industrial production rose by 5.2 percent, up from 5.7 percent in July. Economists had expected growth of 5.8 percent. Retail sales, a key indicator of consumption, rose by 3.4 percent year-on-year in August, following an increase of 3.7 percent in July. Economists had expected an increase of 4 percent. Fixed asset investment rose by just 0.5 percent in the first eight months of the year, compared to an increase of 1.6 percent in the period January to July. Economists had estimated an increase of 1.3 percent. Average property prices in China's 70 largest cities fell by 3.0 percent year-on-year in August, compared to a decline of 3.4 percent the previous month. The unemployment rate in Chinese cities was 5.3 percent last month, slightly higher than in July (5.2 percent).

OUTLOOK COMPANY +

No important appointments on the agenda.

ECONOMIC OUTLOOK

 -US
 2:30 p.m. Empire State Manufacturing Index September
FORECAST: 4.5
previously: 11.9

OVERVIEW OF INDICES

 last +/- %
E-Mini Future S&P 500 6,258.80 +0.1%
E-Mini Future Nasdaq-100 22,906.90 +0.1%
S&P/ASX 200 (Sydney) 8,840.10 -0.3%
Nikkei-225 (Tokyo) 44,768.12 +0.9%
Hang-Seng (Hongk.) 26,468.91 +0.3%
Shanghai-Comp. 3,869.25 -0.0%
Kospi (Seoul) 3,408.23 +0.4%

FINANCIAL MARKETS

EAST ASIA (HISTORY)

Friendly - According to traders, the main motive remains the prospect of falling interest rates in the US when the US Federal Reserve makes its decision mid-week. The recently rekindled AI euphoria is also driving the rally. In Seoul, South Korea, the market is up for the tenth consecutive trading day, having long since reached a record high. The market is also performing well in light of government signals regarding market reforms, including the postponement of planned changes to the capital gains tax, they say. In Chinese stock markets, investors are betting on fresh stimulus from Beijing after new data showed that economic activity weakened in August. New figures for industrial production and retail sales in August fell short of expectations. Chip stocks continue to be sought after nationwide, hoping for strong AI-driven demand. In Hong Kong, SMIC gained 1.3 percent, in Seoul SK Hynix rose 1.8 percent, and Samsung Electronics fell 1.9 percent. In Sydney, ANZ fell 0.7 percent. The bank has announced that it has settled a dispute over failures in its bond trading business with a fine of A$240 million.

WALL STREET

 INDEX last +/- % absolute +/- % YTD
Dow Jones 45,834.22 -0.6% -273.78 +8.4%
S&P 500 6,584.29 -0.0% -3.18 +12.0%
Nasdaq Composite 22,141.10 +0.4% 98.03 +14.6%

Friday Thursday
NYSE turnover (shares) 1.00 billion 1.16 billion
Winners 951 2,279
Losers 1,810,505
Unchanged 79 63

Uneven - After the recent record-breaking run, there was a breather. Especially before the weekend, some investors took profits, even though recent US economic data, such as the weak US labor market data and the disappointing consumer confidence released on Friday, had further cemented expectations that the US Federal Reserve would cut interest rates on Wednesday. Among individual stocks, Tesla climbed 7.4 percent and Microsoft by 1.8 percent. The crypto broker Gemini Space Station celebrated a successful stock market debut. After an issue price of $28, it closed its first day of trading at $32.

US BONDS

Bond yields rose again after the previous day's setback. The yield on ten-year bonds rose by 6 basis points to 4.066 percent.

FOREIGN EXCHANGE MARKET

 last +/- % 00:00 Fri, 09:05 % YTD
EUR/USD 1.1730 -0.0 1.1731 1.1745 +13.3%
EUR/JPY 172.94 -0.2 173.22 173.04 +6.4%
EUR/GBP 0.8646 -0.1 0.8654 0.8656 +4.5%
GBP/USD 1.3566 0.1 1.3555 1.3569 +8.3%
USD/JPY 147.44 -0.1 147.65 147.32 -6.0%
USD/KRW 1,388.80 -0.3 1,393.03 1,393.07 -5.6%
USD/CNY 7.0970 -0.0 7.0974 7.0918 -1.6%
USD/CNH 7.1220 -0.0 7.1249 7.1167 -2.9%
USD/HKD 7.7752 -0.1 7.7806 7.7833 +0.4%
AUD/USD 0.6660 0.2 0.6648 0.6663 +7.5%
NZD/USD 0.5961 0.1 0.5956 0.5971 +6.2%
BTC/USD 116,439.25 0.3 116,057.85 115,426.95 +22.5%
YTD based on the previous day's closing price

The dollar trended sideways overall in US trading after having gained slightly in the meantime.

++++ RAW MATERIALS +++++

OIL

 last VT closing +/- % +/- USD % YTD
WTI/Nymex 63.04 62.69 +0.6% +0.35 -12.9%
Brent/ICE 67.35 66.99 +0.5% +0.36 -10.6%
YTD based on the previous day's closing price

Oil prices recovered from temporary declines and closed up to 0.7 percent higher.

METALS

 last previous day +/- % +/- USD % YTD
Gold 3,643.73 3,643.21 +0.0% +0.52 +38.8%
Silver 42.22 42.204 +0.0% +0.01 +46.2%
Platinum 1,196.76 1,192.20 +0.4% +4.56 +36.1%
Copper 4.66 4.65 +0.1% +0.01 +13.3%
YTD based on the previous day's closing price

The price of gold recovered from the slight declines of the previous day. The price per troy ounce rose by 0.3 percent to $3,645. UBS expected the price of gold to rise to $3,800 by the end of 2025, raising its previous forecast of $3,500. By mid-2026, the price could even climb to around $3,900. The bank had previously forecast $3,700. Expectations that the US Federal Reserve will resume its easing cycle due to weak labor market data are boosting buying sentiment, according to UBS. Continuing geopolitical uncertainties are also supporting demand, the bank added.

REPORTS SINCE FRIDAY, 8 PM

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DJG/ros/gos

(END) Dow Jones Newswires

September 15, 2025 01:46 ET (05:46 GMT)

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