10/12/2025
Global Market Summary
• Global Equities: September was a rewarding month for global equity investors with solid gains. However, the year-to-date narrative shows Asia Pacific and European equities ceding leadership to the US in recent months.
• Europe: The Euro Stoxx 50 rose, supported by technology stocks and expectations for lower US borrowing costs. The European Central Bank (ECB) held its policy rates steady at 2%, with little expectation for further cuts this year as euro-area inflation is at the 2% target.
• Bonds/Fixed Income: Bond markets saw a rally with the 10-year Treasury yield falling from 4.23% to 4.16%, driven by the weak US labor market data, which reinforces the case for monetary easing.
• Oil: West Texas Intermediate (WTI) crude oil dropped over 7% after OPEC+ signaled a plan to boost production in November.