10 October 2025
US stocks fell on Thursday, with the S&P 500 ending down 0.3%.
US Treasuries edged lower amid a decent 30-year Treasury debt auction. 10-year yields rose 2bp to 4.14%.
European stocks mostly fell on Thursday. The Euro Stoxx 50 was down 0.4%, as the French CAC lost 0.2%. The German DAX edged up 0.1%. In the UK, the FTSE 100 ended 0.4% lower.
European government bonds fell (yields rose). 10-year German yields rose 2bp to 2.70%, while 10-year French yields were up 1bp at 3.52%. 10-year UK yields gained 3bp to 4.74%.
Asian stock markets traded mixed but mostly higher on Thursday, led by gains in tech shares. The mainland Chinese equities rallied after a week-long holiday, as renewed AI enthusiasm and a surge in gold/materials shares overwhelmed lukewarm holiday spending data. The Shanghai Composite rose 1.3%. Meanwhile, Hong Kong’s Hang Seng was down 0.3%. Elsewhere, Japan’s Nikkei 225 rallied 1.8% ad India’s Sensex was up 0.5%. The Korean market remained shut for a public holiday.
Crude oil prices fell on Thursday amid eased tensions in the Middle East. WTI crude for November delivery settled 1.7% lower at USD61.5 a barrel.
The Philippines central bank cut the policy rate by 25bp to 4.75% while signalling more room for easing amid benign inflation and a softer domestic growth outlook, partly due to the risk of slower government spending and infrastructure rollouts.
In the US, the University of Michigan consumer confidence index has been depressed for an extended period but is at odds with resilient consumer spending.
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