23 October 2025
US stocks declined on Wednesday, as investors assessed earnings releases and US-China trade developments. The S&P 500 ended 0.5% lower.
US Treasuries were little changed after a solid 20-year Treasury debt auction result. 10-year yields closed at 3.95% (-1bp).
European stocks traded mostly lower on Wednesday on mixed corporate earnings. The Euro Stoxx 50 was down 0.8%. The German DAX lost 0.7%, and the French CAC fell 0.6%. In the UK, the FTSE 100 rose 0.9% as UK inflation held steady.
European government bonds were mixed. 10-year German and French yields both rose 1bp to 2.56% and 3.35% respectively. Meanwhile, 10-year UK yields declined 6bp to 4.42%.
Asian stock markets traded mixed but mostly lower on Wednesday, weighed down by technology shares on profit taking amid concerns over the sustainability of the sector’s rally. Japan’s Nikkei 225 and China’s Shanghai Composite both ended little changed, while Hong Kong’s Hang Seng fell 0.9%. Meanwhile, Korea’s Kospi extended recent gains, rallying 1.6%. The Indian market was closed for a public holiday.
Crude oil prices rose on Wednesday. WTI for December delivery settled 2.2% higher at USD58.5 a barrel.
In the UK, CPI inflation unexpectedly held at 3.8% yoy in September for the third consecutive month.
The Bank of Korea may leave the policy rate at 2.50%, monitoring financial stability risks related to the housing market.
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